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Notice of Demand for Assurance of Performance and an Indemnity Bond

Delaware Notice of Demand for Assurance of Performance and an Indemnity Bond

Name: Delaware Notice of Demand for Assurance of Performance and an Indemnity Bond
Brand: US Legal Forms
Rating: 4.72 (344 reviews)

Category:

Contracts - Notices

State:

Multi-State

Control #:

US-02376BG

Format:

Instant download

Description

If a party to a contract has certain duties to perform under that contract and then transfers these duties to another person who is to perform them, there is a delegation of duties. Section 2-609 of the Uniform Commercial Code 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.

Between merchants the reasonableness of grounds for insecurity and the adequacy of any assurance offered shall be determined according to commercial standards.

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FAQ

§ 5308. Essential services; landlord obligation and tenant remedies. (2) Upon written notice to the landlord, keep 2/3 per diem rent accruing during any period when hot water, heat, water, electricity or equivalent substitute housing is not supplied.

Section 145 of the Delaware General Corporation Law (DGCL) allows corporations to protect present and former directors and officers from expenses incurred in connection with proceedings arising from actions taken in service to the company or at the company's direction.

§ 8106 (providing a three year limitations period for fiduciary duty and fraud actions); 6 Del.

In Delaware, the statute of limitations on debts is as follows: Open and closed contracts have a limit of 3 years from the date the debt is unpaid. Promissory notes have a limit of 6 years.

Delaware has a three-year statute of limitations for most contract claims pursuant to 10 Del. C. section 8106. For wage claims, generally a one-year statute of limitation applies under 10 Del.

FindLaw Newsletters Stay up-to-date with how the law affects your life Injury to PersonTwo years (Del C. Tit. 10 § 8119)ContractsWritten: Three years (Del C. Tit. 10 § 8106) Oral: Three years (Del C. Tit. 10 § 8106)Collection of Debt on AccountThree years (Del C. Tit. 10 § 8106)JudgmentsFive years (Del C. Tit. 10 § 5072)6 more rows

Delaware law provides for a default three-year statute of limitations period for breaches of contract, generally applicable to claims for breaches of representation and warranties and related claims for indemnification concerning stock purchase agreements or assets sales.

§§ 2-725. Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within 4 years after the cause of action has accrued.

More info

We hereby demand assurances that you will duly perform your obligations under the purchase and sale agreement notwithstanding [Describe Grounds – e.g., “the ... (a) A rental agreement shall not provide that a tenant: (1) Agrees to waive or forego rights or remedies under this Code.CHAPTER 349. AN ACT ESTABLISHING TITLE 5A, DELAWARE CODE, ENTITLED "UNIFORM COMMERCIAL CODE," ENACTING THE UNIFORM COMMERCIAL CODE AND REPEALING AND ... (a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or ... 14.5 The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall ... When is contractual performance excused? We have attempted to review all U.S. cases involving force majeure disputes and similar common law defenses to ... Pursuant to the indemnity obligations of your Subcontract, please consider this letter to be formal demand that Coastal Masonry and Essex Insurance defend, ... 28.204-4 Contract clause. Insert the clause at 52.228-14, Irrevocable Letter of Credit, in solicitations and contracts for services, supplies, or construction, ... Performance and payment bonds can be separate documents or may be combined. Just as lien laws vary, statutes governing public project bonds vary from state to ... As the Court has previously held, any declaration of default sufficient to trigger a surety's obligation on a performance bond should be direct and unambiguous.

Delaware Notice of Demand for Assurance of Performance and an Indemnity Bond

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How to fill out Delaware Notice Of Demand For Assurance Of Performance And An Indemnity Bond?

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What is Section 5308 of the Delaware Code?

What is Section 145 of the Delaware Corporation Law?

What is the statute of limitations for fiduciary duty in Delaware?

What is the statute of limitations on a promissory note in Delaware?

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How long is the statute of limitation in Delaware?

What is the statute of limitations for indemnity in Delaware?

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