It is the prevailing paradigm in contemporary physics to model the dynamical evolution of physical systems in terms of a real parameter conventionally denoted as 't' ('little tee'). We typically call such dynamical models laws of nature' and t we call 'physical time'. It is common in the philosophy of time to regard t as time itself, and to take the global structure of general relativity as the ultimate guide to physical time, and so consequently the true nature of time. In this paper we defend the idea that physical time, t, is rather better defined as an operational modelling parameter: we measure relations between changing physical quantities using bespoke physical systems---i.e. clocks---that coordinate local coincidences. We argue that the sorts of physical systems that make good clocks---what we call precision clocks---are those that exhibit self-sustained oscillations known as limit cycles, which are ubiquitous in open, driven, stable, dissipative systems. We develop the physical and philosophical ramifications of this conception of physical time, particularly the notion that physical time does not track something 'out there' in the world. As a result, we speculate that physical time is perhaps not as different from manifest time as many philosophers of time (and apparently general relativity) seem to suggest
