Postponement (Delay)

Postponement / Delay in foreign trade usually refers to the postponement of the originally scheduled time for contract performance, shipment, payment, delivery, etc. Usage scenarios include: the buyer requests postponement of shipment, the seller applies for an extension due to production or logistics problems, letter of credit extension, delivery delays caused by force majeure, etc. Precautions: 1) Postponement requires written consent from both parties, otherwise it constitutes a breach of contract; 2) The new performance deadline and whether additional costs will be incurred should be clearly specified; 3) If a letter of credit is involved, extension or amendment must be handled promptly; 4) Distinguish between 'postponement' and 'grace period': the former changes the originally scheduled time, while the latter is an allowed tolerance for delay; 5) Unlike 'cancellation', postponement does not release contractual obligations. It is similar to 'extension', but extension is more commonly used for the extension of letters of credit or payment deadlines. In practice, it should be confirmed through a supplementary agreement or amendment, and communication records should be kept.