Give your contract a thorough reading
You must read all the clauses of your contract very carefully. Not to mention, a contract lists down every detail of the work that is to be accomplished by all parties, the reward that will be awarded to parties for the successful completion of work and the penalties, in case if any of the involved parties failed to comply with the agreed terms. A contract often provides of alternate ways to escape or minimise the problems and thus there is always a way out. Therefore, it is necessary that you read your contract very carefully.
Decide the reason for termination
Terminating a contract is not appreciable in most cases as it is similar to backing away from your own words. However, an individual is too small to predict things therefore, there is always a way. If you have decided to terminate the contract, then you must examine the reason for doing this. You should not lie to your fellow parties as this can create big problems for them, so you must examine whether terminating a contract is due to a personal reason or “God’s will”.
Write an official letter
In order to terminate the contract, you must write an official letter to the other parties and confirm the receipt of the letter by all of them. Keep in mind that the letter should clearly state the reason for terminating the contract.
Contact other parties
After confirming the receipt of letter, you should contact all the parties and inform them in person that you are going to cancel the contract before its commencement. You should also request them to build a new contract and find another suitable party for this.
Of course the other parties will not be happy and will file a law suit. Therefore, you must negotiate with them and try to avoid the law suit.