(1) Where the buyer receives notification of a material or indefinite delay or an allocation justified under the preceding section he may by written notification to the seller as to any delivery concerned, and where the prospective deficiency substantially impairs the value of the whole contract under the provisions of this Article relating to breach of installment contracts (Section 2-612), then also as to the whole,
         (a) terminate and thereby discharge any unexecuted
    
portion of the contract; or
        (b) modify the contract by agreeing to take his
    
available quota in substitution.
    (2) If after receipt of such notification from the seller the buyer fails so to modify the contract within a reasonable time not exceeding 30 days the contract lapses with respect to any deliveries affected.
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/2-616

  • Buyer: means a person who buys or contracts to
    
buy goods. See Illinois Compiled Statutes 810 ILCS 5/2-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Seller: means a person who sells or contracts to
    •     
         (3) The provisions of this Section may not be negated by agreement except in so far as the seller has assumed a greater obligation under the preceding section.
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