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.
Travis Texas Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement is a legal document used in the state of Texas to request assurance of performance when a party delegates their obligations under an agreement to another party. This notice serves as a formal request for the party who delegated their performance to provide a guarantee that the agreed-upon terms and conditions will still be fulfilled. In situations where one party has delegated their performance, it is essential for the other party to ensure that the terms of the agreement will be upheld by the new party undertaking the responsibility. The need for a Notice of Demand for Assurance of Performance arises to protect the interests of the non-delegating party and to secure timely performance of the obligations stated in the original agreement. Types of Travis Texas Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement: 1. Standard Form: This is the most frequently used version of the Notice of Demand for Assurance of Performance in Travis County, Texas. It encompasses the essential components needed to request assurance from the delegating party. 2. Customized Form: This type of Notice of Demand for Assurance of Performance is tailored to specific situations and requirements as per the agreement between the parties involved. It may contain additional clauses or provisions to address unique circumstances. 3. Expedited Form: This form is used when there is an urgent need for assurance of performance due to delegation. It expedites the process and emphasizes the timeline for the response from the delegating party. Keywords: Travis Texas, Notice of Demand for Assurance of Performance, Delegation of Performance, Agreement, assurance, obligations, terms and conditions, legal document, Texas, non-delegating party, interests, protect, performance, guarantee, original agreement, standard form, customized form, expedited form, unique circumstances, clauses, provisions, response, timeline.Travis Texas Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement is a legal document used in the state of Texas to request assurance of performance when a party delegates their obligations under an agreement to another party. This notice serves as a formal request for the party who delegated their performance to provide a guarantee that the agreed-upon terms and conditions will still be fulfilled. In situations where one party has delegated their performance, it is essential for the other party to ensure that the terms of the agreement will be upheld by the new party undertaking the responsibility. The need for a Notice of Demand for Assurance of Performance arises to protect the interests of the non-delegating party and to secure timely performance of the obligations stated in the original agreement. Types of Travis Texas Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement: 1. Standard Form: This is the most frequently used version of the Notice of Demand for Assurance of Performance in Travis County, Texas. It encompasses the essential components needed to request assurance from the delegating party. 2. Customized Form: This type of Notice of Demand for Assurance of Performance is tailored to specific situations and requirements as per the agreement between the parties involved. It may contain additional clauses or provisions to address unique circumstances. 3. Expedited Form: This form is used when there is an urgent need for assurance of performance due to delegation. It expedites the process and emphasizes the timeline for the response from the delegating party. Keywords: Travis Texas, Notice of Demand for Assurance of Performance, Delegation of Performance, Agreement, assurance, obligations, terms and conditions, legal document, Texas, non-delegating party, interests, protect, performance, guarantee, original agreement, standard form, customized form, expedited form, unique circumstances, clauses, provisions, response, timeline.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
