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The legal right to cure is a principle founded in contract law that allows one party in a contract, who has defaulted under a contract provision, to remedy their default by taking steps to ensure compliance or otherwise, cure the default.
If the contractor fails to make progress or fails to perform any other provision of the contract, the Agency Contracting Officer (ACO or CO) will issue a ?Cure Notice?. The cure notice must be in writing and specifically state what failure exists and provide 10 days to 'cure' the failure.
The notice must tell you that you are in default and that you have 30 days to cure the default. The Right to Cure Notice says that if you do not get caught up on your payments, ?cure your default,? the bank can begin foreclosure proceedings to take your house.
When the government believes your performance under the contract is at risk, it might issue you a cure notice. On the other hand, if it believes that you violated the terms and conditions of the contract, it may issue a show cause notice.
Iowa law requires a creditor to provide a debtor with a written notice of their right to cure a delinquent amount. This must happen before a lawsuit can be filed to collect a consumer debt. The notice must provide the debtor at least 20 days to pay the defaulted amount.