Why is it important for contractors to understand the timelines for submitting claims?

Understanding the timelines for submitting claims is critical for contractors because it ensures compliance with established regulations and contractual obligations. If a contractor fails to submit claims within the specified timeframe, they risk losing their entitlement to those claims, which can have significant financial implications. Timeliness is often a strict requirement in contracts, and missing a deadline can lead to forfeiting rights that may be essential for recovering costs or addressing claims related to scope changes, delays, or other contractual issues. Compliance with these timelines ensures that contractors can properly assert their rights and pursue any necessary compensation or remediation under the contract. This aspect is fundamental to maintaining legal standing and protecting the contractor's interests in any contractual dispute.