Ending a Project/Contract

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Ending a Project/Contract:

Ending a project and ending a contract are not inherently the same in every case. Often they can coincide but one cannot substitute the other. Contracts may end for these factors:

  • By Agreement
  • by Breach
  • by Successful Completion

Successful Completion of the contract means all goals and objectives have been delivered. This leads to acceptance of the deliverables and payment.

An understanding between the parties facilitates an end to a contract. There is mutual consent of closure.

In instances of breach of contract by either or both the parties a contract may come to an end. A breach is a default situation needing legal recourse. Calling on the legal processes is usually taken as the last resort. While deciding on legal action, remedy clauses are given special consideration. A project may terminate due to:

  • Inclusion/Absorption/Addition
  • Starvation/Deterioration
  • Integration
  • Extinction/Collapse

Definitions below: 

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