Section 525: Performance of contract deemed to be delayed

1) If a contract so made as to be performed at a particular time is not performed at, or within such time, the performance of contract shall be deemed to have been delayed.

2) If the contract under sub-section (1) can be performed even after such time, one party of the contract may notify the other party to perform the contract, having given a reasonable time.

3) If a notice is given pursuant to sub-section (2), the other party shall perform the contract accordingly and may claim compensation for any loss or damage caused in consequence of the delayed performance of the contract.

4) If a contract is not performed pursuant to sub-section (3), the party giving such a notice may rescind the contract.