Where performance is due within a specified time and is late, section 525 treats it as delayed performance. If performance is still possible, the other party can give a reasonable additional period. Loss caused by delay can be claimed, and failure to perform within the additional period can permit cancellation.[1]
This differs from a contract where time is itself essential and immediate cancellation can be available.
Sources
- Nepal Law Commission, **National Civil Code, 2074**, Part 5, including ss. 504–541 and special contract chapters. View source