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.
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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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.