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Time Is Of The Essence

oboloo Glossary

Time Is Of The Essence

Time Is Of The Essence Definition

The phrase ‘time is of the essence’ is a legal term that refers to the importance of timely action in a contract or agreement. If one party fails to meet a deadline specified in the contract, the other party may be entitled to damages or other remedies. The phrase is often used in real estate contracts, where deadlines are critical in completing the transaction.

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