ICPC (International Collegiate Programming Contest) is an annual programming contest for university students. The rule is that you'll have 5 hours to solve problems (about 10-16 problems), ranking is by solve count, penalty for breaking ties is by sum of minutes + 20 minutes per WA (only on problems that were ACed).

Extended ICPC rules is typically the rule that Educational rounds use, basically ICPC rules but with some changes. You get 2 hours for 6-7 problems, but the penalty is 10 minutes instead of 20, and WA on test 1 doesn't count towards penalty. But otherwise follow the same (more solves == better) + (penalty == sum of time) ruleset as in ICPC.