Before cancelling the contract, the seller in the bond for deed contract must give the buyer "notice of default", which must be:
sent by registered or certified mail, return receipt requested; and
inform the buyer "that unless payment is made as provided in the bond for deed within forty-five days from the mailing date of the notice, the bond for deed shall be cancelled." (La. R.S. 9: 2945)
Forty-five (45) days' notice to pay is much longer than the time a tenant is permitted to pay late rent. It is also much less time than most foreclosure processes. Again, the bond for deed is like a "cross" between a lease and a mortgage.
If the buyer makes all of the outstanding payments within the 45 day period, the bond for deed will remain in effect. If not, the seller can ask the Clerk of Court to make an entry in the Mortgage and Conveyance Records that reflects that the bond for deed contract has been canceled.