§ 25-2-616. Procedure on notice claiming excuse. - North Carolina Statutes

§25‑2‑616.  Procedure on notice claiming excuse.

(1)        Where the buyerreceives notification of a material or indefinite delay or an allocationjustified under the preceding section [G.S. 25‑2‑615] he may bywritten notification to the seller as to any delivery concerned, and where theprospective deficiency substantially impairs the value of the whole contractunder the provisions of this article relating to breach of installmentcontracts (G.S. 25‑2‑612), then also as to the whole,

(a)        terminate and therebydischarge any unexecuted portion of the contract; or

(b)        modify the contractby agreeing to take his available quota in  substitution.

(2)        If after receipt ofsuch notification from the seller the buyer fails so to modify the contractwithin a reasonable time not exceeding thirty days the contract lapses withrespect to any deliveries affected.

(3)        The provisions ofthis section may not be negated by agreement  except insofar as the seller hasassumed a greater obligation under the preceding section [G.S. 25‑2‑615].(1965, c. 700, s. 1.)