| Commentary

104.9 Time not of essence

| Commentary

104.9 Time not of essence

Stipulations as to the time of payment are not of the essence of a contract of sale unless a different intention appears from the terms of the contract1.

Note that without specific provisions in the contract, the fact that a buyer does not pay on time would not entitle the seller to terminate the contract and make a claim for damages2. The seller would only be able to claim damages.

The effect of this provision has been altered by the Late Payment of Commercial Debts (Interest) Act 1998 which provides

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