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Breach of contract occurs when there is a failure to comply with the terms and conditions stated in a legally binding deal between two or more parties. It is considered a violation of the formal agreement.
It can take various forms, such as:
-Non-performance: One party fails to fulfill their obligations according to the terms of the contract.
-Delayed performance: One party does not meet the agreed-upon timeline or deadline stated in the contract.
-Inferior performance: One party provides substandard or inadequate performance compared to what was agreed upon in the contract.
-Anticipatory breach: One party explicitly declares or indicates that they will not fulfill their obligations before the agreed-upon performance date.
-Breach of a duty: One party fails to fulfill a specific duty outlined in the contract.
When this situation occurs, the non-breaching party may have legal remedies available, such as seeking damage, specific performance (enforcing the breaching party to fulfill their obligations), or termination of the contract. The available remedies depend on the terms of the contract and applicable laws.
At PSIC, your policy will provide a detailed outline of all your obligations as an insured individual. It is crucial to have a thorough understanding of your rights and responsibilities in order to ensure the validity and effectiveness of your insurance coverage.
By familiarizing yourself with these terms and conditions, you can ensure that you meet all the necessary requirements, such as timely premium payments and providing accurate information, to maintain the integrity of your policy.
Additionally, understanding your obligations as an insured allows you to make informed decisions and take appropriate actions in the event of a claim.
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Copyright © 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
