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Most contracts have a default provision. The default provision sets forth the conditions under which one of the parties will not have fulfilled its obligations under the contract. For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default. Often, these provisions enable the non-defaulting party to cancel the contract, but often these provisions set forth the conditions which must first arise. Even in the event of a default, some contracts will call for thirty days to pass or written notice before the other party can cancel the contract. It’s very important that you understand the default and cancellation provisions of contracts that you enter into as part of your business.

This informational blog post was provided by Alexis Soterakis, an experienced New York Corporate Business Law Attorney.