Q: How to proceed with a Contract Breach
In Feb. 2019, through a Stock Purchase Agreement (SPA), I sold my internet golf business, an S corp in which I owned 100% of the stock for $160,000 to a buyer and owner of an internet LLC in which he owned 100% stock. Terms were $22,000 down and $1500 per month minimum until Dec. 31, 2020. A baloon payment was required for any remaining balance. Buyer has been late on several payments, finally missing the May 15 payment. Per Default Provision: "Should either party default upon its obligation to the agreement, the other party shall provide written notice by certified delivery of said default within 30 days of default. The recipient party shall then have 30 days to cure said default. In the event it is not settled, then the aggrieved shall be granted a return of assets. According to the Default Provision to the SPA, buyer is in Default of the SPA. I would like to proceed with the steps required for a return of assets to me.
A:
In order to proceed you must first follow the instructions that you posted in your question; I have re-posted it below:
"Should either party default upon its obligation to the agreement, the other party shall provide written notice by certified delivery of said default within 30 days of default. The recipient party shall then have 30 days to cure said default."
If the purchaser does not cure the default within 30 days you must demand repayment; if the purchaser does not pay then you will probably need to sue them.
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