Seminar ID: 110125

Time is of the Essence Provisions in Purchase Agreements

Time is of the Essence Provisions in Purchase Agreements

What damages come with missed deadlines?

When a contract spells out specific dates for performance, a late performance typically (though not always) is an immaterial breach that will not discharge the non-breaching party’s obligations. In fact, a late performance will not entitle the non-breaching party to more than nominal damages. This white paper reviews how a party enforces deadlines in a contract.