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The official ending of a contractual arrangement between parties before its fulfillment is referred to as contract termination. This can happen for several reasons, such as mutual agreement between the parties to terminate the contract, unanticipated occurrences like force majeure that render the deal unfeasible, or breach of contract, when one party fails to satisfy its commitments. Contrarily, contract modifications include modifying the terms of an existing agreement without entirely terminating it. Changes in project scope, money, or schedules may necessitate these modifications, which require consensus from all parties. To guarantee that the modifications are enforceable, amendments can be carried out through a formal written agreement, also known as a contract addendum, which is signed by all parties (Corbin, 2012; Turner, 2014).

References:

• Corbin, A. L. (2012). Corbin on Contracts (Rev. ed.). LexisNexis.
• Turner, J. R. (2014). Handbook of Project-Based Management: Leading Strategic Change in Organizations (4th ed.). McGraw-Hill Education.