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  • Connect
Dec 31, 2021

Express Clause is not Sufficient to Make Time Essence of the Contract

The SC, in the matter of Welspun Specialty Solutions Limited v. ONGC[1] upheld an arbitration award and held that ‘whether time is of the essence in a contract’, ought to be culled out from the reading of the entire contract as well as the surrounding circumstances and merely having an explicit clause to this effect, may not be sufficient. The SC observed that clauses allowing for a procedure on extension or imposition of liquidated damages for delays are ‘good indicators’ that time is in fact not the essence of the concerned contract.

 

[1] 2021 SCC OnLine SC 1053.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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