8.2-616 - Procedure on notice claiming excuse. - Virginia Statutes

§ 8.2-616. Procedure on notice claiming excuse.

(1) Where the buyer receives notification of a material or indefinite delayor an allocation justified under the preceding section [§ 8.2-615] he may bywritten notification to the seller as to any delivery concerned, and wherethe prospective deficiency substantially impairs the value of the wholecontract under the provisions of this title relating to breach of installmentcontracts (§ 8.2-612), then also as to the whole,

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

(b) modify the contract by agreeing to take his available quota insubstitution.

(2) If after receipt of such notification from the seller the buyer fails soto modify the contract within a reasonable time not exceeding thirty days thecontract lapses with respect to any deliveries affected.

(3) The provisions of this section may not be negated by agreement except inso far as the seller has assumed a greater obligation under the precedingsection [§ 8.2-615].

(1964, c. 219.)