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 New Mexico Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement is a legally binding document used to address situations where one party has delegated their performance obligations under an existing agreement to a third party, leading the other party to demand assurance that the delegated performance will be executed according to the terms of the original agreement. This notice serves to protect the rights of the non-delegating party and ensure that the delegated performance will not cause any detriment or breach of contract. Keywords: New Mexico, notice of demand, assurance of performance, delegation, performance of agreement, legal document, obligations, third party, terms, breach of contract, protect rights, non-delegating party. Different types of New Mexico Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement could include: 1. Notice of Demand for Assurance of Performance Due to Delegation of Performance — This is the standard type of notice used when one party delegates their performance obligations to another party, triggering the need for assurance from the non-delegating party. 2. Notice of Demand for Assurance of Performance Due to Delegation of Performance Delay — This type of notice is used when a party has delegated their performance obligations, but there is a delay in the execution of the delegated performance. The non-delegating party demands assurance that the performance will be completed within a reasonable timeframe. 3. Notice of Demand for Assurance of Performance Due to Inadequate Delegated Performance — In cases where the delegated performance is not up to the standards or requirements set forth in the original agreement, the non-delegating party can issue this notice to demand assurance that the performance will be improved or rectified. 4. Notice of Demand for Assurance of Performance Due to Potential Breach — If the non-delegating party believes that the delegation of performance may lead to a breach of the original agreement, this notice can be used to demand assurance from the delegating party that the performance will be carried out as agreed without any detrimental effects. It is important to consult with a legal professional or reference the specific New Mexico statutes and regulations to ensure compliance and accuracy when drafting or using a Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement.
