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

You should also note that even in cases where a buyer accept improper delivery or a seller improper payment, such action will not impair the client's right to demand adequate assurance of future performance under the agreement. UCC 2-609(3). Under the UCC, a demand for adequate assurance must be made in writing.

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

King Washington Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement

Name: King Washington Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement
Brand: US Legal Forms
Rating: 4.63 (494 reviews)

Category:

Contracts - Notices

State:

Multi-State

County:

King

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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Comment: Under the Uniform Commercial Code (UCC), when a party to an agreement for the purchase or sale of goods has reasonable grounds to believe its counterparty will not perform as promised, the party may make a written demand for assurance of due performance from the counterparty.

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.

If either party (X) has reasonable grounds for insecurity regarding the performance of any obligation under this Contract (whether or not then due) by the other party (Y) (including, without limitation, the occurrence of a material change in the creditworthiness of Y), X may demand Adequate Assurance of Performance

You should also note that even in cases where a buyer accept improper delivery or a seller improper payment, such action will not impair the client's right to demand adequate assurance of future performance under the agreement. UCC § 2-609(3). Under the UCC, a demand for adequate assurance must be made in writing.

In performing a sales or lease contract, the basic obligation of the seller or lessor is to transfer and deliver conforming goods. The basic obligation of the buyer or lessee is to accept and pay for conforming goods in accordance with the contract.

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.

There are two exceptions to the rule: 1) when the seller provides a non-conforming tender but notifies the buyer that it will cure it prior to the expiration of its performance delays or 2) if the parties had entered into an installment contract.

The party receiving the demand is required to provide adequate assurance of its intended performance under the contract within a reasonable time but in no event more than 30 days after its receipt of the demand request.

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.

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King Washington Notice of Demand for Assurance of Performance Due to Delegation of Performance of Agreement

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