For example, a payment may become due even though the other party has not yet completed the work required under the agreement. However, if the agreement specifies that time is of the essence, a delay by one party may allow the nonbreaching party to suspend performance or to terminate the contract.
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What does time is of the essence mean in slang?
Time is of the essence, thus all things which are required to be done by certain dates must be done, otherwise such failure shall be deemed a material default.
Examples of "Time Is of the Essence" Provision · "Time is of the essence with respect to all obligations, deliveries, and payments under this Agreement." · " ...
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 ...
Examples include substantial completion, submission of insurance certificates and payment applications, payment, notice of delays and changes, and 72-hour (or ...
This page contains Time is of the Essence clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded ...
6 days ago · It can be argued that time is of the essence in all care of dying, and how time is spent is of importance to the patient.
For example, in a contract for the purchase of goods, a clause may state that “...time is of the essence for all the seller's obligations related to the ...
“Time is of the essence” is a legal phrase used to indicate that performance by one party at or within a specified time is critical to the agreement's terms.
Time is expressly made of the essence with respect to each and every provision of this Agreement and the other Transaction Documents.
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