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"Time is of the essence" is a phrase used to emphasize that the actions described need to be completed in a reasonable amount of time.

This phrase requires a party to act within the time set forth in the document. Often if the party fails to act within the time prescribed, the other party has a recourse such as a fine per day of non-action or even voiding the contract.

If no time is prescribed or the time set forth is woefully inadequate, then the standard for a party to act is within a reasonable amount of time. This may seem like a vague term but it is surprising how often 100 people polled agree on what a reasonable time would be. The problem here arises when the parties can't agree on what is a reasonable time and the disagreement ends up with a judge deciding the matter.

In all matters involving real estate, be as specific as is possible. You need to ask a lawyer or real estate agent how much time certain acts will require, Include these time windows where appropriate and include the phrase "time is of the essence" so the time windows are enforceable.

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โˆ™ 2014-03-17 20:48:14
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Q: What does the phrase time is of the essence mean?
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Related questions

What phrase is correct time is of essence or time is of the essence?

"Time is of the essence" is the correct version of the saying.


What does time is of he essence mean?

Time is of the essence means that time is valuable in the situation, or that time is limited. It means there is no time to waste, and that you may not have much time left.


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Aloha. Answer: The essence or reason for the rainbow. (`ano`ano is seed) a hui hou (until next time)


What is the origin of the phrase time is of the essence?

It's used in legalese when writing contracts. It's used to say that if you don't complete your end of the bargain by a certain time, incurable damages will occur and the contract is void. Essentially, the essence of the contract is dependent on time.


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When was Time Is of the Essence created?

Time Is of the Essence was created in 1999.


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