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.
Oklahoma Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement is a legal document used in the state of Oklahoma to request assurance from a party involved in an agreement that they will fulfill their obligations despite assigning the performance of those obligations to a third party. This notice is significant when one party delegates their performance duties to another party, potentially impacting the original agreement. In Oklahoma, there are several types of Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement, categorized based on the specific situation they address. These types may include: 1. Commercial Agreements: This type of notice is applicable in commercial contracts where a business entity delegates its obligations to another party. It is essential to ensure that the delegated party is still accountable for fulfilling the terms and conditions outlined in the original agreement. 2. Real Estate Contracts: When it comes to real estate transactions, parties may be involved in delegation of performance due to factors such as financial challenges or changes in the agreement terms. In such cases, a Notice of Demand for Assurance of Performance is used to demand assurance from the delegating party that their obligations will still be met. 3. Service Agreements: In service agreements where one party delegates the provision of services to another entity, this notice is crucial to ensure that the delegated party assumes the responsibility and performs as required, guaranteeing the continuity of the service provision. 4. Construction Contracts: In the field of construction, where subcontractors or specialized workers are often assigned critical tasks, this notice becomes vital. It allows the other party to seek assurance that despite delegating performance, the work will proceed as agreed, preventing potential delays or breaches of contract. The purpose of a Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement is to protect the interests of the non-delegating party. By sending this notice, the non-delegating party requests written assurance from the delegating party that their performance obligations will still be fulfilled, either through the third-party delegate or through reassignment of duties. It is important to consult with a legal professional to prepare and serve a valid Notice of Demand for Assurance of Performance, ensuring compliance with Oklahoma state laws and protecting the rights and interests of both parties involved in the agreement.
