If the parties don't include a "time is of the essence clause", a "reasonable" time for performance will be implied if a problem arises as to … Mr. McNamara is an attorney in The Porter Law Group, Inc. in Sacramento, California. 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. “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. Time is of the Essence Law and Legal Definition. “Time is of the essence.” We see that phrase so often in construction contracts that we hardly give it a second thought. Time is a key consideration in this situation (often because time is limited or a specific deadline must be met). Failure to act within the time required constitutes a breach of the contract. “Time of the essence” means “this is very important” “this is essential”, “this is time-sensitive”. Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill his or her obligations within a certain time frame. – livresque Aug 2 '19 at 2:15 The prefrontal cortex - an update : time is of the essence. The purpose of a “time of the essence” provision is to make clear that any delay in performance of a contract may support an action for the inconvenienced party and relieve the non-breaching party from the performance of his her or its duties. Example: “Time is of the essence in the completion of this contract.”. If the party fails to complete the required task on time, it is regarded as a breach of contract. the properties or attributes by means of which something can be placed in its proper class or identified as being what it is. Otherwise, the parties have a reasonable period of time to perform, which period would be determined by the facts and circumstances of each situation. (Often seen in contractual agreements.). `Time wouldn't have been of the essence, then," pointed out Leeyes. https://idioms.thefreedictionary.com/time+is+of+the+essence. Article written by Patrick McNamara, Esq. In effect, a time is of the essence clause is saying, “the times and dates specified in this agreement are vital and mandatory to the contract”. What does ‘time of the essence’ mean? Time is of the essence is a term used to indicate that the performance of certain contractual obligations is time-sensitive and failure of which a party may suffer damages. Look it up now! In discussions with numerous buyers and sellers, I find that many don’t understand its legal significance. Information and translations of Time Is of the Essence in the most comprehensive dictionary definitions resource on the web. Synonyms: vitally important, essential, vital, critical More Synonyms … Aird, Catherine A DEAD LIBERTY ( 2002 ) `I've phoned the police , and we have to take her there at once; apparently time is of the essence. Meaning of Time Is of the Essence. However, in response to the aforementioned, one may raise the point that if time is really of the essence of a contract, every contract should not provide for an extension of time clause. Time of the essence closing dates are more typical in residential matters where a person is purchasing directly from a developer/sponsor. Flip it around for the malaphor, and you've answered your own question. essence: [noun] the permanent as contrasted with the accidental element of being. If there is a problem, time is of the essence for launching an early intervention initiative to help deflect some or even most of the symptoms. Enrich your vocabulary with the English Definition dictionary The final payment is due on the first day of December, by midnight. If she is being abused, time is of the essence. A time is of essence provision is often included in contracts where the completion of the obligations is dependent on time or the occurrence of a specific condition or event. We have to get these pages to the printer by 8, so work faster, people—time is of the essence! That time is of the essence regarding charter hire payment is a sacrosanct principle in American maritime commercial practice. Time is of the essence. As a result, any delay might be grounds for canceling the contract. Indeed, it was the greatest construction project ever achieved in the United States: the transcontinental railroad. 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. What does ‘time of the essence’ mean? A time is of essence provision is often included in contracts where the completion of the obligations is dependent on time or the occurrence of a specific condition or event. Login "Time is of the essence" is a phrase used in contract law. Copyright © 2020 LoveToKnow. Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill his or her obligations within a certain time frame. From the Cambridge English Corpus The prefrontal cortex-an update: time is of the essence. "Time is of the essence" appears to have origins as a legal term, and in the South we do have a tendency to use older phrasings. Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Time Inversion Operations, Charge, Parity operations, Time it takes for 50% of the stomach to empty. time is of the essence definition in English dictionary, time is of the essence meaning, synonyms, see also 'time',time on',time off',access time'. "Time is of the essence" is a provision in a contract which indicates that the performance of every contractual obligation within the time frame designated in the contract is essential to avoid a breach or default of the contract. Remedies for the breach of a “time is of the essence” clause include specific performance to compel the transfer of title or the retention by the seller of the down payment. the individual, real, or ultimate nature of a thing especially as opposed to its existence. The basic meaning of the phrase “time is of the essence” is that performance by the time specified in the contract, or a time otherwise agreed upon by the parties, is an essential component of the contract, the breach of which would constitute a default under the terms of the agreement. Timing and meeting all the deadlines are essential and required. Time is of the essence definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. The meaning attributed to “time is of the essence” in Garner’s Dictionary of Modern Legal Usage reflects the conventional wisdom among practitioners: “When a contract stipulation relating to the time of performance is ‘of the essence’ of a contract, a party’s failure to meet that stipulation automatically justifies the other party’s rescinding the contract—no matter how trivial the failure.” Failure to act within the time required constitutes a breach of the contract. “Time of the essence” means “this is very important” “this is essential”, “this is time-sensitive”. Track listing. In effect, a time is of the essence clause is saying, “the times and dates specified in this agreement are vital and mandatory to the contract”. Crucial if this language is left out she is being abused, time of... Residential matters where a person is purchasing directly from a developer/sponsor by 8 so... Time to get a date certain on the web crucial if this language is left out a to... 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