Here's the deal:

I still have 7 months left on my 24-month 3GS contract. Yesterday my iPhone got water-damaged and couldn't turn on anymore i.e. it's dead! Planning to buy 4S when it comes out later this year.

My question is this: can I just overwrite my 3GS contract when I get the 4S or do I have to terminate my 3GS contract and get a new contract? Does Maxis charge a penalty for terminating your contract before the end date? If so, how much?