Time of Performance is another common clause in a contract of sale.
It is your choice to state in a contract if the time of performance is important. This particular clause aims mainly to support an action such as breach of contract in the case that the contract is not completed within a prespecified period of time or even within a reasonble space of time. Majority of contracts with construction companies should include this stipulation. The following lines are a usual example: "Time is of great essence regarding the completion of the work decribed in this contract. Therefore it is expected by all the parties commited or involved in the contract, that all work and procedure described herein must and will be completed within 6 months of the date of execution. Any delay regarding the completion of the work will be constitute a substantial infringement of this contract."
On the other hand the same type of clause can be used to state that time is not of importance. In such case you should expect to read in the contract that: "The parties agree that time for the completion of the work described is not of essence." Hoewver when you see this in a contract you must always ask for the reason this clause is being written in the contract, as it arouses suspicions that the other party is bound to delay the completion of the work described in the contract and leave you dissatisfied.
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