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Time Is The Essence Of The Contract

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Chandrashekhar Thatte Pune, Maharashtra, India
Where the Time is the essence of the Contract,what are the remedies available to the contractor in the event of Employer default event delaying the project completion ?
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Eduard Hernandez
Community Champion
Product Operations Program Manager Barcelona, Cataluña, Spain
This is closely related to Contract Management. Do some research using these terms and you'll find answers. Good luck!
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1 reply by Chandrashekhar Thatte
Jan 30, 2017 6:57 AM
Chandrashekhar Thatte
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Thank you so much for the response.There are many contract specialists in existence globally but the contract documents in many countries ,despite the fact ,remain deficient to address and include rational/logical remedies /compensation to protect and safeguard Contractor's business interest under such circumstances.I don't want to invent a Wheel when it is there already !
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Chandrashekhar Thatte Pune, Maharashtra, India
Jan 30, 2017 5:42 AM
Replying to Eduard Hernandez
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This is closely related to Contract Management. Do some research using these terms and you'll find answers. Good luck!
Thank you so much for the response.There are many contract specialists in existence globally but the contract documents in many countries ,despite the fact ,remain deficient to address and include rational/logical remedies /compensation to protect and safeguard Contractor's business interest under such circumstances.I don't want to invent a Wheel when it is there already !
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Michael Ziyadeh Contracts Negotiator Sr. | Sikorsky, a Lockheed Martin Company Branford, Ct, United States
While a "Time is of the essence" clause may appear in your terms and conditions, it is really the contract purchase order/agreement that establishes the contract end date or "period of performance". You may not be able to put a claim or request for equitable adjustment against a "time is of the essence" clause, however, depending on the contract type and billing arrangements, you may be able to modify the agreement to revise the end date (date due) and cost if necessary.
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1 reply by Chandrashekhar Thatte
Jan 31, 2017 5:25 AM
Chandrashekhar Thatte
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Irrespective of whether a contract lays emphasis on"Time is the essence "or not,it has a specified contract period .Both parties to the contract under this term has a firm commitment towards each other in the discharge of their contract obligations.Invariably,contract with such terms does not adequately protect contractor's business interest if the project gets delayed entirely on account of the Employer.
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Chandrashekhar Thatte Pune, Maharashtra, India
Jan 30, 2017 9:32 AM
Replying to Michael Ziyadeh
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While a "Time is of the essence" clause may appear in your terms and conditions, it is really the contract purchase order/agreement that establishes the contract end date or "period of performance". You may not be able to put a claim or request for equitable adjustment against a "time is of the essence" clause, however, depending on the contract type and billing arrangements, you may be able to modify the agreement to revise the end date (date due) and cost if necessary.
Irrespective of whether a contract lays emphasis on"Time is the essence "or not,it has a specified contract period .Both parties to the contract under this term has a firm commitment towards each other in the discharge of their contract obligations.Invariably,contract with such terms does not adequately protect contractor's business interest if the project gets delayed entirely on account of the Employer.

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