on provision of seven (7) days written notice

I was reading a legal contract and came across this sentence about the termination of the contract:

This Agreement may be terminated by either Party on provision of seven (7) days written notice to the other Party.

Two questions: 1) "on provision of": Does this mean "on the action of providing a seven days written notice", which I think technically means the day the notice is provided but not seven days later?

2) "Seven days written notice": Does this legally mean a notice to inform that the contract shall be terminated seven days later? I ask this because "seven days written notice" in itself doesn't express the intention to terminate the contract.

Solution 1:

1) "On provision of" means under the circumstance of. If something happens, then something else will happen.

2) "Seven days written notice"- This means if the contract is to be terminated, it must be done with a written notice- speaking out loud someone's intent is not enough. This notice must be filed 7 days before the contract is terminated. The contract remains in effect for those 7 days, but you can make plans to exit it.

This latter only provides parameters for exiting the contract, nothing more.