time is of the essence phrase2 •Time is an essential consideration (in regard to an action or response); haste is necessary.When transporting organs for transplant, time is of the essence. •Failure to complete the required performance by the date certain set forth will constitute an incurable breach.If there is no express stipulation in the contract that time is of the essence, it can be made so by serving a notice fixing a specified time for completion. — 2015
