Time is of the essence" is a phrase indicating that timely performance of contractual obligations is a crucial and material part of the agreement. If a party fails to meet the specified deadlines, it constitutes a breach of contract, giving the other party the right to exercise remedies such as terminating the contract or seeking damages. While the term can be used generally to mean something must be done immediately, it has a specific legal meaning, most often found in contracts, particularly real estate agreements.
2025-08-25 00:08:10
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