US Legal Forms
Demand to Merchant for Assurance of Performance

Demand to Merchant for Assurance of Performance

Category:

Letters - Demands - Performance Assurances

State:

Multi-State

Control #:

US-03300BG

Format:

Instant download

Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states.

If a party has reasonable grounds to believe that another will not perform, he or she may demand in writing an assurance of performance. While waiting for a response, the party may suspend his or her own performance. If an assurance is not given within thirty days, this can be considered repudiation of the contract. This same rule applies if cooperation is needed and not given [UCC 2-311(3)(b)].

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FAQ

Adequate Assurance of Performance means sufficient security in the form, amount, for a term, and from an issuer, all as reasonably acceptable to EGT, including, but not limited to a cash security deposit or a standby irrevocable letter of credit. Sample 2.

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.

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.

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.

If the buyer fails to provide adequate assurance within thirty days or by the deadline provided, then it will be considered a repudiation of the contract by the buyer, allowing the seller to treat the contract as totally breached.