The purpose of a “time of the essence” provision is to make clear that any delay in performance of a contract may support an action for the inconvenienced party and relieve the non-breaching party from the performance of his her or its duties. Time is of the Essence. If anything is to be done, and something must be done, time is of the essence of the usefulness of the step. – livresque Aug 2 '19 at 2:15 The meaning attributed to “time is of the essence” in Garner’s Dictionary of Modern Legal Usage reflects the conventional wisdom among practitioners: “When a contract stipulation relating to the time of performance is ‘of the essence’ of a contract, a party’s failure to meet that stipulation automatically justifies the other party’s rescinding the contract—no matter how trivial the failure.” When babies first begin to potty train, time is of the essence. (Often seen in contractual agreements.) The final payment is due on the first day of December, by midnight. Time is of the Essence Law and Legal Definition. Track listing. "Time is of the essence" is a provision in a contract which indicates that the performance of every contractual obligation within the time frame designated in the contract is essential to avoid a breach or default of the contract. A Time Is of the Essence Clause (TOE) is language contained in a contract that specifies that a certain time or date is important. Copyright © 2020 LoveToKnow. Time is of the Essence A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. A Time is of the Essence clause may mean that one party to the contract must perform its contractual obligations at a specific date and time as required in order to compel performance by the other party to the contract. "Time is of the essence" is a phrase used in contract law. Login Please enable Javascript and refresh the page to continue If the “time is of the essence” clause is properly applied, it will effectively encourage the parties to act without delay on those items where time is truly important. Another such phrase is “Time is of the essence.” What is the legal significance of including this phrase in a contract? "Time is of the essence" appears to have origins as a legal term, and in the South we do have a tendency to use older phrasings. “Time of the essence” means “this is very important” “this is essential”, “this is time-sensitive”. Time is a key consideration in this situation (often because time is limited or a specific deadline must be met). A party may be equitably stopped from enforcing a “time is of the essence” clause based upon an oral agreement or conduct-evidencing waiver. If there is a problem, time is of the essence for launching an early intervention initiative to help deflect some or even most of the symptoms. A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. Meaning of Time Is of the Essence. Article written by Patrick McNamara, Esq. the properties or attributes by means of which something can be placed in its proper class or identified as being what it is. The final payment is due on the first day of December, by midnight. The meaning attributed to “time is of the essence” in Garner’s Dictionary of Modern Legal Usage reflects the conventional wisdom among practitioners: “When a contract stipulation relating to the time of performance is ‘of the essence’ of a contract, a party’s failure to meet that stipulation automatically justifies the other party’s rescinding the contract—no matter how trivial the failure.” The basic meaning of the phrase “time is of the essence” is that performance by the time specified in the contract, or a time otherwise agreed upon by the parties, is an essential component of the contract, the breach of which would constitute a default under the terms of the agreement. Timing and meeting all the deadlines are essential and required. (Often seen in contractual agreements.). Synonyms: vitally important, essential, vital, critical More Synonyms … “Ready, willing and able” and “acts of God” are examples. However, in response to the aforementioned, one may raise the point that if time is really of the essence of a contract, every contract should not provide for an extension of time clause. The prefrontal cortex - an update : time is of the essence. “Time is of the essence” is the concept that, should the terms of a contract not be met by a specific deadline, one or more parties could be negatively impacted. A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. If time is OTE for a contractual obligation in a commercial contract this means the deadline is a condition of the contract, rather than merely a term, entitling you to terminate the contract (but not obliging you to) even if the deadline is … All Rights Reserved, Contractual provision that requires prompt and timely fulfillment of obligations under the contract; failure to complete performance under time constraints set forth in the document may constitute a breach. A time is of essence provision is often included in contracts where the completion of the obligations is dependent on time or the occurrence of a specific condition or event. This is the British English definition of time is of the essence.View American English definition of time is of the essence.. Change your default dictionary to American English. Time of the essence by Practical Law Commercial A practice note discussing when a time limit in a contract is an essential condition whose breach may result in the loss of a right or in termination of the contract, when to use time of the essence provisions and how to draft them. Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill his or her obligations within a certain time frame. “TIME IS OF THE ESSENCE” One example of such a standard phrase is “Time is of the essence.” You’ll find this clause in many business contracts. The origin of this phrase, however, is quite interesting. Look it up now! If the party fails to complete the required task on time, it is regarded as a breach of contract. From the Cambridge English Corpus Example: “Time is of the essence in the completion of this contract.”. Timing and meeting all the deadlines are essential and required. The term originated in legal documents and means that the time quoted in the document - a contract, for example - is essential to the fulfillment of the contract. In effect, a time is of the essence clause is saying, “the times and dates specified in this agreement are vital and mandatory to the contract”. Time is of the essence with this man's injuries! Aird, Catherine A DEAD LIBERTY ( 2002 ) `I've phoned the police , and we have to take her there at once; apparently time is of the essence. All tracks composed by … Remedies for the breach of a “time is of the essence” clause include specific performance to compel the transfer of title or the retention by the seller of the down payment. Whether the “time of the essence” condition is effective, “is contingent on the specificity of the notice and on the reasonableness of the time period. Time is of the Essence. The parties must specifically provide in the agreement that “time is of the essence” with respect to the closing date if they want April 1 to be the fixed, required closing date. “Time of the essence” means “this is very important” “this is essential”, “this is time-sensitive”. time is of the essence definition in English dictionary, time is of the essence meaning, synonyms, see also 'time',time on',time off',access time'. Failure to act within the time required constitutes a breach of the contract. It was recorded at the Power Station and Right Track in New York City. In such cases, it is important to include a provision in the contract establishing a specific deadline, as well as the consequences for failing to meet the deadline. A Time Is of the Essence Clause (TOE) is language contained in a contract that specifies that a certain time or date is important. Time is of the essence definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. From the Cambridge English Corpus The prefrontal cortex-an update: time is of the essence. A “time is of the essence” clause is an example of one such boilerplate provision. time is of the essence If time is of the essence, the patient should take four vital capacity breaths of 100 % oxygen. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. In discussions with numerous buyers and sellers, I find that many don’t understand its legal significance. It means that whoever is fulfilling the contract doesn't have limitless amounts of time to get around to it. Speed was of the essence in a project of this type. "Time is of the essence" is a provision in a contract which indicates that the performance of every contractual obligation within the time frame designated in the contract is essential to avoid a breach or default of the contract. 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