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.
A Mississippi Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement is a legal document used in the state of Mississippi to demand assurance from a party who has delegated their performance obligations under an agreement to another individual or entity. This notice is sent when the delegating party's performance is in doubt, and there is a need for assurance that the delegated performance will be carried out satisfactorily. The keywords relevant to this topic include: 1. Mississippi: The document is specific to the state of Mississippi and follows the legal requirements of the state. 2. Notice of Demand: This document serves as a formal notice to demand action from the party who has delegated their performance obligations. 3. Assurance of Performance: The purpose of this notice is to seek assurance that the delegated performance will be adequately carried out as per the original agreement. 4. Delegation of Performance: It refers to the act of assigning or transferring one's performance obligations to another party. There may not be different types of Mississippi Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement as it is a specific legal document used in cases involving delegation of performance. However, various scenarios and specific provisions within the document may vary depending on the nature of the agreement, the parties involved, and the specific obligations being delegated.
