The ‘Time is of the Essence’ Clause: When Missing a Deadline Kills a Deal

Introduction Leonardo Da Vinci said Time stays long enough for anyone who will use it. This is not only true in everyday life but even in law. The 'Time is of the essence' clause is often referred to as the TIOE clause and is often inserted in contracts. In simple words, it can be read as a clause adding the factor of time and ensuring a party to a contract concerning the timely performance of promises or undertakings. It ensures each party to perform its own obligation in time, and failure...