“Time is of the essence”

When this phrase accompanies a deadline in a contract, performance by party to the contract within the time specified is essential to that party’s right to require performance by the other party.

Not all contract deadlines are essential, and many aren’t within the control of the parties to the contract. Therefore, minor deviations from those deadlines may not result in a breach of contract.

Have questions about other contract terminology? Call the TAR Legal Hotline at 800-873-9155.