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(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 such assurance is received may if commercially
reasonable suspend any performance for which the person making the demand 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 30 days such assurance of due performance as is adequate under the circumstances of
the particular case is a repudiation of the contract.
History: 1965 c 811 s 336.2-609; 1986 c 444