Legal Concept Explained
Cure Period
“A formal grace period giving someone an opportunity to fix a breach before the deal is terminated or penalties hit.”
Formal Legal Definition
A contractually defined window of time (often 15 to 30 days) granted to a breaching party to fix or remedy their default before the non-breaching party is legally entitled to terminate the contract or sue for damages.
How It Appears in Actual Contracts
'Either party may terminate this Agreement if the other party breaches any material term and fails to cure such breach within thirty (30) days of receiving written notice.'
Deep-Dive Clause Guides
Contracts Using This Concept
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