Legal Question in Business Law in Virginia
Supplier Responsibility
What does the following statement mean??? ''Time is of the essence in Supplier's performance under this Agreement''.
Asked on 2/07/01, 10:43 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Supplier Responsibility
It means that failure to perform by the date fixed in the contract for performance is a material breach of the contract. Otherwise, reasonable delays are not considered material breaches.
Answered on 3/20/01, 8:17 am
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