Really not that complicated. If you get a SA offer from a NALP firm, they have to give you at least 45 days to think it over, and can allow the offer to explode after those 45 days. This is a major change from last year, when there were fixed deadlines before which offers could not explode.
The consequences? Well, if you don't accept soon enough, you may be out of a job. However, note that there is nothing really holding NALP firms to the guidelines. No formal sanctions, no nothing. We had a firm cut against guidelines and pull an offer out from under someone. They are no longer invited to our OCI, but there weren't any formal sanctions or anything.