INTRODUCTION
In today's fast-growing economy, contracts play a very vital
role. Parties enter into contracts for varied purposes and
generally a specific time of performance is desirable in all cases.
However, whether time of performance of the
contractual obligation is the essence of the contract should be
determined by the parties to the agreement at the time of execution
of a proper contract and thereafter act strictly as per the terms
of the contract.
If parties desire that time is material then the expression
"Time is of Essence" is very
important. This expression denotes that time is material while
executing the contract and any delay would attract serious
consequences including termination at the option of the party
suffering from such delay. Further, in case of breach of this
material condition of the contract, it will entitle the innocent
party to consider this breach as a repudiation of the contract.
