Business / Real Estate / Time Is Of The Essence: A contract clause that emphasizes punctual performance as an essential requirement of the contract. Thus, if any party to the instrument does not perform within the specified time period (the drop-dead date), that party is in default, provided the nondefaulting party has made a valid tender of performance. If no tender is made, then the clause may be waived. The clause may also be waived by the subsequent acts of the parties such as accepting tardy payments or signing escrow instructions that allow for extensions of time in which to perform.
Essence Noun Synonyms: quintessence, quiddity, (essential) nature, substance, spirit, being, heart, core, pith, kernel, marrow, soul, significance, (active) principle, crux, cornerstone, foundation-stone, bottom line
Essence Verb Synonyms: extract, concentrate, distillate, elixir, tincture
The Adjective Synonyms: drama, the stage, dramaturgy, dramatic or Thespian or histrionic art(s), the boards, show business, showbiz
Business / Finance / Philadelphia Board Of Trade (PBOT): A subsidiary of the Philadelphia Stock Exchange that trades currency futures. MORE
Entertainment / Photography / Phenol Varnish: Resin used to produce a hard durable top coating. MORE