The NVAR Residential Sales Contract contains a “Time is of the Essence” clause (See Paragraph 29).  This clause expressly states that all time frames in the contract must be strictly complied with.  If it becomes apparent that buyer or seller may not be ready to close on the agreed upon Settlement Date, the parties will need to negotiate a mutually acceptable new Settlement Date via a signed amendment to the contract. If the parties do not agree on a new Settlement Date and the contract does not otherwise become void prior to the passage of the Settlement Date, the contract ends by its terms and the question is one of Default.  The contract may not be revived by amendment and the parties will need to execute a new contract.