Time Is of the Essence

Definition: Time is of the essence is contract language making timely performance a material part of the agreement.

Example

A purchase agreement makes specified deadlines essential, so the parties must track the exact dates and required actions.

Keep the distinction clear

Read the actual deadline, time-counting rules, extension provisions, and any valid amendments. The phrase does not mean every contract has identical deadlines or remedies.

Related terms

Default · Option Contract · Sale Contract

Keep studying

Valid, Void, Voidable, and Unenforceable Contracts

References: Cornell LII: time is of the essence

Pronunciation (US): TYME iz uhv thee ES-uhns (capitals show stress)

Pronunciation reference: Merriam-Webster