time is of the essence definition

time is of the essence

Provision often included in construction, supply, transport, and other types of contracts to stress the punctual completion of the job (or repayment of a loan) as a vital element of the performance of the contract. Any failure to complete the work (or to pay the sums) within stated time limits may constitute breach of the contract.

time is of the essence is in the Agreements & Contracts and Purchasing & Procurement subjects.

time is of the essence appears in the definition of the following term: time

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