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A time frame of 30 to 90 days during which a company that has gone into technical DEFAULT on a contractual payment is permitted to submit payment without further prejudice, and without being considered to have defaulted. Also known as GRACE PERIOD.
The Cure Period provision of a Patent License Agreement defines the time period in which a breaching party must cure a breach. Standard Cure Period.
In the context of contract law, the term \u201ccure\u201d means to correct or remove a defect that would be considered a breach by the curing party. For example, a landlord may give the tenant a set amount of time to correct, or cure, a lease violation or face an eviction lawsuit.
In the context of contract law, the term \u201ccure\u201d means to correct or remove a defect that would be considered a breach by the curing party. For example, a landlord may give the tenant a set amount of time to correct, or cure, a lease violation or face an eviction lawsuit.
A time frame of 30 to 90 days during which a company that has gone into technical DEFAULT on a contractual payment is permitted to submit payment without further prejudice, and without being considered to have defaulted. Also known as GRACE PERIOD.
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Cure Period (Banking & Finance Glossary) The time period that the Borrower has to remedy a Default before it becomes an Event of Default.
Financial Default Cure Period means forty-five (45) days following the provision of notice of Financial Default by the non-Defaulting Party to the Defaulting Party to pay the amount owed in full.
Period of time given to a party having defaulted on a given obligation to try to remedy it (E.g. by paying the Interest owed under a loan). Failure to cure within the cure period (also called "Grace period") will result in an acceleration of the loan.
Cure Period (Banking & Finance Glossary) The time period that the Borrower has to remedy a Default before it becomes an Event of Default.
Cure notices require the contractor to remediate the defect within 10 days, so evidence of when the notice was received is critical. Requests for extension should always be in writing and the response should be retained. You may want to document the actions that will resolve the defect and prevent future failures.

cure letter