Artist not quite ready on time (5)

I believe the answer is:
monet
'artist' is the definition.
(painter Claude Monet)
'not quite ready on time' is the wordplay.
'not quite' means to remove the first letter.
'ready' becomes 'done' (eg food which is done is ready to eat).
'on' means one lot of letters goes inside another.
'time' becomes 'mt' (I can't justify this - if you can you should give a lot more credence to this answer).
'done' with its first letter taken off is 'one'.
'one' put inside 'mt' is 'MONET'.
Can you help me to learn more?
(Other definitions for monet that I've seen before include "Claude --, French impressionist painter" , "he painted Rouen Cathedral" , "Claude -, French artist" , "French impressionist (Waterlilies)" , "Claude, impressionist painter, d. 1926" .)
