Arizona Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement

State:
Multi-State
Control #:
US-02453BG
Format:
Word; 
PDF; 
Rich Text
Instant download

Description

Section 2-609 of the Uniform Commercial Code provides:

(1) A contract for sale imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return.

(2) Between merchants the reasonableness of grounds for insecurity and the adequacy of any assurance offered shall be determined according to commercial standards.

(3) Acceptance of any improper delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance.

(4) After receipt of a justified demand failure to provide within a reasonable time not exceeding thirty days such assurance of due performance as is adequate under the circumstances of the particular case is a repudiation of the contract.

How to fill out Notice Of Demand For Assurance Of Performance Due To Delegation Of Performance Of Agreement?

US Legal Forms - one of the premier collections of legal documents in the United States - provides a variety of legal templates that you can obtain or print. By utilizing the website, you can access thousands of forms for business and personal purposes, organized by categories, claims, or keywords.

You can quickly obtain the latest versions of forms like the Arizona Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement in mere seconds.

If you hold a monthly subscription, Log In and retrieve the Arizona Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement from your US Legal Forms library. The Acquire button will appear on each document you view. You have access to all previously saved documents in the My documents section of your account.

Proceed with the payment. Use a Visa or Mastercard or PayPal account to complete the transaction.

Select the format and acquire the document on your device. Edit. Fill out, modify, print, and sign the saved Arizona Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement.

Every template you add to your account does not have an expiration date and is yours indefinitely. Therefore, to obtain or print another version, simply navigate to the My documents section and click on the form you need.

Access the Arizona Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement via US Legal Forms, the most extensive collection of legal document templates. Utilize thousands of professional and state-specific templates that cater to your business or personal requirements and specifications.

  1. Ensure you have selected the correct form for your locality/state.
  2. Click the Review button to examine the content of the form.
  3. Read the form description to confirm you have chosen the appropriate document.
  4. If the form does not meet your needs, utilize the Search field at the top of the screen to find one that does.
  5. When satisfied with the document, validate your selection by clicking the Purchase now button.
  6. Then, choose the pricing plan you prefer and provide your credentials to register for an account.

Form popularity

FAQ

The doctrine of adequate assurance allows a contract party with reasonable grounds to believe that its counterparty will be unable to perform, to demand that the counterparty provide adequate assurances that the counterparty will perform its contractual obligations.

The doctrine of adequate assurance allows a contract party with reasonable grounds to believe that its counterparty will be unable to perform, to demand that the counterparty provide adequate assurances that the counterparty will perform its contractual obligations.

What is adequate assurance? The doctrine of adequate assurance allows a contract party with reasonable grounds to believe that its counterparty will be unable to perform, to demand that the counterparty provide adequate assurances that the counterparty will perform its contractual obligations.

UCC § 2-609(3). Under the UCC, a demand for adequate assurance must be made in writing. UCC A§ 2-609.

Adequate Assurance of Performance means sufficient security in the form, amount, for a term, and from an issuer, all as reasonably acceptable to X, including, but not limited to cash, a standby irrevocable letter of credit, a prepayment, a security interest in an asset or guaranty.

When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return.

Adequate Assurance of Performance means sufficient security in the form, amount, for a term, and from an issuer, all as reasonably acceptable to X, including, but not limited to cash, a standby irrevocable letter of credit, a prepayment, a security interest in an asset or guaranty.

If the buyer fails to provide adequate assurance within a reasonable time, then the seller can treat the contract as repudiated. There are, however, certain standards that must be met by a seller that wants to demand adequate assurance from a buyer.

The insecure buyer can demand adequate assurances of future performance under Section 2-609 of the Uniform Commercial Code ( UCC) if it has reasonable grounds to be insecure about the seller's ability or willingness to comply with the terms of the contract.

Trusted and secure by over 3 million people of the world’s leading companies

Arizona Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement