# TIME IS OF THE ESSENCE CONTRACT AGREEMENT
**This Time is of the Essence Contract Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**[Party A Name]**
Address: [Party A Address]
Email: [Party A Email]
Phone: [Party A Phone Number]
**AND**
**[Party B Name]**
Address: [Party B Address]
Email: [Party B Email]
Phone: [Party B Phone Number]
**WHEREAS**, the parties desire to enter into a legally binding agreement concerning [Description of the Agreement/Purpose], and;
**WHEREAS**, the parties acknowledge the importance of timely performance of the obligations set forth herein;
**NOW, THEREFORE**, in consideration of the mutual covenants and promises herein contained, the parties agree as follows:
## 1. **Definitions**
1.1 **“Effective Date”** means the date on which this Agreement is executed by both parties.
1.2 **“Completion Date”** means the date by which all obligations under this Agreement must be completed, as specified in Section 3.
1.3 **“Delay”** means any failure to perform any obligation under this Agreement by the Completion Date.
## 2. **Scope of Work**
2.1 [Detailed description of the work to be performed or delivered under this Agreement.]
## 3. **Time of Performance**
3.1 Time is of the essence in this Agreement. All contractual obligations must be completed by the Completion Date, defined as [insert Completion Date].
3.2 Any Delay may result in [specific consequences such as penalties, damages, or termination of the Agreement].
## 4. **Notification of Delay**
4.1 In the event that either party anticipates a Delay, they must provide written notice to the other party immediately, outlining the reasons for the Delay and an estimated time frame for completion.
## 5. **Remedies for Delay**
5.1 If there is a Delay without prior written notice as specified in Section 4, the non-breaching party may seek damages as a result of such Delay.
5.2 The parties agree that liquidated damages shall be [insert amount or method of calculation] for each day the Delay persists past the Completion Date.
## 6. **Governing Law**
6.1 This Agreement shall be governed by and construed in accordance with the laws of the State of [insert state], without regard to its conflict of law principles.
## 7. **Entire Agreement**
7.1 This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral.
## 8. **Amendments**
8.1 No amendment or modification of this Agreement shall be valid unless made in writing and signed by both parties.
## 9. **Severability**
9.1 If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
## 10. **Counterparts**
10.1 This Agreement may be executed in counterparts, each of which shall be deemed an original, but together shall constitute one and the same instrument.
**IN WITNESS WHEREOF**, the parties hereto have executed this Time is of the Essence Contract Agreement as of the day and year first above written.
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**[Party A Name]**
Signature: __________________________
Name: [Printed Name]
Title: [Title]
Date: [Date]
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**[Party B Name]**
Signature: __________________________
Name: [Printed Name]
Title: [Title]
Date: [Date]
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*This template is for informational purposes only and does not constitute legal advice. It is recommended to consult a legal professional before entering into any contractual agreement.*