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1. Where the failure to pay the price at the date fixed amounts to a fundamental breach of the contract, the seller may either require the buyer to pay the price or declare the contract avoided. He shall inform the buyer of his decision within a reasonable time; otherwise the contract shall be ipso facto avoided.
2. Where the failure to pay the price at the date fixed does not amount to a fundamental breach of the contract, the seller may grant to the buyer an additional period of time of reasonable length. If the buyer has not paid the price at the expiration of the additional period, the seller may either require the payment of the price by the buyer or, provided that he does so promptly, declare the contract avoided.
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"Treaties": international trade instruments
Private International Commercial Law
International Commercial Arbitration & other dispute settlement
International Tax & Financial Regulation
Carriage Transport & Maritime Law
Electronic Commerce and Encryption
International Criminal Law including Anti-Corruption and Cross Border Crime
International Life Sciences & Bio-Sciences