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Notice of Demand for Assurance of Performance Due to Delegation of...

Vermont Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement

Q: Does a demand for adequate assurances have to be in writing?

UCC 2-609(3). Under the UCC, a demand for adequate assurance must be made in writing. UCC A 2-609.

Category:

Contracts - Notices

State:

Multi-State

Control #:

US-02453BG

Format:

Instant download

Description

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.

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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 X, including, but not limited to cash, a standby irrevocable letter of credit, a prepayment, a security interest in an asset or guaranty.

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 a reasonable time, then the seller can treat the contract as repudiated. There are, however, certain standards that must be met by a seller that wants to demand adequate assurance from a buyer.

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.

UCC § 2-609(3). Under the UCC, a demand for adequate assurance must be made in writing. UCC A§ 2-609.

The insecure buyer can demand adequate assurances of future performance under Section 2-609 of the Uniform Commercial Code ( UCC) if it has reasonable grounds to be insecure about the seller's ability or willingness to comply with the terms of the contract.