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What does time is of the essence mean?

Looking for the meaning or definition of the word time is of the essence? Here's what it means.

Phrase
  1. Time is an essential consideration (in regard to an action or response); haste is necessary.
  2. (contract) Failure to complete the required performance by the date certain set forth will constitute an incurable breach.
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Examples
A breech birth is the classic example, when time is of the essence to birth the baby's head.
We also prepare interim releases as a matter of course, to ensure requesters get documents as quickly as possible, particularly when time is of the essence.
If time is of the essence, simply send us your models by express mail and you will receive the finished Lava? framework posthaste.
We also realize that time is of the essence although we wish to avoid artificial and unrealistic deadlines and realities should dictate the course of action.
For hundreds of thousands of women and girls worldwide, time is of the essence.
I don't know if this is apropos to say, but time is of the essence and I'd like to get as many answers as I can.

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