Essay Sample on Time is the Essence

Introduction

A "Time is of the Essence" contractual clause certainly means that the involved party in the contract Is-ought to perform its roles in obligation to contract agreement at a given specific date and time. Usually, this is the requirement that is required to compel the performance output of the other party involved in the contract. A material breach occurs when either party according to the contract failed to perform assigned work by the specified time. The discussion response seeks to analyze and explain whether should GC accepts clients request to include the contractual clause "time is of the essence" in cleaning services on commercial property of the client and also to try to describe why the clause should be accepted.

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Considering title, risk, and Insurable Interest concept, the UCC clarifies on the identification of concept dealing with goods specified in a contract. For instance, when the risk of loss for certain specified goods are passed from the selling party to the buying party, where sales contract party are holding an insurable interest to assigned goods. In our case the buying party being the client buying cleaning services from the company interested and qualified for such work of selling their goods and services. (Schellhorn, & Atkin, 2018) In my opinion, time is essence should be applied in such contractual agreement because time is a very crucial element. This is because client commercial companies are required to be running and not deterred by delays in cleaning progress. Furthermore, often the contract should be insured to protect sales party from damage, loss or even destruction of goods.

In performance, breach of the sales contract and remedies, the UCC mandates the process of the seller to perform their basic duty of transferring and delivering goods and services in accordance to contract terms. On the other hand, buyers are ought to extend their duty to accept and pay for the good and services they receive. (Schellhorn, & Atkin, 2018) When the contract is breached in the process, the other non-breaching party has remedies available under law, such as retention of the good and services or even force the breaching party to perform under the agreed contract. Perhaps, with time is of essence contractual will ensure the involved party completes their assigned task on specified time or else they face a penalty for breaching.

Though "time is of the essence" contractual agreement can be oppressive and subjective, I consider the contract law to be essential especially in activities time is of great importance. I personally think it should be accepted at all cost since the beneficial outcome is far more than the damage it causes.

Reference

Schellhorn, T. J., & Atkin, R. G. (2018). Is Time of the Essence? Section 556 Safe-Harbor Provision for Forwarding Contracts and Commodities Contracts. American Bankruptcy Institute Journal, 37(7), 38-65.