My small business entered into a 5-year contract at a $1,000 per month. As we are not getting our money's worth, can we cancel it?
That will depend on the specific terms of the contract and any factual basis you have for canceling the contract. Perhaps the other side has breached its part of the bargain by not providing what it promised - such as 24-hour response time or quality work or new replacement parts at cost.
Even if you are not able to cancel the contract, it is possible that you can work out a price to buy your way out of the contract for far less than paying $60,000 at $1,000 a month. This is clearly a matter you should discuss with an attorney.
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