time is of the essence

time is of the essence
When a clause in a contract (normally related to a time deadline) is made "of the essence", it means that the innocent party can claim immediately if the relevant provision is broken without having to give any notice or allow a period for compliance. This is often used where the aggrieved party wants to be able to terminate a contract for non-compliance rather than merely claiming can only normally claim damages for losses he suffers due to the delay. If a term is not of the essence, a new deadline would need to be set which would then be made of the essence.

Easyform Glossary of Law Terms. — UK law terms.


time is of the essence
n.
A phrase used in contracts in which performance by one of the parties at or by a specific time is an essential term. See also reasonable time

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


time is of the essence
A phrase often used in contracts to emphasize that any delays will be grounds for termination.
Category: Representing Yourself in Court
Category: Small Claims Court
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.


time is of the essence
n. 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 Dictionary. . 2000.


time is of the essence
A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party.

Dictionary from West's Encyclopedia of American Law. 2005.


time is of the essence
A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

time is of the essence
n.
   a phrase often used in contracts which in effect says: the specified time and dates in this agreement are vital and thus mandatory, and "we mean it." Therefore any delay-reasonable or not, slight or not-will be grounds for cancelling the agreement.
   See also: contract

Law dictionary. . 2013.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • time is of the essence — ► used to say that you should not wait or waste time before doing something important or urgent: »Environmentalists argue that time is of the essence in redirecting transportation money from roads to transit. Main Entry: ↑time …   Financial and business terms

  • time is of the essence — The condition of performance of a contract within the time limited for performance by the terms of the contract. 17 Am J2d Contr § 332. When it is said that time is of the essence, the proper meaning of the phrase is that performance by one party …   Ballentine's law dictionary

  • Time is of the essence — is a term in contract law which indicates that the parties to the agreement must perform by the time to which the parties have agreed if a delay will cause material harm, such as the court s interpretation in the case of Foundation Development… …   Wikipedia

  • time is of the essence — formal phrase used for emphasizing that something should be done as soon as possible Thesaurus: ways of telling someone to hurrysynonym Main entry: time …   Useful english dictionary

  • Time Is of the Essence — Infobox Album | Name = Time Is of the Essence Type = Studio Album Artist = Michael Brecker Released = 1999 Recorded = Genre = Jazz Length = 69:57 Label = Verve Records Producer = George Whitty Reviews = *Allmusic Rating|3|5… …   Wikipedia

  • time is of the essence — it is important to work as quickly as possible, make hay while...    When you re paying $75 an hour for a lawyer s services, time is of the essence …   English idioms

  • Time is of the essence (disambiguation) — Time is of the essence may refer to:* Time is of the essence, a legal term. * Time Is of the Essence , an album title released by Michael Brecker …   Wikipedia

  • time is of the essence —    A phrase often used in contracts that indicates that scheduling or timing (e.g., in making a delivery or completing a project) is the most important aspect of the agreement and any delay may be grounds for cancellation …   Business law dictionary

  • time is of the essence — formal used for emphasizing that something should be done as soon as possible …   English dictionary

  • time of the essence — When a clause in a contract (normally related to a time deadline) is made of the essence , it means that the innocent party can claim immediately if the relevant provision is broken without having to give any notice or allow a period for… …   Law dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”