Choudhury, C.S. creator text xu| 2005 continuing ng p.266-71. Project management basically calls for monitoring the Project in such a manner that all the activities of the Project are completed as per schedule fixed and to meet all obligations in time, `Time is the essence of the Contract' means a Project should be completed on time and all commercial obligations are also met to avoid any penalty or liquidated damages. - Reproduced. Project management Management Accountant 180718