Failing to meet critical time elements in contracts could mean that you have lost the ability to make a claim for additional monies or for delays incurred.
The contract usually contains a number of key time elements that have to be met by either party or both parties to the contract. Some of these time elements may actually be classified as ‘time bars’. It is essential to meet these time elements in the contract. The first step is to identify each of the clauses that have a time element involved with them. Familiarise yourself with the requirements. Some may have provisions for example such as the contractor is required to give notice of a delay within seven days of a delay event occurring and failing such notice being given the contractor shall not be entitled to any relief due to such delay. You could lose your right to make such a claim if you failed to comply with the time requirements specified within the contract! This could mean major amounts of money / time being lost by the Contractor or the Company on the contract.
