The presumption from United Scientific v Burnley that time is not of the essence does not apply as a general principle to all machinery-type provisions for determining price adjustments under contracts; it is confined to rent review clauses in leases or, at most, closely analogous provisions. Whether time is of the essence in a price review clause in a long-term supply contract is to be determined by orthodox contractual construction focusing on text, context and purpose. A non-exercise-of-rights clause providing that a party may exercise a right 'later' does not preserve a right that is conditioned by compliance with a temporal requirement once that time has elapsed.
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