> For the complete documentation index, see [llms.txt](https://docs.bracket.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bracket.fi/legacy-products/volatility-trading/passage-vault/early-termination-buyer.md).

# Early Termination Buyer

The Passage Vault is also the designated counterparty for “early termination offers,” if a passage trader wishes to “close” or “sell” their position prior to expiration. On the active passage tab of the My Trades page, the user can request a sell-price quote from the Vault, which will be at a discount to the current value shown. \
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The discount will vary based on many different factors. The reason it is discounted is because the current value assumes both sides hold their positions until the contract terminates. There is a penalty for breaking a contract early, as the seller is denying the other side of the trade a potentially larger profit opportunity.