True or False: An extension of contract time is the sole remedy for delays caused by both parties.

The statement is true because extensions of contract time are typically recognized as a primary remedy for delays in construction projects that can be attributed to both parties involved in the contract. When delays occur, whether due to weather, unforeseen site conditions, or other factors, it is essential to assess the cause of those delays to determine the appropriate remedies.

In construction contracts, extensions of time allow contractors to complete their work without facing penalties for delays that are beyond their control. These extensions also ensure that the financial impacts on the contractor and the project timeline are properly accounted for. The intention behind this remedy is to ensure fairness and maintain the balance of obligations and rights within the contract.

Other options may touch upon specific conditions or contexts but do not encompass the general principle that extensions of contract time serve as the primary remedy when both parties are responsible for delays. Understanding this concept is crucial for effective contract management and ensuring that all parties are treated equitably when unexpected issues arise on a job site.