Terminating a contract is synonymous with changing the current contract status from Active to Terminated.
If a contract has expired without renewal or been cancelled, it will automatically have its status updated to Terminated.
From the Contracts list view, select the relevant Contract record.
In the Contract Details tab, change the Current End Date to a past date.
Make sure to apply changes by selecting the 3-bar hamburger menu icon and click Save.
By saving, the system will automatically update the contract status to Terminated.
It will no longer be visible on the Contracts list view but its record will still exist and be able to be retrieved.
Note: This is only possible if you have the relevant security access rights to edit and update records in Contracts.