'On time' and 'in time' both are prepositions.
'On time' denotes duty or obligation.
e.g. Peter wants to start the meeting on time.
Suppose the meeting is fixed at 4pm, then 'on time' means that the meeting will begin exactly at 4pm.
'In time' denotes anytime before the fixed time.
e.g. Peter wants to finish the meeting in time.
In the above example it means the work should be finished before the deadline. For instance, if the deadline is on Sunday, then the work has to be finished anytime before Sunday or by Saturday.
'On time' denotes duty or obligation.
e.g. Peter wants to start the meeting on time.
Suppose the meeting is fixed at 4pm, then 'on time' means that the meeting will begin exactly at 4pm.
'In time' denotes anytime before the fixed time.
e.g. Peter wants to finish the meeting in time.
In the above example it means the work should be finished before the deadline. For instance, if the deadline is on Sunday, then the work has to be finished anytime before Sunday or by Saturday.
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