The Notice to Proceed (NTP) is the owner's written go-ahead that officially starts construction — and usually starts the contract time running toward substantial completion. Before NTP, the contractor may be doing preconstruction; after it, the schedule and its milestones are live.
The NTP date anchors the whole schedule: durations, milestones, and liquidated-damages clocks are all measured from it. It's one of the first dates a PM pins down and builds the schedule backward and forward from.