time is of the essence


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Time is of the Essence

A clause in a contract indicating that an unnecessary delay in the execution of a contract constitutes breach of contract. The delay is only a breach if it causes material harm to the contract.

time is of the essence

An expression that often appears in contracts and leases.It is intended to nullify the typical rule that one may have a reasonable amount of time after passage of a deadline in order to do the thing required.If the writing contains a time is of the essence clause,then failure to perform by the deadline will be a noncurable default.