| law |
Time of the essence (The example clause set out below provides that time is of the essence with respect to the dates and periods set out in the contract or to any other dates and periods agreed between the parties. The result of this is that delays in the performance of obligations past these time limits will be treated as fundamental breaches of the contract (giving rise to the right to terminate the agreement) instead of minor breaches (giving rise only to a possible claim for damages). Time shall be of the essence of this contract, both as regards the dates and periods specifically mentioned and as regards any dates and periods which may be substituted for them by agreement in writing between the parties. LE2 Alexander Demidov) |
