(1) If a contract
so made as to be performed at a particular time is not performed at
or within such time, the performance of contract shall be deemed to
have been be delayed.
(2) If the contract under sub-section (1) can be performed
even after such time, one party of the contract may notify the other
party to perform the contract, having given a reasonable time.
(3) If a notice is given pursuant to sub-section (2), the
other party shall perform the contract accordingly, and may claim
for compensation for any loss or damage caused in consequence of
the delayed performance of the contract.
(4) If a contract is not performed pursuant to sub-section
(3), the party giving such a notice may rescind the contract.