The Real Estate Encyclopedia Homepage Categories Videos Search Terms of Use FAQ's How to Create an Account Tips to Creating a Good Entry Example of Good Entries Wiki Logos Wiki Widgets Log Out Create an Account Review an Account Create an Entry Upload a Photo/Logo What does time is of the essence mean? Category - Home Ownership Questions - Lease & Renting FAQ's Time is of the essence is a contract clause, which emphasizes the need for punctual performance as an essential requirement of the contract. Therefore, if any party to the agreement does not perform his or her duties within the specified period, that party is considered to be in default of the contract.   Category(s) Home Ownership Questions - Lease & Renting FAQ's [edit]

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