The creditor may, at his own risk, rescind the contract by notice. Except in emergencies, it must first give formal notice to the defaulting debtor to fulfil its undertaking within a reasonable period.
The formal notice shall expressly state that if the debtor fails to meet its obligation, the creditor will be entitled to rescind the contract.
Where non-performance persists, the creditor notifies the debtor of the termination of the contract and the reasons for it.
The debtor may at any time apply to the court to contest the rescission. The creditor must then prove the seriousness of the non-performance.