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Cyber,
If this is the contract you signed, you owe him wages and the ccbill account reverts to him. There are no special gotchas for "breaches" - you signed this, you better hold it up or your word is shit.
Next time you want to screw someone, have the lawyer write in the screwing clauses - this is a fair contract and you owe him.
Cheers,
Backov
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