Time-is-of-the-essence Definition

noun
Contractual provision that requires prompt and timely fulfillment of obligations under the contract; failure to complete performance under time constraints set forth in the document may constitute a breach. Example: “Time is of the essence in the completion of this contract.”
Webster's New World Law

Used to express a need for haste in action or response.

Wiktionary

Said when something must be done immediately: When transporting organs for transplant, time is of the essence.

Wiktionary

(law) When used in a contract, places the other party on notice that failure to complete a required performance by a date certain set forth therein will constitute an incurable breach.

Wiktionary

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