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Section 525
<br> deemed to have delayed performance of the contract
If a contract is to be performed at a specific time and is not performed at that time or within such time, it shall be deemed to be late in performing the contract.
(2) If the contract according to sub-section (1) can be performed after such time, one party to the contract shall give notice to the other party to perform the performance after giving reasonable time.
(3) In accordance with sub-section (2), such party shall comply with the contract and may claim compensation for any loss or damage caused by delay in compliance with the contract.
(4) If the contract is not complied with according to sub-section (3), the party giving such notice may cancel the contract.