Legal Dictionary

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Legal Dictionary

BizCounsel's dictionary of legal terms defines common terms concerning business contracts, employment law, and more.

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Legal Dictionary > Time is of the Essence Clause

What is a Time is of the Essence Clause?

A contractual provision meaning that the performance of a term or condition in the time period specified is important (or material), and that the failure to perform within the specified time will lead to a breach of the contract.

See Also: Acceleration Clause, Severability Clause

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