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Definition of Time is of the essence
1. Phrase. Used to express a need for haste in action or response. ¹
2. Phrase. Said when something must be done immediately: When transporting organs for transplant, time is of the essence. ¹
3. Phrase. (legal) 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. ¹
¹ Source: wiktionary.com