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noun Contractual provision that requires prompt and timely fulfillment of obligations under the contract; failure to complete performance under time constraints set forth in the document may constitute a breach. Example: "Time is of the essence in the completion of this contract." Webster's New World Law Advertisement phrase
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The phrase "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 material breach of contract giving rise to the other party's right to exercise its remedies for breach.
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A time is of the essence provision states that failure to provide a complete performance within a reasonable time is considered a material breach of the contract. A piece of legal advice - make sure the contract gives you a reasonable amount of time so you do not end up the breaching party!
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The Time is of the Essence clause is the legal community's way of emphasizing that time is an integral part of a contract. Failure to meet deadlines translates to a breach of contract, often accompanied by financial penalties and potential legal actions.
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In a contract, "time is of the essence" means the parties must complete a task within a specified time. The phrase "of the essence" means that time is an obligation of the contract rather than a mere term. Where one party does not meet the contract's obligations, the other party may terminate the contract. Likewise, they may have the.
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Noun A contract provision requiring the terms be fulfilled by a certain date. What Does Time is of the Essence Mean "Time is of the essence" is the concept that, should the terms of a contract not be met by a specific deadline, one or more parties could be negatively impacted.
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In contract law, "time is of the essence" means that a failure to comply with certain terms of the contract at the specified time counts as a breach of contract. This in contrast with "within reasonable time", which means just what it says. legal-dictionary.thefreedictionary.com/Time+is+of+the+Essence - Cerberus - Reinstate Monica
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English Wikipedia has an article on: time is of the essence Phrase [ edit] time is of the essence ( set phrase) Time is an essential consideration (in regard to an action or response); haste is necessary. Synonym: no time to lose When transporting organs for transplant, time is of the essence.
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Definition of is of the essence in the Idioms Dictionary. is of the essence phrase. What does is of the essence expression mean? Definitions by the largest Idiom Dictionary.
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time is ticking. be quick. be quick about it. bestir yourself. clock is ticking. delays are dangerous. do it fast. do it quickly. do not waste time.
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For example, instead of saying "the essence of time is," the correct usage would be "time is of the essence." 2. Misunderstanding the Meaning: Another mistake people make is using the phrase without fully understanding its meaning. "Time is of the essence" implies that time is crucial or extremely important in a given situation.
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Definition of time is of the essence in the Idioms Dictionary. time is of the essence phrase. What does time is of the essence expression mean? Definitions by the largest Idiom Dictionary.
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(Definition of time is of the essence from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press) Examples of time is of the essence time is of the essence If time is of the essence, the patient should take four vital capacity breaths of 100 % oxygen. From the Cambridge English Corpus
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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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The specifics surrounding a "time is of the essence" clause may vary by contract. But, the basic idea of transparency is always required. Here's what you should find in a valid "time is of the essence" clause: 1. All Parties Must Be Aware Of The Clause. It's crucial that all parties are aware of the "time is of the essence.
