Mr. Shrubba is correct, IMHO. The contest has to be draw from a streetable carry, open, and strike a target.
Mr. RKnight is also correct. The timers used in shooting competitions aren't exactly right. I have a little gadget myself that makes a beep tone in an earphone and then times how long it takes you to fire your gun from that tone. The clock is stoped is by the sound of the gun. So, I'm going to adapt this for Clay's showdown and perhaps as an experiment that might someday lead to a standard mechanism for such contests.
What I propose is a structure that holds a piece of 1/4" cotton rope vertical and tight in front of the contestant. A very thin wire is twisted into the rope.
When the judge presses a button, a bell will sound for the contestants to hear. Pressing this button will also start two electronic timers with 1/1000 second precision. At the sound of the bell, both contestants will draw their knives, open them, and slash the rope. Cutting the rope and the wire it contains will stop that contestant's timer.
This is NOT a contest for knife sharpness nor is it a contest of your rope slashing techniques such as those rope slashing contests that are occationally held. We're using 1/4" cotton rope and it's under tension. Any reasonably sharp knife with any reasonable slash technique should cut it easily. The purpose of the rope is to provide some support for the thin wire, to provide a much more visible target than an hair-thin wire, and to provide some reasonable bit of resistance to make sure that the contestants have a firm grip on their knife and a minimally stable stance. Slashing a piece of thin rope like this gives some semblance of practical application to this little contest.
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Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing!
http://www.balisongcollector.com