TIME OF ESSENCE, DEFAULT AND REMEDIES Clause Samples
The "Time of Essence, Default and Remedies" clause establishes that deadlines and timeframes specified in the contract are critical and must be strictly adhered to by all parties. In practice, this means that any delay in performing contractual obligations, such as delivering goods or making payments, can constitute a breach of contract. The clause also outlines what constitutes a default and specifies the remedies available to the non-breaching party, such as the right to terminate the agreement or seek damages. Its core function is to emphasize the importance of timely performance and to provide clear consequences and solutions if deadlines are missed, thereby reducing uncertainty and encouraging compliance.
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including ▇▇▇▇▇▇▇ Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting party has the following remedies:
21.1. If Buyer is in Default:
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as 654 ▇▇▇▇▇▇▇ Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation 655 hereunder is not performed or waived as herein provided, the nondefaulting party has the following remedies:
1. If Buyer is in Default:
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as E▇▇▇▇▇▇ Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies:
a. If Buyer is in Default:
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any obligation required to be performed prior to closing (and including the obligation to close) is not performed there shall be the following exclusive remedies:
(a) If Buyer is in Default: In the event Buyer defaults in the performance of its obligations hereunder prior to Closing, Seller shall have the right to terminate this Contract upon written notice to Buyer or (ii) subject to Buyer’s agreement, treat this Contract as being in full force and effect and to obtain specific performance, but not damages.
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any payment due, including the Purchase Price, hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: DRAFT
(a) If Buyer is in Default: All payments and things of value received hereunder shall be forfeited by ▇▇▇▇▇ and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder and this Contract shall be terminated and of no further force and effect. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and are SELLER’S SOLE AND EXCLUSIVE REMEDY for Buyer's failure to perform its obligations under this Contract.
(b) If Seller is in Default: Buyer, as its sole remedy, may either elect to treat this Contract as canceled, in which case all payments and things of value received hereunder by Seller or the Closing Agent shall be returned to Buyer, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to seek specific performance of this Contract.
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this 732 Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including ▇▇▇▇▇▇▇ Money, is not 733 paid, honored or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non- 734 defaulting party has the following remedies:
735 21.1. If Buyer is in Default:
736 21.1.1. . Seller may elect to cancel this Contract and all ▇▇▇▇▇▇▇ Money (whether or not paid 737 by Buyer) will be paid to Seller and retained by Seller. It is agreed that the ▇▇▇▇▇▇▇ Money is not a penalty and the Parties agree the 738 739
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any obligation is not performed there shall be the following remedies:
(a) If Buyer is in Default: In the event Buyer defaults in the performance of its obligations hereunder, Seller shall have the right to (i) terminate this Contract by written notice to Buyer or (ii) treat this Contract as being in full force and effect and to obtain specific performance, but not any damages.
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any payment due, including the Purchase Price, hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies:
(a) If Buyer is in Default: The ▇▇▇▇▇▇▇ Money and all payments and things of value received hereunder shall be released and relinquished by Buyer and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder and this Agreement shall be terminated and of no further force and effect. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and are SELLER’S SOLE AND EXCLUSIVE REMEDY for Buyer's failure to perform its obligations under this Agreement. If Buyer challenges or otherwise disputes the payment of liquidated damages, then Seller, at its election, shall be entitled to all remedies available to Seller at law or in equity.
(b) If Seller is in Default: Buyer, as its sole remedy, may either elect to treat this Agreement as canceled, in which case all payments and things of value received hereunder by Seller or the Closing Agent shall be returned to Buyer, or Buyer may elect to treat this Agreement as being in full force and effect and Buyer shall have the right to seek specific performance of this Agreement.
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any obligation required to be performed prior to Closing (and including the obligation to close) is not performed there shall be the following exclusive remedies:
(a) If Buyer is in Default: In the event Buyer defaults in the performance of its obligations hereunder, Seller shall have the right to (i) terminate this Agreement by written notice to Buyer or (ii) treat this Agreement as being in full force and effect and to obtain specific performance, but not any damages. Such violations may be restrained or such obligations enforced by injunction, without the posting of a bond, at the instance and request of Seller without the showing of any special damages or an inadequate remedy at law.
(b) If Seller is in Default: In the event Seller defaults in the performance of its obligations hereunder, Buyer shall have the right to (i) terminate this Agreement by written notice to Seller or (ii) treat this Agreement as being in full force and effect and to obtain specific performance, but not any damages. Such violations may be restrained or such obligations enforced by injunction, without the posting of a bond, at the instance and request of Buyer without the showing of any special damages or an inadequate remedy at law.
TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any obligation required to be performed prior to Closing (and including the obligation to close) is not performed there shall be the following exclusive remedies:
(a) If Company is in Default: In the event Company defaults in the performance of its obligations hereunder, City shall have the right to (i) terminate this Agreement upon written notice to Company or (ii) treat this Agreement as being in full force and effect and to obtain specific performance, but not damages. Such violations may be restrained or such obligations enforced by injunction at the instance and request of Company without the showing of any special damages or an inadequate remedy at law.
(b) If City is in Default: In the event City defaults in the performance of its obligations hereunder, Company shall have the right to (i) terminate this Agreement by written notice to City or (ii) treat this Agreement as being in full force and effect and to obtain specific performance, but not any damages. Such violations may be restrained or such obligations enforced by injunction at the instance and request of Company without the showing of any special damages or an inadequate remedy at law.