Kings New York Demand to Merchant for Assurance of Performance

Name: Kings New York Demand to Merchant for Assurance of Performance
Brand: US Legal Forms
Rating: 4.67 (284 reviews)

Category:

Letters - Demands - Performance Assurances

State:

Multi-State

County:

Kings

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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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.

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

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 a guaranty.

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.

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

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.

When a Failure to Give Assurance May Be Treated as a Repudiation (1) Where reasonable grounds arise to believe that the obligor will commit a breach by non-performance that would of itself give the obligee a claim for damages for total breach under § 243, the obligee may demand adequate as- surance of due performance

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Kings New York Demand to Merchant for Assurance of Performance

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What is an assurance in a contract?

Does adequate assurance have to be in writing?

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Under what circumstances can a party to a contract seek and assurance for performance?

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When a failure to give assurance may be treated as a repudiation?

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