Time is of the essence
The "Time is of the essence" clause emphasizes the importance of meeting deadlines specified in a contract, indicating that any delay may constitute a breach of contract. This clause underscores the necessity for all parties to perform their obligations within the agreed timeframes to ensure the contract's objectives are met efficiently.
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Sample Time is of the essence clauses
TIME IS OF THE ESSENCE regarding Promissor’ s obligations hereunder. No delay or forbearance by Promisee in collecting the aforesaid debt shall be construed as a waiver of Promisee’s collection rights hereunder. Time is of the essence of this Agreement.
The expected date for being live is June 15, 2022. The parties agree to establish a time is of the essence date of August 15, 2022 for Holder to meet the " live" requirement. Should Holder not meet the " live" requirement by August 15, 2022 then Borrower shall return all RoRa Prime Coins and Holder shall release all claims on any shares or conversion rights”.
- Time is of the Essence. Landlord and Tenant acknowledge and agree that time is of the essence with respect to all of the terms and conditions of this Agreement.
- Time is of the Essence. It is very important to the Parties that each Closing is performed in a timely manner. 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. If either party breaches the Agreement or this Amendment, the non-breaching party may elect to declare this null and void and all right of the defaulting party hereunder shall terminate. If the non-breaching party does not exercise its option to terminate the Agreement, as amended by this Amendment, said non-breaching party may require specific performance and also exercise any other legal rights and remedies available to it, and said non-breaching party shall be entitled to recover from the breaching party its cost, expenses, and attorney fees incurred in enforcing the terms of this agreement or pursuing a remedy as a result of the breach of the Agreement and this Amendment.
21.TIME IS OF THE ESSENCE. Time is of the essence of this Note and each and every provision hereof in which time is an element.
- Time is of the Essence. Al parties agree that time is of the essence in this Agreement and that all things to be done, must be done timely and that any delay in the performance of any obligation contained herein, no matter how slight, shall be deemed a material default under this Agreement.
13. TIME IS OF THE ESSENCE. Time is of the essence under this agreement and in the performance of every term, covenant and obligation contained herein.
The failure of the Borrower to promptly, punctually, or faithfully perform or comply with any other term or condition of this Agreement and the other Forbearance Documents as and when due, including the failure to perform in accordance with the Budget and to achieve the projected results of the Liquidation as provided herein, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE
Time is of the Essence. Time is of the essence with respect to each and every term and provision of this Note.
- Time is of the Essence. Borrower agrees that, with respect to each and every obligation and covenant contained in this Note, time is of the essence.
What is “Time is of the essence”?
“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. The inclusion of this clause generally means that failure to meet a deadline constitutes a breach of contract, with the non-breaching party entitled to seek relief or damages. This term emphasizes the importance of completing contractual obligations promptly.
When should I use “Time is of the essence”?
You should use “Time is of the essence” when:
- Timeliness is Crucial: Any delay in performance could lead to significant harm or consequences for one or both parties involved in the contract.
- Value is Time-Sensitive: The value or benefit of the contract significantly diminishes over time, such as in real estate or perishable goods contracts.
- Company Policy or Compliance: Specific projects demand adherence to strict schedules due to internal policies or legal requirements.
How do I write “Time is of the essence”?
To write “Time is of the essence” in a contract, ensure that the clause is clear and unequivocal. Here is a standard formulation:
“Time is of the essence with respect to the performance of each of the parties’ obligations under this Agreement. Any delay may be deemed a material breach of contract.”
It is crucial to make this declaration conspicuous within the document to avoid any ambiguity about its application.
Which contracts typically contain “Time is of the essence”?
Contracts that typically contain a “Time is of the essence” clause include:
- Real Estate Purchase Agreements: These often have strict deadlines for closing dates, inspections, or financing.
- Construction Contracts: Timelines for project completion phases are often critical to avoid financial losses or penalties.
- Agreements for Perishable Goods: Contracts involving goods that expire quickly and need timely delivery.
- Event Planning Agreements: Timelines are critical to ensure all aspects of an event are timely executed.
In conclusion, using “Time is of the essence” requires careful consideration to define its necessity in contracts where timing is pivotal for execution and value realization.
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