Financial Terms Glossary

Time Is Of The Essence


A legal term used in contracts to place additional emphasis on the importance of time in the contractual relationship. Eg failure to notify a party within timescales may have damages accelerated because of the value and importance of time agreed at the outset.


It's a contract term that can place big penalties on a supplier or customer by not telling the other contractual partner the 'bad news' in sufficient time. It recognises that delays are expensive in many situations, and the penalties increase for not telling the other party quickly enough.

What we do

At Shark Finesse we have created business case software to help you win budget and change the way you talk to customers about business value.
Find out how

We'd love to hear from you!

+44 (0)1256 338635
Grove House, Lutyens Close
Basingstoke, Hampshire
RG24 8AG, UK