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Can you summarize NHRS 382-A:2A-406?
UNIFORM COMMERCIAL CODE > Procedure on Excused Performance.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the procedure for excused performance in lease contracts. It applies to lessees and lessors involved in lease contracts. If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 2A-405, they have the option to terminate the lease contract or modify it by accepting the available quota in substitution. However, if the lessee fails to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any affected deliveries. This provision does not specify any exemptions or penalties.
Whom does it apply to?
Lessees and lessors involved in lease contracts
What does it govern?
Excused performance in lease contracts under the Uniform Commercial Code (Chapter 382-A)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire