Time Of Essence Meaning . Graham Hill Quote “Time is of the essence and I don’t have much essence left.” In summary, "time is of the essence" is a powerful phrase in legal documents. Once you've established that time is in fact of the essence, what does that mean for your contractual obligations? Where time is of the essence of a contract, any failure to perform within the time specified is a material breach of the contract.
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What does time is of the essence expression mean? Definitions by the largest Idiom Dictionary. Time is of the Essence is a contract provision requiring the terms be fulfilled by a certain date.
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