How do orange contracts work?

I've got an iPhone 4 and my contact ends next may. Once my contract has finished is the phone mine to do what I want with? For eg sell it, or put another contract on(my contract is £40 at the minute with orange, once I've finished the contract could I put a £15 contract on?)
How does it work?

Yes, once the contract is over the phone will be yours to keep. However, sometimes the providers give you phones which are locked to their network in the first place. For example, they may have given you an iPhone 4 which is locked to the Orange network, meaning you would need to get an Orange contract again (it could just be SIM-only). Obviously there's the option of selling your phone, however there are methods of unlocking it.

Orange will probably give you loads of options and offers to try and keep you with them anyway, but if your phone is unlocked, it's worth taking a look at the other networks.

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