Like Marc said, that is the general idea. The idea of the deadline is to have everyone building at the same time so that you can share research and ideas and be motivated by the work of others. Having said that, modeling is a hobby and sometimes the more important aspects of life get in the way (or you over commit yourself to too many GB's
) so if your late, no problem, no one is going to shun you or visit your house if you don't make the deadline.