If Time is not of the essence?

Time is not the essence when the matter of time is not expressly agreed by the parties or implied by the nature of contract or no application from promisee is made. Usually the term of 'time is of the essence' is not inserted in the contract when the subject matter of the contract does not require the time performance to be imperative which would result in serious damages as consequences. If time is not of the essence (no time for performance is specified), the engagement must be performed within a reasonable time.