time of the essence

The time for performance in contracts is not of the essence unless it is expressly agreed by the parties or implied by the nature of the contract. The implication that time is of the essence will take place where the circumstances of the contract or the nature of the subject matter of contract require that the time of performance is imperative.

Furthermore, where a party has unduly delayed in the performance of a contract, the innocent party may make time of the essence by providing notice.

Usage: The breach of contract was due to time being of the essence.

Related Words: contract; agreement.