Time of the essence- a misunderstood term
Series: Surveying News ; 11(1) January 2002, 14-15(2)Publication details: 2002Subject(s): Summary: Argues that this phrase is often misused in construction contracts, implying that if a building is not completed on time, then the employer does not want the building at all, and will treat the contract as repudiated. Such a case would be very rare. Probably what is really wanted is the contractor to try to finish on time, avoiding extensions of time and liquidated damages. An alternative course would be for an employer to serve a notice requiring completion by a certain date.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS65081 (Browse shelf(Opens below)) | 1 | Available | 116945-1001 |
Argues that this phrase is often misused in construction contracts, implying that if a building is not completed on time, then the employer does not want the building at all, and will treat the contract as repudiated. Such a case would be very rare. Probably what is really wanted is the contractor to try to finish on time, avoiding extensions of time and liquidated damages. An alternative course would be for an employer to serve a notice requiring completion by a certain date.