Do quests limited in time affect the rest of the game?

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In Xenoblade Chronicles, there is a lot of side quests. But at some point in the game, it looks like we are unable to finish some of those (like some quests from Alcamoth), as they are limited in time. Those quests are marked with a watch icon
( ) in the quest log:
Is there a way to finish those quests later in the game, when they would be available again? Or, if it is not the case, does it have an impact on the rest of the game, like not being able to get some rare items or something?
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Are quests timed outward?
Most of the faction quests are timed, meaning that taking too long to complete certain objectives during the quest may result in penalties or outright failure. Additionally, certain quests have timers that start counting before the quest even begins, such as Vendavel Quest when you join a faction.Do quests expire in Xenoblade Chronicles?
For those who have not completed games in the Xenoblade Chronicles series, this page contains spoilers regarding the plot. Discretion is advised. which indicates that the quest may expire. Completing certain story events or completing a different exclusive quest can cause a quest to expire.Final Fantasy XV NEW Time Limited Quests Guide (How to Access, How They Work...)
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Images: Tatiana Syrikova, Andrea Piacquadio, Ketut Subiyanto, Kampus Production