Why "Terminate a Contract"?
When your company decides to cancel a contract, you can mark it as "terminated" on Concord in order to show that it is no longer active.
How to Terminate a Contract?
To mark a contract as terminated:
- Open the signed contract from your contract library.
- Go to the "..." (more options) button at the top right of the document and click on "Mark as terminated" option as shown below.
- Enter the date of termination notice, and the effective date of termination (the date when the contract will no longer be valid). These dates can be in past or future depending on the document.
- Once you've entered the information, click "Mark as terminated" to confirm.
What happens when I terminate my contract?
After you've terminated a contract, it will still appear in your inbox as an Expired contract.
You may remove them from your inbox by sending them to the trash. Simply check the box to the left of the necessary documents and, under the trash icon, choose the option "Send to Trash".
You can cancel termination at any time by going to "..." (more options) button, and then select "Cancel the termination".
If your termination date you select is in the future, the contract will stay active until that date before it moves to expired status.