178 – Time Is Of The Essence

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Show Notes

Time is of the essence.  You hear it all the time in business.  And it’s often included in contracts. What does it mean?  It’s included to ensure that the certain obligations by one party to the contract are met within a specific time-frame.  These clauses are almost always included in Australian contracts but it’s not as common in the UK.

This clause is often used in property transactions.  It will be included to ensure that financing is secured for the deal within a specific amount of time.  If the financing is not secured within that period the contract is null and void.

This is a really complicated part of the law.  Just know that the use of this clause can vary and you need to understand how it applies before you sign!  

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.

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