Contract Tip No. 2

Time is ticking!

"Time is of the essence" for the contract. This is a legal term that means that you must perform all your obligations under the Contract strictly by 5pm (or other specified time) on the specified due date.

For example, you must be ready, willing and able to settle on the Settlement Date, otherwise the seller may either terminate or affirm the contract. In both cases, the seller would also be able to claim damages from you.