What is the Meaning of Terminate | Definition and What is Terminate
The verb terminate means put an end, break a contract or an obligation. The action and the effect of terminate is called termination. Examples: "the African Player admitted that he wished to terminate his contract with the club to go play in Europe", "Terminate the contract of the coach is an option that is too expensive for this team," «the termination clause amounts to EUR 10 million.
The action of terminate is to cancel a legal act which had been taken in advance. Termination requires a judicial declaration that acts on the obligation.
The boundaries or scope of termination depends on each legislation. In general, it is the person covered by the contract or legal obligation to the or terminate. It is she who has this right. Either party, however, may also request termination of the contract if there is a reason that justifies it. Otherwise, last spring, it is Justice that will decide the viability of the interruption of the contract.
In requesting the termination of a contract, it is common to allege a violation of the terms. If this is verified, the injured party may demand compensation because counterparties failures have led to the termination of the contract before the date.
In the field of sport, we often hear about termination of contracts when a player or a coach fail to achieve the results or the expected performance and, therefore, the decision is to put an end to the contractual obligation. Often, termination is done by mutual agreement and neither party is the other.