If a mission with a timer has failed, it doesn't get reset or removed like mentioned by nerach and vskye.

But also if you restart a similar mission, the still running timer is still used as reference for the new mission instead of the newly fresh started timer. This caused a failed mission while the new mission timer still had 20mins to go and the old timer ran out.

With this problem there are two different timers running, the old previous one in the HUD and the new one visible in the Mission console only.

Thanks

http://www.vendetta-online.com/x/msgboard/2/22851

I believe this will be fixed in tonight's update.