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The phrase "agreed to terminate" is correct and usable in written English.
You can use it in contexts where parties have come to a mutual decision to end a contract, agreement, or relationship.
Example: "After much discussion, both parties agreed to terminate the contract effective immediately."
Alternatives: "consented to end" or "decided to conclude".
Exact(52)
Also due to the economic conditions, Ariba and Agile Software say they mutually agreed to terminate their proposed merger agreement without payment of any termination fees.
The bureau said the couple had agreed to terminate the pregnancy, but Mr Deng disagreed.
But late yesterday the two companies said they had agreed to terminate the acquisition.
ThyssenKrupp said the three had agreed to terminate their contracts at the request of the company's supervisory board.
"Aston Villa and Philippe Senderos have mutually agreed to terminate the defender's contract," said a statement on the club's website.
D'Antoni and the Suns agreed to terminate the final two years of his contract in Phoenix with no obligations.
Similar(8)
CSL will pay Talecris a $75 million fee after agreeing to terminate the proposal, the company said in a filing.
Vice Chancellor Leo E. Strine Jr., of the Delaware Court of Chancery in Wilmington, asked repeatedly why both sides did not just "all agree to terminate".
It has been sparked by an undercover newspaper investigation into sex-selection abortions, secretly filming doctors at British clinics agreeing to terminate foetuses because they were either male or female.
Hull KR prop Jason Netherton has left the club after agreeing to terminate his contract a year early.
Up until 2007, all the owners in a condominium project had to agree to terminate their ownership.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com