Time is of the essence

{
  "id": "MLC-T-LAW-004918",
  "term": "Time is of the essence",
  "field": "Law",
  "definition": "A contractual clause indicating that timely performance by one or both parties is a fundamental and material condition of the agreement. Failure to perform within the specified timeframe constitutes a material breach, allowing the non-breaching party to terminate the contract and seek damages. This clause is often used in real estate transactions.",
  "url": "https://mlchart.com/terminology/law/time-is-of-the-essence/"
}