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time is of the essence

Failure to complete the required performance by the date certain set forth will constitute an incurable breach.
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Most construction phase agreements and some pre-construction agreements contain a time is of the essence provision. If time is of the essence, a delay caused by the fault of the construction manager would constitute a breach of contract and could result in the construction manager's being liable for damages incurred by the owner as a result of the delay. If there is no time is of the essence provision, reasonableness will be the guide when measuring the timelines of the services provided by the construction manager.

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Submitted on July 07, 2010

Additional definitions for 'time is of the essence':

time is of the essenceTime is an essential consideration; haste is necessary.
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Nearby phrases

Some more phrases from our dictionary similar to time is of the essence

we will have no wine before it's t…time out of mindtime and tidethird time's a charmtime will telltime after timetime outtime flies when you're having funtime bandittime of the monththere's no time like the presenttime out of mindtime thieftime flies

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