Okay
First I am assuming Column C is the length of Contract.
I would then add a column that is the number of months the equipment has been on site
=(MONTH($B$1)-MONTH($B7))+((YEAR($B$1)-YEAR($B7))*12)
You could use the formula in the conditional formatting - but I think it would be easier in the spreadsheet.
Then the conditonal formatting for B:B would be =$C1-$D1=1 Format set to Yellow
=$C1-$D1<0 Format set to Red
The green highlight is confusing exceed original contract - wouldn't that be the same as over their contract?
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