TIME
IS THE ESSENCE
A
clause used in a contract to expedite performance of the contract.
For example:
Completion
of this sale shall take place on (date), and in this respect time is
of the essence of the contract.
This
means that completion of the contract by the agreed upon date becomes
a term
of the contact. If the other party cannot complete the contract by
that date then the innocent party can rescind the contract and claim
damages, or seek an order for
specific
performance
in
equity.