Florida Notice of Demand for Assurance of Performance and an Indemnity Bond

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US-02376BG
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Description

If a party to a contract has certain duties to perform under that contract and then transfers these duties to another person who is to perform them, there is a delegation of duties. Section 2-609 of the Uniform Commercial Code 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.


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

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FAQ

Anyone who suffers an injury as a result of a negligent driver can seek personal injury claims within 2 years. These same laws apply to motorcycle accidents and truck wrecks.

For example, a seller that finds out that the buyer is in breach of its agreements with other sellers may have a reasonable basis for seeking adequate assurance regarding its own contract. The seller's insecurity must be based on an objective standard and not the seller's subjective belief.

The Florida Senate 90.609 Character of witness as impeachment. ?A party may attack or support the credibility of a witness, including an accused, by evidence in the form of reputation, except that: (1) The evidence may refer only to character relating to truthfulness.

Proof of Insurance Required: Per Florida Statute 316.646(3); If any person charged with a violation of this section fails to furnish proof insurance was valid at the time the citation was issued, a conviction will be entered on the driving record and the Driver's License Department shall, upon receiving notice of the ...

Comment: Under the Uniform Commercial Code (UCC), when a party to an agreement for the purchase or sale of goods has reasonable grounds to believe its counterparty will not perform as promised, the party may make a written demand for assurance of due performance from the counterparty.

§ 672.609. Section 672.609 - Right to adequate assurance of performance (1) A contract for sale imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired.

For the purpose of attacking the credibility of a witness, evidence that he has been convicted of a crime is admissible but only if the crime (1) was punishable by death or imprisonment in excess of one year under the law under which he was convicted or (2) involved dishonesty or false statement regardless of the ...

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Florida Notice of Demand for Assurance of Performance and an Indemnity Bond