OF THE ESSENCE Clause Samples

The "of the essence" clause establishes that time is a critical factor in the performance of contractual obligations. When this clause is included, deadlines and timeframes specified in the contract become strictly enforceable, meaning that any delay in performance can be treated as a material breach. This ensures that parties understand the importance of timely action and provides a clear basis for remedies if deadlines are missed, thereby reducing ambiguity and potential disputes over late performance.
OF THE ESSENCE. Contractor agrees that time is of the essence under this Contract for critical path Deliverables and all Milestones identified in the Statement of Work.
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OF THE ESSENCE. If you do not make a payment within ten (10) days after the date it is due, you will also pay us a late charge of five percent (5%) of the amount past due. Your interest rate will be increased by four percent (4%) per annum, over and above your regular interest rate if payment is not made at the scheduled or accelerated maturity of this Note. You will also pay all of our costs of collection, including our reasonable attorney's fees and expenses. If we accelerate this Note, you will also owe us a prepayment premium, as set forth in Exhibit B to the Schedule. You waive diligence, presentment, formalities of demand, protest or notice of nonpayment or dishonor or any other notice as to this Note. THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF NEW YORK. YOU CONSENT TO THE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF NEW YORK. YOU WAIVE TRIAL BY JURY. You represent to us that the proceeds of the Loan evidenced by this Note are being used to finance (or refinance) your purchase of the Collateral described in the Schedule, and that the Collateral will only be used for business purposes. APPLIEDTHEORY CORPORATION ATTEST: By: /s/ ANGE▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇I --------------------------- Name: Ange▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇I ------------------------- Title: V.P. ------------------------ /s/ DAVI▇ ▇▇▇▇▇▇ ----------------------- [Assistant] Secretary Davi▇ ▇▇▇▇▇▇ SCHEDULE NO. 1 TO PROMISSORY NOTE NO. 1 AND MASTER LOAN AND SECURITY AGREEMENT
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OF THE ESSENCE. Unless otherwise instructed by the Owner, execution of this Agreement shall be deemed full Notice to Proceed with the Work.
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OF THE ESSENCE. Time is of the essence with respect to the performance of all terms, conditions and provisions of this Agreement.
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Related to OF THE ESSENCE

  • Time of the Essence Time is of the essence of this Agreement.

  • Time is of the Essence Time is of the essence in the performance of this Agreement.

  • TIME IS ESSENCE The Promoter shall abide by the time schedule for completing the project as disclosed at the time of registration of the project with the Authority and towards handing over the [Apartment/Plot] to the Allottee and the common areas to the association of allottees or the competent authority, as the case may be.

  • Time is of Essence Time is of the essence in the performance of this Agreement.

  • Time of Essence Time is of the essence of this Agreement.