Final answer:
A time-is-of-essence clause benefits the seller by setting a strict performance deadline for the buyer, potentially allowing contract termination and retention of deposits if not met, and ensuring prompt sale conclusion.
Step-by-step explanation:
The advantage of a time-is-of-essence clause to the seller in a contract is that it sets a strict deadline for the performance of the contract, primarily the payment from the buyer. If the buyer fails to complete the payment by the specified date, the seller may have the right to terminate the contract and potentially retain any deposit as liquidated damages, relieving them of the obligation to sell the item and allowing them to seek other buyers.
Furthermore, the clause encourages the buyer to prioritize the transaction and discourages any delay, thus ensuring a prompt conclusion of the sale, benefiting the seller with a quicker turnover and reduced risk of market fluctuations affecting the deal. This term is particularly advantageous in markets where demand is high or the value of the goods is volatile.