Time Is Of The Essence

Formal

A legal term used in contracts to place additional emphasis on the importance of time in the contractual relationship. E.g. failure to notify a party within timescales may have damages accelerated because of the value and importance of time agreed at the outset.

Real-world Example

A contract states that 'time is of the essence' for a delivery deadline, meaning that missing the specified date is treated as a serious breach of contract, not just a minor delay.