What is what does time is of the essence mean?

"Time is of the essence" is a legal term often used in contracts to emphasize that deadlines and specific timing requirements must be strictly adhered to. It signifies that punctuality is crucial and any delays could result in legal consequences, such as a breach of contract. This phrase is commonly used to stress the importance of prompt action or timely performance in legal agreements or business transactions. Failure to meet deadlines outlined in a contract could potentially void the agreement or result in legal disputes.