when a party to a contract wants to notify another party or parties of their intent to end their relationship as well as disclose a date for contract expiration they will send a notice of termination simply put it is a formal declaration to another party that you plan to end a contract it acts as a public record of such an action and can help resolve disputes should they arise later 
such a notice will contain the terms that permit the termination of an agreement a notice of termination also called a notice of cancellation of contract or contract termination letter serves as a courtesy to other parties and can help preserve relationships 