As a starting point, the general rules on the failure to complete by a stipulated time are provided for under section 56 of the Contracts Act 1950. These provisions are reproduced in verbatim as follows:- Effect of failure to perform at fixed time, in contract in which time is essential 56. (1) When a party to a contract promises to do a certain thing at or before a specified time, or certain things at or before specified times, and fails to do any such thing…