What is the term for notifying another party before the performance time that you will not perform as agreed?

The term for notifying another party before the performance time that you will not perform as agreed is anticipatory repudiation. This legal concept occurs when one party communicates, either verbally or in writing, their intention not to fulfill their contractual obligations before the deadline. This advance notice is significant because it gives the other party a chance to seek alternative arrangements or remedies rather than waiting for the deadline to pass and dealing with the consequences of a breach.

Anticipatory repudiation is essential in contract law as it allows the innocent party to take proactive measures, such as seeking damages or considering other options without being left in uncertainty. By recognizing this term, you demonstrate an understanding of how contract obligations can be altered even before the date of performance, an important aspect for brokers in managing agreements.