264. When time is not of the essence.

Where time is not of the essence of the contract, but a time for completion is specified, the employer will be entitled to damages upon the contractor's default1. Where there is no completion date specified, the contractor must complete the work within a reasonable time2. In either of the above situations, or when time has ceased to be of the essence by waiver or agreement, then, a reasonable time for performance having elapsed, the employer can serve a notice requiring completion by a certain date and dismiss the contractor on a failure to complete by the fixed date