Time of the essence meaning

This Flowchart explains the criteria that need to be met for a court to find that an agreement amounted to an extortionate credit transaction and award relief. Consult it together with Practice Note: Extortionate credit transactions—corporate and personal insolvency...

This Flowchart This Flowchart outlines the criteria that must be met for the court to determine that a transaction amounts to a preference and award relief...

Legal Issues General comments This Checklist highlights the principal provisions and matters to consider when drafting and negotiating time of the essence clauses. What to watch out for For a Precedent time of the essence clause with comprehensive drafting notes, see Precedent: Time of the essence clause. For guidance on time of the essence, the exceptions to the general rule, and practical considerations for customers and suppliers, see Practice Note: Time of the essence. Nature of the term: condition, innominate term or warranty Time is of the essence where the parties expressly state that time will be of the essence. If time is of the essence, delay may entitle a party to terminate the contract and to claim damages. Without express wording, time will be of the essence only if it is a condition of the contract. Where the timing provision is interpreted as an innominate term or a warranty, the remedy is generally confined to damages, unless the breach is very serious or...

In this issue: Key developments and horizon scanning Environment, energy and buildings Transferring property Property development Property management Property taxes Property in Wales Property in Scotland Additional property updates this week Daily and weekly news alerts New and updated content Trackers Key developments and horizon scanning Government response to contractual controls on land consultation The Ministry of Housing, Communities and Local Government (MHCLG) (previously the Department for Levelling Up, Housing and Communities) has issued its reply to the consultation on contractual controls over land. The consultation sought opinions on proposals to improve openness around land held under private arrangements—such as options, conditional contracts and rights of pre-emption—by establishing a freely available dataset. MHCLG’s reply draws together respondents’ views and sets out decisions and forthcoming actions, including new duties to provide HM Land Registry (HMLR) with details of contractual control arrangements. MHCLG has also released draft regulations—The Provision of Information (Contractual Control)...

Hemming v Poulton [2023] EWHC 3001 (KB) What are the practical implications of this case? Of particular interest is the discussion of when claimants may amend their claim to add further defamation causes that would otherwise be out of time. The ruling underscores how difficult this is—the essence of libel lies in publication, not the nature of the allegations. Claims concerning discrete publications, even if repeating the same or similar accusations, will rarely, if ever, arise from ‘the same or substantially the same facts’ already in issue. The decision likewise highlights the challenge of seeking to disapply the libel limitation period under section 32A of the Limitation Act 1980. What was the background? Factual background The case has a long and complex factual and procedural history. The claims ultimately stem from allegations that the claimant, the former MP for Birmingham Yardley, assaulted an individual called Esther Baker when she was a young girl. These allegations were investigated and the claimant was not charged with any criminal...

G and G v CNG and SIL [2026] HKCFI 902 What are the practical implications of this case? The decision sends a strong signal that, for Hong Kong-seated arbitrations, the Article 34 time bars are applied with rigour. Chan J confirmed that section 81 AO (which gives effect to Article 34 of the Model Law) is the exclusive mechanism to set aside an award made in a Hong Kong seat, and that the three-month window is inflexible. The judge also declined to recognise any fraud or bribery exception, observing that any remedy for perceived unfairness lies with the legislature. Parties therefore cannot sidestep section 81 AO through inventive pleadings. Examining the essence of the 25187 Arbitration claims (seeking declarations that awards were tainted, orders to set them aside, and measures to undo enforcement), Her Ladyship treated them as impermissible attempts at recourse against extant awards. The ruling further demonstrates Hong Kong’s readiness to use AAIs (under section 21L High Court Ordinance (Cap. 4)) to safeguard its supervisory role and...

This Practice Note has been created in collaboration with Shafaq Sadiq of Wedlake Bell. In Islam, the ethic of ‘giving and helping’ lies at the heart of faith, as such acts greatly please Allah Subhanahu Wa Ta'ala (swt—the most glorified, the most high). The Islamic institution known as the ‘Waqf’ enables the dedication of wealth and is regarded as a very noble practice encouraged by Islamic law. for charitable or religious purposes; and as a means of family wealth management, offering financial stability to the donor’s family during their lifetime or after their death. Waqf The core idea of Waqf is sustainability, ensuring a continuing charitable endowment. The term derives from the Arabic ‘Waqafa’, meaning to halt or hold; in essence, ownership ceases by transferring the property wholly to Allah swt. Waqf is a distinctive instrument within Islam. There is no specific verse in the Quran that sets out the concept of Waqf; however, there are numerous verses in the Quran...

Introduction This Practice Note forms part of our LLB Contract Law series, carefully tailored with law students in mind. It examines the doctrine governing the discharge of obligations, with particular attention to discharge by performance and by breach, setting these within the wider context of contractual termination. It considers the thresholds for valid performance, such as strict compliance, substantial performance, entire versus divisible obligations, and the importance of time clauses where relevant. It then assesses breach of contract in its forms (actual and anticipatory) and identifies when breach is grave enough to justify termination by the innocent party, with close treatment of conditions, warranties, and innominate terms. The Practice Note also tackles the doctrine of election, the perils of wrongful termination, and the effects of acceptance in sale of goods contracts. Throughout, it weaves in leading authorities and statutory rules to show how the law mediates certainty with fairness. By blending doctrinal exposition with judicial reasoning and critical perspective, the Practice Note aims to equip students with the analytical...

Termination—contractual and common law rights As commercial solicitors, we are commonly engaged to advise on setting up a commercial relationship. While we, much like family practitioners preparing pre-nuptial agreements, often consider the consequences of a relationship ending, only in more recent economic conditions are we more frequently asked how to unwind the relationship in the first place. It is vital to remember that a right to terminate may arise at common law (for example, for repudiatory breach) as well as under the contract’s express terms. Where an agreement is silent on termination, the courts will, in any dispute, apply common law principles. To minimise uncertainty, parties typically include clear contractual provisions dealing with termination. As a general rule, contractual termination rights are additional to, and not a substitute for, common law rights. In the absence of wording to the contrary, the default assumption is that an express contractual right to terminate does not exclude termination at common law (see, for example, Kulkarni v Gwent Holdings Ltd)...

Dear [ insert name of authorised recipient on behalf of counterparty ], [ insert name of agreement ]: [ insert client name ] and [ insert counter-party name ] [ As you are aware, we OR We ] represent [ insert client name ] (our client). Our client and [ insert counter-party name ] ([ insert short name ]) entered into a [ insert agreement name ] dated [ insert date ] (the Agreement). We are instructed that [ insert counter-party short name ] is in breach of the Agreement for not remitting £[ insert amount ] (the Debt) to our client by [ insert due date ], as stipulated in clause [ insert number ]...

Dear [ insert name of authorised representative of the counter-party ], [ insert name of agreement ]: [ insert client name ] and [ insert counter-party name ] [ As you are aware, we OR We ] represent [ insert client name ] (our client). Our client and [ insert counter-party name ] ([ insert short name ]) are bound by a [ insert agreement name ] dated [ insert date ] (the Agreement). We are advised that [ insert counter-party short name ] is in breach of the Agreement by [ failing to ] [ insert description of breach ], in contravention of Clause [ insert number ]. [ Time is of the essence regarding the performance of [ insert counter-party short name ]’s obligations under Clause [ insert number ], pursuant to Clause [ insert number ].]...

Dear [ insert name of authorised recipient on behalf of counterparty ], [ insert name of agreement ]: [ insert client name ] and [ insert counter-party name ] 1 As you know, we hereby act on behalf of [ insert client name ] (our client). 2 [ insert counter-party name ] ([ insert short name ]) and our client are parties to a [ insert agreement name ] dated [ insert date ] (Agreement)...

A well-known problem amongst procurement professionals A widely recognised headache for procurement practitioners arises from the duty in regulation 53 of the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 (PCR 2015, SI 2015/102, reg 53). It requires the ‘procurement documents’ to be accessible at the time a public contract is advertised in the Official Journal of the European Union (the Official Journal, or OJEU). In essence, contracting authorities must use the internet to provide unrestricted, complete and immediate access, at no cost, to those documents from the day a notice, issued under regulation 51, appears in the Official Journal, or from the day an invitation to confirm interest is dispatched. The issue most often raised, particularly for public procurements run under the restricted procedure (and comparable routes that involve a pre-qualification phase ahead of the award stage), is whether the invitation to tender and the specification must already be available when the contract notice is published in the OJEU. Timing this disclosure often proves challenging for contracting authorities...