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We recommend that you do a termination amendment and make changes to the notification and expiration emails so that the only person to get notified when the contract actually expires is the Project Owner or, if you choose, you can update to Project Owner to an administrator.
Then, when the contract expires, the Project Owner closes the project. All expired contracts should be closed. Optionally, you might also set up a notify task (or even include it in the template) according to the retention policies of your corporation. When this task sends its notice, an administrator should delete the project.
Hari and Sharon