What does "contract termination" refer to?

The term "contract termination" refers specifically to the premature ending of a contract before its expiration date. This can occur for various reasons, such as a breach of contract, mutual agreement between the parties, or other circumstances that make it necessary to end the contractual relationship. Termination can be either "for cause," meaning one party failed to meet its obligations, or "without cause," where the parties decide to end the contract without any fault attributed to either side.

In contrast, the completion of contract obligations by all parties signifies the successful completion and fulfillment of the terms within the contract, which is not considered termination. An extension of contract terms involves continuing the contract beyond the original end date, which also differs from termination. Lastly, recruiting new vendors pertains to the process of finding and engaging new suppliers or providers, which has no direct connection to the concept of terminating a contract.