This clause requires the party that breaks the contract to give the other party written notice and a set amount of time (typically 10-30 days) to fix the problem before the contract can be terminated. This is important because it prevents sudden termination and gives both sides a chance to resolve issues. For example, if you miss a payment deadline, the lender must notify you in writing and give you 15 days to pay before they can cancel the contract. This principle is embedded in UK consumer law and US commercial practice.
Push for a longer cure period (30 days is better than 10) and make sure the notice requirement is detailed—specify that it must be in writing, sent to a named contact, and clearly describe what needs to be fixed. Also negotiate that minor breaches (like a typo in a report) don't trigger this process at all. ---
Frequently Asked Questions
What does this clause mean in simple terms?
This clause requires the party that breaks the contract to give the other party written notice and a set amount of time (typically 10-30 days) to fix the problem before the contract can be terminated.
Why should I care about this clause?
This is important because it prevents sudden termination and gives both sides a chance to resolve issues.
What are my options?
For example, if you miss a payment deadline, the lender must notify you in writing and give you 15 days to pay before they can cancel the contract.
How does this affect small businesses?
This principle is embedded in UK consumer law and US commercial practice.