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In the nick of time
means at the very last moment before something bad happens. It’s like a race against time where you succeed just before it's too late.

Examples:
1- I got to the train station in the nick of time—just as the doors were closing, I jumped in and everyone applauded!
2- During the Oscars, the host realized they had mixed up the envelopes, but they corrected the mistake in the nick of time before announcing the wrong winner.