I've been working as a software engineer contractor for the last year and a half, at a company that has been promising to onboard me as a full employee for over seven months. However, I was recently told that our whole team is being eliminated, and most of the team members will end up getting moved to different teams.
I was then later told by my boss that I will be one of the first employees to be "rolled off," at the end of March, and they do not have any position lined up for me afterwards. Furthermore, he expects a very complex project to be done before that time - including documentation, testing, etc.. I am the only person who knows all the details of this project, and I have been pushing to work on it for over a year, but this has mostly been ignored until now.
The timeline he has given is very unreasonable for this project, especially considering I have a lot of PTO to use before my contract is over. Because of this, I am planning on giving them an ultimatum: they can either guarantee me work until the official end-date of my contract (in July), or I will leave immediately (halfway through February) without doing any work on this project. My contract gives both parties the right to sever it at any time, so I am within my rights.
Would you consider this course of action reasonable? If so, would there be any downsides, besides the possibility of being unemployed for a few months?