The Notice of Contract Default is a letter which is sent by one contracting party (the "non-defaulting party") to the other party (the "defaulting party"), notifying the defaulting party that it is in default of its obligations under the contract and providing a period of time ("grace period") in which to remedy the problem. Optimally, the Notice of Contract Default may be successful in prompting the defaulting party to fulfill its obligations under the contract. Otherwise, it will at least serve as evidence that the non-defaulting party provided the required warning to the defaulting party in the event that the contract is later terminated because of the default. Although there may be some situations in which an oral warning may be sufficient, it is highly recommended that every notice of default be provided in writing. The non-defaulting party should send the letter by certified or registered mail and should retain a copy of the letter for its files. Send the letter to the address specified in the contract, if any. |