We entered into a 3 yr contract with ADT for a home security system a year ago. Last month we sold our house and moved into an apt, where we can't have a security system installed- obviously. We tried to cancel the ADT contract and the told us there was a cancellation penalty of 75% of the remaining contract balance - or about $775 to get out! I told them that was outrageous, and they just said it was in the contract. They couldn't have cared less about our circumstances. They just wanted their money. We had no idea there was any such penalty. My husband was only told there was a penalty for early cancellation when he signed it. That seemed standard, so he didn't ask for details. I asked them to show us where it said that by sending a copy of the contract. It took their own employees three tries to even find it - buried in the tiny fine print. It also turned out they had been overcharging us the whole time.
In further reading the fine print, here is a stunning quote (number 8 - "hold harmless" on their legal contract which you must sign):"IN THE EVENT ANY LAWSUIT OR OTHER CLAIM IS FILED BY ANY OTHER PARTY AGAINST US OR OUR ASSIGNEES, AGENTS, EMPLOYEES, SUBSIDIARIES, AFFILIATES OR PARENT COMPANIES ARISING OUT OF THE SERVICES WE PERFORM OR THE SYSTEMS WE PROVIDE UNDER THIS CONTRACT, YOU AGREE TO BE SOLELY RESPONSIBLE FOR, AND TO INDEMNIFY AND HOLD US COMPLETELY HARMLESS FROM SUCH LAWSUIT OR OTHER CLAIM INCLUDING YOUR PAYMENT OF ALL DAMAGES, EXPENSES, COASTS AND ATTORNEYS FEES....THESE OBLIGATIONS WILL APPLY EVEN IF SUCH LAWSUIT OR OTHER CLAIM ARISES OUT OF OUR NEGLIGENCE, GROSS NEGLIGENCE, FAILURE TO PERFORM DUTIES UNDER THIS CONTRACT, STRICT LIABILITY, FAILURE TO COMPLY WITH ANY APPLICABLE LAW OR OTHER FAULT."
So basically no matter what happens - they want an outrageous penalty if you cancel, and they are essentially saying even if they are grossly negligent or break the law, they won't be responsible for it. BUYER BEWARE!!