Can either Party terminate if the Parties have been released under the law from further performance of the whole of the contract?

NEC3 and NEC4 Contracts Termination
1

Can either Party terminate if the Parties have been released under the law from further performance of the whole of the contract?

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Yes. R17 under Clause 91.5, authorises the Parties to terminate if they have been released from further performance of the whole of the contract under law.