time barred or time-barred - and its meaning

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JACEK1

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Feb 10, 2013
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Polish
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Poland
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Hello again

Such a notice must be sent immediately and must be received by Hempel within 30 days of the date of detection, failing which all and any claims under this Guarantee shall be irrevocably waived and time barred.

Starting from the middle of the sentence, after the comma, I understand that "if such a notice is not sent immediately and received by Hempel ..........., all and any claims under this Guarantee are to be irrevocably given up and become obsolete.

What do you think?

By the way, I think that there is something wrong with the word "time barred". It should be hyphenated.
 
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