Time of the essence applies to both parties

In Clarke Investments Ltd v Pacific Technologies [2013] EWCA Civ 750, the Court of Appeal held that, once a notice to complete is served, time is made of the essence of the contract for both parties. It does not become of the essence only for the party on whom the notice is served. On the facts of the case the consequence of this conclusion was that the party issuing the notice was held to be in repudiatory breach of contract when it was not in a position to perform its contractual obligations on the date of expiry of the notice.