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Howard
I would be interested to know how people would enforce this. I work in an architects office and the amount of hassle they have dealing with contract over runs is amazing, and this is in a chain where (theoretically) every single contractors roles and responsibilities are laid out. Any change in spec from the client, or delay in materials being delivered etc. will be argued as a reason for late completion by the contractors. The architects always tell clients, an overrun is annoying right now, but in 9 months you'll have forgotten about it, and you'll be happy with the quality finish from doing it right. Trying to enforce a timescale is going to lead to cut corners etc., and someone else is always to blame.
I just don't see it working in a small scale project, and would be worried that it will flag you as a problem client which will scare off any good contractors.
Disclaimer: I'm not an architect nor a property owner