In ordinary contracts, a party who completes a few days late is usually only liable for any loss the delay causes; the deal survives. Making time of the essence changes that. Once time is of the essence for a particular obligation, missing the deadline is treated as a fundamental breach, and the innocent party may be entitled to treat the agreement as ended.
Jamaican property agreements rarely make the original completion date itself of the essence. Instead, they usually allow either party, once the date has passed, to serve a notice requiring completion within a set further period and stating that time is of the essence. If the other side still fails to complete, the party serving notice may rescind. For a defaulting buyer that can mean forfeiting some or all of the deposit; for a defaulting seller, refunding the deposit and possibly facing a damages claim.
These notices are technical. The period given must be reasonable and in line with the agreement, and the party serving it must itself be ready to complete. Anyone who receives or wants to serve one should speak to their attorney immediately. The concept comes from English law and works much the same way in the UK, Canada and other common law Caribbean jurisdictions.
Related terms: Completion Date, Breach of contract, Rescission of contract, Agreement for Sale, Deposit, Notice of Default.
Accurate as at October 2026.
