Duhaime's Legal Dictionary defines 'Time of the Essence' as A contractual term requiring performance within a specified time.
The Canadian Law web site states : "time is of the essence" This means that the dates agreed to in a contract must be strictly adhered to. A party who fails to fulfill their promise within the time provided is, therefore, in breach of a fundamental term of the contract and the other 
party may sue for damages or specific performance.
A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. Failure to act within the time required constitutes a breach of the contract.
The general rule is that time is not of the essence unless the contract expressly so provides. As a result, with respect to real estate transactions, the modern view is that time is not of the essence unless the parties have manifested such an intent. The same is generally true in construction contracts and in contracts relating to the manufacture of goods. When time is not of the essence, courts generally permit parties to perform their obligations within a reasonable time.
So REALTORS®, if you are not including Time shall remain of the essence clause in your Subject Removals you are really doing your clients a disservice. You are leaving the consequences of failure of specified performance of contract dates up to the interpretation of the Court.
Here comes da judge.
your Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge, Langley, River Springs and surrounding areas Realtor
