If you`re a Verizon customer who wants to cancel your contract before the end of its agreed upon term, you may be subject to a termination fee. This fee is a common type of penalty charged by wireless carriers and other service providers that offer contracts.

What is a termination fee?

A termination fee is a charge that you`ll face if you decide to cancel your contract before the agreed-upon term is up. This fee is intended to compensate the provider for the costs associated with securing your business. For example, if you signed up for a Verizon plan that included a heavily discounted device, the termination fee would help cover the cost of the device, which the company had planned to recoup over the course of your contract.

How much is Verizon`s termination fee?

The amount of the fee that Verizon will charge depends on a few factors, including the type of device you purchased, the length of your contract, and how long you`ve had the device. Generally speaking, the fee will be highest in the early months of your contract and will decrease gradually as time goes on.

At the time of writing, the termination fee for a standard two-year contract with Verizon was $350, minus $10 for each month you`ve been in the contract. So if you cancel your contract after 12 months, the fee would be $230 ($350 – $120 [12 months x $10 per month]).

How can you avoid paying a termination fee?

There are a few ways to avoid paying a termination fee. One is to wait until your contract is up before canceling. This is the simplest option, although it may require you to stick with a plan that you`re not happy with for an extended period of time.

Another option is to transfer your contract to someone else. Verizon allows you to transfer your contract to someone else, as long as that person is also a Verizon customer and is willing to assume your contract with its remaining term and obligations.

Finally, in some cases, you may be able to cancel your contract without incurring a fee if you can demonstrate that Verizon has failed to fulfill its obligations under the contract. This may include instances where Verizon has breached the contract in some way (such as by providing inadequate service) or if you`re moving to an area where Verizon does not offer service.

In conclusion, if you`re a Verizon customer who wants to cancel your contract early, you`ll likely be subject to a termination fee. However, there are a few ways to avoid this fee, including waiting until your contract is up, transferring your contract, or demonstrating that Verizon has breached its obligations under the agreement. As always, be sure to read your contract carefully and understand the terms before signing up.