Legal Question in Business Law in New York
time is of the essence
Please define the implications of this clause in terms of a legal business contract between a contractor and software publisher
1 Answer from Attorneys
Re: time is of the essence
Although one would have to review all of the terms of the contract to truly understand its implications as it relates to this contract, as a general matter,"time of the essence" makes all dates in the contract very critical. For example, if one party is required to perform by September 1, 2005 and performance is not completed until September 2, 2005, there would be a breach. Without "time of the essence" language, it is customary (although not always the case) that this 1 day delay would be deemed substantial compliance and thus there would be no breach. Hope this helps.
Note: This response is given for informational purposes only. No legal advice is given and no attorney/client relationship has been established.
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