Some matters on “Nachfrist” – Additional time to remedy the breach of contract

Abstract

In case one party is likely to fail to perform the obligations in the contract, it is necessary for the other to allow an additional period of time for violating one to perform the obligations. This regulation demonstrates the principle of goodwill and honesty between the parties in the process of entering into and performing the contract that helps the parties achieve their goals in concluding the contract as well as avoiding risks.