(1) Where it is stipulated that performance by one of the parties is to be effected exactly at a stipulated time or within a fixed time limit, the other party may revoke the contract if the performance is not effected at such stipulated time or within the time limit fixed or, in the event that the debtor is in default, the other party may demand, in lieu of performance of the contract, compensation of damages for non-performance. The other party may only demand performance if they notify the opposing party, immediately after the time or the time limit has elapsed, that they insist on performance.
(2) If compensation of damages for non-performance is demanded and the goods have a stock-exchange or market price, the difference between the purchase price and the stock-exchange or market price at the time and place of the performance owed may be demanded.
(3) The proceeds of a sale or purchase effected otherwise may only be taken, in the case of the goods having a stock-exchange or market price, as the basis of a claim for damages if the purchase or sale is effected immediately after the time or time limit stipulated for performance has elapsed. If the sale or purchase is not effected by public auction, then it must be carried out at the current price by a commercial broker officially authorised to effect such sales or purchases or by a person officially authorised to conduct public auctions.
(4) The provision of section 373 (4) applies to a sale by public auction. The obligor is to promptly notify the obligee, without undue delay, of the sale or purchase; in the event of failure to do so, the obligor will be liable to provide compensation of damages.