Common use of Practice Tip Clause in Contracts

Practice Tip. Use a specific date by which all parties have to accept or reject the offer – do not simply fill in a time period (e.g., “3 days”) as might be used in other sections of the Agreement. Subparagraph (B): Time is of the essence It is important to explain that “time of the essence” means that all dates and time limits within the Agreement -- inspections, replies, etc. -- must be met to avoid being in default of the Agreement. Note: Be aware that the Contingency Period in all of the inspection contingencies is the time for the Buyer to conduct inspections and to submit a written decision (acceptance, termination, corrective proposal) to the Seller. Failure to act on inspection results within this time period may result in a waiver of the inspection contingency and acceptance of the Property by the Buyer. (See Paragraph 11, Waiver of Contingencies).

Practice Tip. Use a specific date by which all parties have to accept or reject the offer – do not simply fill in a time period (e.g., “3 days”) as might be used in other sections of the Agreement. Subparagraph (B): Time is of the essence It is important to explain that “time of the essence” means that all dates and time limits within the Agreement -- inspections, replies, etc. -- must be met to avoid being in default of on the Agreement. Note: Be aware that the Contingency Period in all of the inspection contingencies is the time for the Buyer to conduct inspections and to terminate or submit a written decision (acceptance, termination, corrective proposal) Written Corrective Proposal to the Seller. Failure to act on inspection results within this time period may result in a waiver of the inspection contingency and acceptance of the Property by the Buyer. (See Paragraph 11, Waiver of Contingencies).

Practice Tip. Use a specific date by which all parties have to accept or reject the offer – do not simply fill in a time period (e.g., “3 days”) as might be used in other sections of the Agreement. Subparagraph (B): Time is of the essence It is important to explain that “time of the essence” means that all dates and time limits within the Agreement -- inspections, replies, etc. -- must be met to avoid being in default of on the Agreement. Note: Be aware that the Contingency Period in all of the inspection contingencies is the time for the Buyer to conduct inspections and to terminate or submit a written decision (acceptance, termination, corrective proposal) Corrective Proposal to the Seller. Failure to act on inspection results within this time period may result in a waiver of the inspection contingency and acceptance of the Property by the Buyer. (See Paragraph 11paragraph 10, Waiver of Contingencies).