Tony: Oh my God. The street bank has just called an order for a hundred sandwiches. Everything is individually adapted. To do in an hour! How are we going to end this in time? There are many different ways to tell someone else that they need to do something quickly. These are all known as synonyms. Synonyms are words or phrases that have the same definition as a particular word or phrase. Someone can choose to use a synonym so as not to repeat themselves or expand their vocabulary. This list of synonyms for the expression time is of the essence is of the thesaurus. When babies start training for cleanliness, time is of the essence. The expression time is essential can be used in many different contexts to create a sense of urgency. In this example, Tony and Lisa work at a local sandwich shop.
A local company has just requested a large order. “Time is essential” means a term used in contract law in England and Wales (a jurisdiction in the United Kingdom), Canada, Australia, New Zealand, other Commonwealth countries and the United States that expresses “the need for timely performance”[1], i.e. indicates that one or more parties to the Agreement must be completed at the time when: of which the parties have agreed, must be provided if a delay causes material damage. However, in Foundation Development Corp. v. Loehmann`s Inc. 788 P.2d 1189 (Arizona 1990), in which the lease contained an essential time clause, the court held that a minor delay had not caused property damage and therefore there was no breach of contract. [2] Even if a party violates the “time is essential” clause, this error can be remedied by amending the original clause. Without both parties agreeing to change the infringed clause, the missed delay can lead to significant consequences. According to the dictionary, the phrase that time is crucial is said when there is something that needs to be done immediately. There is no time to lose, and everything that is said must be done quickly. The legal dictionary of the free dictionary indicates that the phrase time of essence is also a phrase used in contracts, called a time is of the clause of essence.
This clause states that enforcement by a particular party is required within the specified period of time for that party to be able to request enforcement by the other party. As you move through the process of buying a home, you may come across a “time is of the essence” clause. While the exact timeframe depends on your single transaction, you`ll likely be in a race against time to meet the requirements of the other party involved. Here, Lisa uses the phrase Time is Crucial to allude to the fact that they don`t have much time and have to get to work to complete the order. In this next example, Tony and Lisa discuss Lisa`s relationship with their friend. Any action that must be completed within a certain period of time in a real estate transaction may be subject to a “time is essential” clause. Some examples include notifications, document delivery, termination methods, and completion date. A real estate contract should include specific completion dates for each time-dependent task in the process.
If you want to use the “time is of the essence” clause in your transaction, you should consult a real estate lawyer. With their help, you can successfully add and apply this clause. In addition, they can guide you through all the questions you have about property purchase contracts. The “time is crucial” clause is designed to hold both parties accountable during a real estate transaction. With set deadlines and consequences, buyers and sellers can work together for a successful closing day. Even if this clause is not expressly stated in a contract, the same principles can be applied by writing “time is of the essence”. For a “time is of the essence” letter to be valid in the eyes of a court, it must include a reasonable timeline, clear provisions, and information about what will happen if the party fails to meet the specified time frame. If the term of a contractual obligation in a commercial contract is OTE, it means that the period is a condition of the contract and not just a clause that gives you the right to terminate the contract (but does not oblige you to do so), even if the other party narrowly misses the deadline. In one reported case, a delay of only ten minutes in a buyer`s transfer of a property`s completion funds entitles the seller to terminate the contract and retain the deposit. If a “time is of crucial importance” clause is specified in a contract, this has consequences for non-compliance with deadlines. “Time is crucial” is juxtaposed with an “express clause” where a particular contractual clause must be filled in to avoid infringement, as stated in the court`s decision in Dove v. Rose Acre Farms, Inc.
434 N.E.2d 931 (Ct. App. Ind. 1982). [3] The details of a “time is essential” clause may vary depending on the contract. But the guiding principle of transparency between the parties is still required. Here`s what you should find in a valid “time is of the essence” clause. This time is crucial, when it comes to paying charter rents, is a sacrosanct principle in American maritime trade practice. If there is a problem, time is crucial to start an early intervention initiative to distract some or even most of the symptoms. Even if the time limit is not OTE, a delay may still justify termination under express contractual law or, depending on the facts and terms of the contract, under ordinary law. .
