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The term time is of the essence is used to characterize the due diligence date and time in the 2-T contract form. What does the term 'time is of the essence' refer to in the 2-T contract form?
1) The specific date and time by which the contract must be completed
2) The importance of timeliness in fulfilling the contract obligations
3) The duration of the contract
4) The time it takes to review the contract terms

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