I have two weeks both ways for termination, unless it's something unacceptable, in which case I have in my contract that I can terminate immediately. Some of the things that I have outlined that would result in immediate termination are:

Failure to abide by my policies as outlined by my handbook
Physical or verbal abuse of any person or property
If a child becomes a danger to the other children
Failure to complete required forms
False information given by parents either verbally or in writing
Failure to inform me when a child has been medicated prior to being left in my
care

As far as sick policy goes, I really should be stricter with mine. I outline that I won't accept a child with a fever over 100 degrees Farenheit, anyone who has vomited or had diarreah more than once in the past 12 hours or in the contagious stages of a communicable disease.

I REALLY wish now that I had said in my contract that I will not accept a child with green or yellow snot. These kids are contagious, and it is now my pleasure to know that every time a kid comes to my house with said snot, we all get sick. UGH.

Food for thought. Good luck with your contract! If you need a proofreader, please feel free to send it to me. I love doing that sort of thing.