59.1-507.10 - Retraction of anticipatory repudiation. - Virginia Statutes

§ 59.1-507.10. Retraction of anticipatory repudiation.

(a) A repudiating party may retract its repudiation until its nextperformance is due unless the aggrieved party, after the repudiation, hascanceled the contract, materially changed its position, or otherwiseindicated that it considers the repudiation final.

(b) A retraction may be by any method that clearly indicates to the aggrievedparty that the repudiating party intends to perform the contract. However, aretraction must contain any assurance justifiably demanded under § 59.1-507.8.

(c) Retraction restores a repudiating party's rights under the contract withdue excuse and allowance to the aggrieved party for any delay caused by therepudiation.

(2000, cc. 101, 996.)