Article 902. Notice fixing additional period for performance
(1) In any case of non-performance of an obligation the creditor may by notice to the debtor allow an additional period of time for performance.
(2) During the additional period the creditor may withhold performance of the creditor’s reciprocal obligations and may claim damages, but may not resort to any other remedy.
(3) If the creditor receives notice from the debtor that the debtor will not perform within that period, or if upon expiry of that period due performance has not been made, the creditor may resort to any available remedy.
Origin of the regulation: Article III. – 3:103 DCFR