Time Is Of The Essence is defined:
Failure to act within the time required constitutes a breach of the contract.
Just because you have 10, 12 or 30 days to respond... does not mean you have to wait that entire time.
It's common courtesy if you know sooner to respond when that information is known.
A few examples:
If there is a home settlement contingency and the buyer's buyer defaults...let the other party know.
If there is an "as is" contract with ''right to terminate'' in 12 days and you know within 2 days, let the other side know!
If they are going to terminate based on HOA or condo documents, and know in a day, let it be known before the 5-7 day time limit.
It's just common courtesy.
Don't hold up a transaction because you can.