When a contract is in the Signed status, the parties may agree to terminate the contract prior to its expiration date. The Terminated status is the final status and cannot be changed. After termination, you can only use the Duplicate option to reuse the contract's information for an active contract.
The Termination date should be greater than or equal to the Effective date. If the contract includes the Expiration date, then the Termination date should be less than or equal to the Expiration date.
The termination date can be set to a past, present, or future date. If the termination date is set to current or earlier date, the status of the contract is changed to Terminated immediately. If you set the termination date to a future date and the Contract Repository Update Contract Status concurrent program is set to run periodically, the program will change the status of the contract Terminated at the termination date.
Open the contract you want to terminate. For more information, see Searching for Contracts.
Select the Terminate Contract action.
Click Go. The system displays the Terminate Contract page.
Enter the necessary information. For more information, see the Terminate Contract page.
Click Apply.