Section 704 - 120 days' notice for cancellation; rectification(a)(1) Except as provided in subsection (c) of this section, a certificate of approval holder or manufacturer shall provide a franchisee or agreement holder at least 120 days' written notice of any intent to terminate or cancel any franchise or agreement.(2) The notice shall state the causes and reasons for the intended termination or cancellation. The franchisee shall have 120 days in which to rectify any claimed deficiency.(b) The Superior Court, upon petition and after due notice to both parties and the opportunity to be heard, shall decide whether good cause exists to allow termination or cancellation of the franchise or agreement.(c) The notice provisions of subsection (a) of this section may be waived if the reason for termination, cancellation, or nonrenewal is insolvency, the occurrence of an assignment for the benefit of creditors, bankruptcy, or if the certificate of approval holder or manufacturer is able to prove to the court that providing the required notice would do irreparable harm to the marketing of its product.Added 1975, No. 199 (Adj. Sess.); amended 1983, No. 197 (Adj. Sess.), § 4; 2017, No. 83, § 124.