A Critique on the Doctrine: Time is of Essence of a Construction Contract in the Context of International Commercial Arbitration
Volume III, Issue III, 2020
The Real estate industry in India is growing and emerging with new trends, making it one of the most prominent areas for commercial transactions. It also leads to instances under which contracts are entered into time and again to carry out projects that stem from the policy making wing of our country for better infrastructure.
The nature of these contracts are not merely for the performance of duties and responsibilities by the parties but also deal with clauses for arbitration as a mechanism to settle disputes that may arise during the course of the contract. This clause is present to ensure that the parties maintain their relations for professional future prospects.
The recent trends indicate the growing need for ensuring a proper legal mechanism for the parties who bear the loss as a result of non adherence to the terms and conditions of the contract. This loss is mainly incurred when there exists a non performance of the work stipulated in the contract or failure of adherence of time in the contract.
This paper analyses the several instances of disputes in construction contracts that fall under International commercial arbitration and time limitations in passing of the arbitral award for upholding the element of time being of essence in the contract..