When either party repudiates the contract with respect to a performance not yet due, the loss of which will substantially impair the value of the contract to the other, the aggrieved party may:

1. (a) for a commercially reasonable time await performance by the repudiating party; or
2. (b) resort to any remedy for breach ( IC 26-1-2-703 or IC 26-1-2-711 ), even though he has notified the repudiating party that he would await the latter's performance and has urged retraction; and

3. (c) in either case suspend his own performance or proceed in accordance with the provisions of IC 26-1-2-704 on the seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods.

   Formerly: Acts 1963, c.317, s.2-610. As amended by P.L.152-1986, SEC.157.