What is a Notice to Perform and how do I use it?
A Notice to Perform is a document used in conjunction with the purchase contract to help enforce an obligation by one of the parties. Once you issue the Notice to Perform, the party receiving the Notice to Perform has two days to perform a specific contractual obligation, if the contingency period ends prior to the end of those two days. If the party does not perform the specific action, the party issuing the Notice to Perform may cancel the agreement. If the contingency period ends more than those two days, the party issuing the Notice to Perform may not cancel until the contingency period ends if the receiving party still has not performed. Usually the Notice to perform is issued after a due date of a contractual obligation has passed, however, it can be issued prior to but it will never shorten the contingency period.