Understanding Cancellation: Your Rights and Obligations

Cancellation refers to the act of formally calling off or terminating a contract, subscription, or any other agreement. It involves notifying the other party of your intention to end the agreement and taking steps to formalize the termination.

For example, if you have signed up for a gym membership but decide you no longer want to continue, you would need to cancel the membership by notifying the gym in writing or online. Similarly, if you have purchased a product with a subscription service, you may need to cancel the subscription before it renews.

Cancellation can be initiated by either party in a contract, depending on the terms of the agreement. Some contracts may require a specific notice period or penalty fees for early termination. It is important to carefully review the terms of any agreement before signing up to understand your rights and obligations regarding cancellation.