What Mechanisms Can Be Built into a Smart Contract to Allow for Amendments or Termination by Mutual Consent?

Several mechanisms can be coded into a smart contract to allow for changes. A multi-signature (multi-sig) function can be included, requiring a certain number of the participating parties to digitally sign a transaction to approve an amendment or termination.

Another method is to use a proxy contract pattern, where the main contract points to an implementation contract containing the business logic. The contract owner, with consent, can change the pointer to a new, updated implementation contract.

A designated "admin" or governance contract, controlled by a DAO, could also be given specific, limited powers to modify certain parameters.