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What is the meaning of time is of essence?

What is the meaning of time is of essence?

In a legal context, “time is of the essence” is a statement that may be included in the language of the provisions of a contract to emphasize that the parties must complete their obligations on time. In other words, the phrase “time is of the essence” means that timing is material to the performance of the contract.

Can I use time is of the essence?

“Time is of the essence” is a legal phrase used to specify the time period in which one party must complete its contractual obligations to the other party. Failure to meet deadlines set in a contract’s “time is of the essence” clause results in a breach of contract.

What does in the interest of time mean?

In order to save time
In-the-interest-of-time definition In order to save time ; in order to use time more efficiently ; so that time can be used more efficiently. phrase.

How do you say in the interest of time?

In order to accomplish, improve, or advance something expeditiously. In the interest of time, let’s skip the usual formalities and get right down to the purpose of today’s meeting. Let’s just stop at McDonald’s on the way home, in the interest of saving time.

What is the meaning of for the sake of?

Out of consideration or regard for a person or thing; for someone’s or something’s advantage or good. For example, For Jill’s sake we did not serve meat, or We have to stop fighting for the sake of family unity. [ Early 1200s] 2. For the purpose or motive of, as in You like to quarrel only for the sake of an argument. …

What if time is not of the essence?

In clauses where ‘time is of the essence’, failure to perform an obligation in the time specified by the clause will put the defaulting party in breach of contract and entitles the innocent party to terminate the contract and claim damages. If time is of the essence, the courts will enforce time limits very strictly.

Why you should value time?

People who spend their time creating a flexible career enjoy more freedom. People who spend their time working on high-impact projects contribute more to society. Whether you want more wealth, more friendship, more freedom, or more impact, it all comes down to how you spend and value your time.

Why time is so precious in our life?

Time plays a significant role in our life. Time helps us make a good habit of structuring and organizing our daily activities. If you understand the value of time better, you can gain experience and develop skills over time. Time is the most valuable resource because you cannot take it back.

Why is time called the most precious thing?

Answer. Those resources which are a plentiful drop in price, while those which are scarce are deemed more valuable. So, it is with the scarcest commodity of all, time. The work which we have to do to prepare for eternity, must be done in time, or it never can be done.”