Terminating A Contract? Look Before You Leap…

Terminating a contract the wrong way can have disastrous consequences, exposing a business to significant liabilities.

War in Europe, rocketing energy costs, UK financial “planning” which may have the ability to destabilise the economy; the future presents quite a bleak picture, at the moment. Given what is going on, suppliers may become too expensive and, equally, supplying to others may cease to be profitable – so it's no surprise that some businesses may be looking to terminate contracts in the days ahead. However, terminating a contract the wrong way can have disastrous consequences, exposing a business to significant liabilities.

Before proceeding, you may wish to consider whether there may be a better way to re-jig your arrangements with the other party. Terminating a contract can be badly received. If you have good relations with the other party or may still need them in the future, why not have a preliminary discussion about what might make the relationship