Legal: Understanding ‘Time is of the Essence’ in Your Construction Contract

February 05, 2015

When a contract includes a “Time is of the Essence” provision, delayed performance of the particular or general contract terms can lead to a material contract breach, says Alexander Barthet, an attorney at The Lien Zone.

Without this provision, a delay will not be considered a material breach so long as performance is effectuated within a reasonable time. However, with a "time is of the essence" provision, having an extension granted does not necessarily constitute a formal waiver. The Lien Zone advises all extensions granted be expressed in written form.

Read more at The Lien Zone.

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