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Home2025
artykul - burzynski.associates
24 May 2025Coporate

“Time is of the Essence” – Legal Meaning and Application

In contract law, the clause "time is of the essence" signifies that timely performance is a fundamental condition of the agreement. If one party fails to perform their obligation within the specified time, it may be considered a material breach of contract, entitling the other party to terminate the contract and seek damages.

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