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Inside Internal Controls

News and discussion on implementing risk management

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contractual duties

Time is of the essence: When late is no better than never

Contracts for the purchase and sale of real property and other commercial contracts often contain a clause that says “time is of the essence” in respect of certain or all contractual obligations (a “Timing Clause”). Many parties sign contracts without given due consideration to the full impact of a Timing Clause or otherwise hold the […]

 

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