In a legal context, “time is of the essence” is a statement that may be included in the language of the provisions of a contract to emphasize that the parties must complete their obligations on time. In other words, the phrase “time is of the essence” means that timing is material to the performance of the contract.
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What does it mean when something is of the essence?
phrase. If you say that something is of the essence, you mean that it is absolutely necessary in order for a particular action to be successful. [formal] Speed was of the essence in a project of this type. Synonyms: vitally important, essential, vital, critical More Synonyms of of the essence.
What is an example of time of the essence?
Examples of "Time Is of the Essence" Provision
"Time is of the essence with respect to all obligations, deliveries, and payments under this Agreement." "Delivery of goods. Supplier will deliver goods to Buyer on the first Friday of every month during the contract term. Time is of the essence as to this provision."
What happens if time is of the essence?
If time is of the essence for a contractual obligation in a contract then this means that the deadline is a condition of the contract rather than merely a term and it would entitle the innocent party to terminate the contract if the deadline is missed by the offending party, even if only by a small margin.
How do you use essence of time?
In order to reflect the fact that timely completion of the task in the contract is important you can use a time is of the essence clause to reflect that fact. One way to implement such a clause would be: “Time is of the essence with respect to all [obligations/deliveries/payments] under this Agreement.”
6 days ago · TIME IS OF THE ESSENCE meaning: 1. said to encourage someone to hurry 2. said to encourage someone to hurry. Learn more.
Oct 26, 2022 · “Time is of the essence” means that timely performance is an essential obligation under a contract, and thus failure to perform in a timely manner amounts to a ...
Mar 6, 2024 · A "time is of the essence” clause mandates the completion of a project by a certain date. Learn more about this term and its effect on a ...
Time is the essence of contract. Means that performance by one party at time or within period specified in contract is essential to enable him to require ...
Jul 6, 2020 · The phrase “time is of the essence” simply means that timing is material to the contract; for example, if you have a contract for 100 balloons for a party in ...
Time is of the essence. Said when something must be done immediately: “The doctors need to operate right now; if they hope to save her, time is of the essence.
“Time is of the essence” is used in contracts to express the fact that a task has to be completed by the agreed time to avoid material harm.
A "time is of the essence" provision puts a hard deadline on one party of a contract to perform their end of the agreement. This provision is used to reinforce ...
Read through our guide to the “time is of the essence” clause to learn how it's used in real estate to hold all parties accountable for time-sensitive tasks.
