Time of the essence- a misunderstood term
Molloy, JB.
Time of the essence- a misunderstood term - 2002 - Surveying News 11(1) January 2002, 14-15(2) .
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.
LUCAS V GODWIN
LAMPRELL V BILLERICAY UNION
PEAK CONSTRUCTION LIVERPOOL LTD V MCKINNEY FOUNDATIONS LTD
Contracts
COMPLETION
EXTENSION OF TIME
LIQUIDATED DAMAGES
Time of the essence- a misunderstood term - 2002 - Surveying News 11(1) January 2002, 14-15(2) .
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.
LUCAS V GODWIN
LAMPRELL V BILLERICAY UNION
PEAK CONSTRUCTION LIVERPOOL LTD V MCKINNEY FOUNDATIONS LTD
Contracts
COMPLETION
EXTENSION OF TIME
LIQUIDATED DAMAGES