The contentious contract between Ontario and the Beer Store is about to be put on ice, as Premier Doug Ford looks to make good on the promise of putting beer and wine in corner stores.

The Master Framework Agreement, signed by the previous Liberal government in 2015, has proven to be a major hurdle for the current government because breaking the contract could have meant paying hundreds of millions in penalties.

On Monday, Finance Minister Vic Fedeli introduced legislation to terminate the deal calling it a “monopoly” and “a bad deal for consumers.”

The initial contract required the three owners of the Beer Store – Labatt Brewing, Molson Canada and Sleeman Breweries – to invest $100 million into the operation, including upgrading all 450 storefronts province-wide. In return, the province was given the ability to expand the sale of beer and wine into an additional 450 grocery stores.

Speaking with reporters at Queen’s Park, Fedeli cited a report released Friday by the province’s special advisor on alcohol that called the Master Framework Agreement a “terrible deal for Ontario consumers and small businesses.”

“You have to ask yourself why these multi-national brewers, headquartered outside of Canada, would be so opposed to selling their products in convenience stores, big box stores and more grocery stores. The answer is simple, they are only interested in putting profits ahead of consumers,” Fedeli said. “We have a once in a generation opportunity to make meaningful change, which will allow small businesses to flourish, create jobs while providing choice and convenience for the people of Ontario.”

“This is not just about beer and wine. This is not just about choice and convenience. This is really an opportunity to bring fairness to the people of Ontario.”

Sources close to the ongoing discussions told CTV News Toronto that if the government breached the terms of the agreement, it would be forced to pay back the $100 million investment as well as penalties for the deprecation of the value of the Beer Store.

However, Fedeli’s bill, called Bringing Choice and Fairness to the People Act, would terminate the agreement as soon as it becomes law and shelter the government from paying any damages.

“No costs, compensation or damages are owing or payable to any person,” the proposed legislation reads.

Lawyers for both the government and the Beer Store owners have been in negotiations for months over the contract, which was set to expire in 2025.

While each side has previously been reluctant to speak publicly about the talks, the legislation provides a window into the stalemate over the financial settlement.

Ted Moroz, president of the Beer Store, said that company is reviewing the announcement and will be pursuing legal options.

“The government cannot extinguish our right to damages as outlined in the Master Framework Agreement,” Moroz said in a statement. “It is critical to understand that The Beer Store has, in good faith, based on a legally-negotiated 10-year operating agreement with the Province of Ontario, invested more than $100 million to modernize its stores and to continue to upgrade the consumer experience.”

Moroz said the company has sent a legal letter to the government and will fight the legislation.

In a statement issued Monday afternoon, the president of the union representing Beer Store employees called the move to cancel the agreement “an assault on good-paying jobs and agreements negotiated in good faith.”

“I’ve never seen anything like this in my career as a union representative,” said Local 12R24 President John Nock. “We have a government that is now introducing legislation for the sole purpose of destroying the livelihood of over 7,000 Beer Store employees in communities large and small across Ontario and wasting taxpayers’ money.”

“Doug Ford promised no one would lose their jobs as a result of his policies and now he’s cancelling contacts, creating chaos and kicking good jobs to the curb.”

With files from CTVNewsToronto.ca's Katherine DeClerq