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When a Default occurs, the breaching Party may have a specific time period to Cure the Default before the non-breaching Party is allowed to exercise Remedies. The non-breaching Party may need to give Notice of the Default to the breaching Party to initiate the Cure Period.
Notice and opportunity to cure is a contractual provision that allows a party to correct a breach of the contract within a specified timeframe before the other party can take further action, such as terminating the contract or seeking legal remedies.
What is a Cure Period? A cure period is a specified timeframe within a contract that allows a party to rectify, or cure, a breach or default of the contract terms before more severe penalties or consequences are enforced.
If the contractor fails to make progress or fails to perform any other provision of the contract, the Agency Contracting Officer (ACO or CO) will issue a Cure Notice. The cure notice must be in writing and specifically state what failure exists and provide 10 days to cure the failure.
Option to cure is a contract principle that, where available, allows a party to a contract to have the opportunity to correct their performance to align with their obligations in the contract .
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