A phrase in a contract stating that performance within a specified period of time is an essential element of the transaction.
A prerequisite in drawing up a legally valid agreement, it demands a timely performance of duties and actions.
A clause in a contract contemplating performance by the date specified therein.
Legal phrase that refers to the timely fulfillment of duties.
A contract clause that requires strict compliance with all dates and times specified in the contract. If a party fails to perform some act by the time specified, the person may be in default.
A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time.
Requires punctual performance of the time requirements of a contract and is indicated by so stating as in an Agreement of Purchase and Sale.
A legal term, which makes a time frame absolute, such that any violation of the stated time is a material breach of the contract.
Is a clause which asserts that there will not be any change in the settlement or timing of a transaction.
Demands punctual performance in a binding contract.
A phrase in a purchase contract that indicates a certain period of time in which an act must be performed.
A phrase used in an agreement of purchase and sale calling for punctual performance on stated dates with failure to comply resulting in a potential breach of contract unless otherwise agreed in writing.
A standard statement in a contract which ensures that all dates and times of day noted in the contract are important and cannot be ignored by any of the parties without the consent of the others except in breach of the contract.
Means that performance by one party within the period specified in the contract is essential to require performance by the other party.
A clause in a contract which means that performance on the exact dates specified is an essential element of the contract; failure to perform on time is a material breach.
Clause used in contracts used to bind one party to performance at or by a specified time in order to bind the other party to performance.
The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract.
The specified date in the contract by which agreed-upon acts must be completely performed or the non-performing party will breach the contract.
A clause, which if included in a contract, makes failure to perform by a specific date a material breach or violation of the contract.
is a phrase in legal contracts that means the transaction must be performed within the specified period of time.
A phrase inserted in contracts to require punctual performance. Back
Legal phrase in a contract requiring all references to specific dates and times noted in the contract be interpreted exactly.
A phrase that, when inserted in a contract, requires that all references to specific dates and times of day noted in the contract be interpreted exactly. In its absence extreme delays might be acceptable.
Legal phrase in a contract, requiring punctual performance of all obligations.
A condition in a contract requiring the completion of a certain act within a designated period of time
A statement found in a binding contract stating that there are requirements that must be met within a stated period of time.
One of the essential requirements to the forming of binding contract; it contemplates a punctual performance.
legal phrase in a contract meaning that punctual performance is required in meeting obligations.
Requires punctual performance of a contract on closing date and is indicated by so stating as in an Agreement of Purchase and Sale.
Legal phrase in a contract that indicates a specific period of time in which an act must be performed.
A legal phrase requiring punctual performance of all obligations within the stated time limits set in a contract.
Time is of the essence is a term in contract law which indicates that the parties to the agreement must perform by the time to which the parties have agreed if a delay will cause material harm, such as the court's interpretation in the case of Foundation Development Corp. v. Loehmann’s Inc. 788 P.2d 1189 (Ariz. 1990). In that case a minor delay was not held to cause material harm and thus no breach of contract occurred.
