Cryptic crossword clue
Good time to cut failed parachute’s rubbery substance 5-6

The most common and most likely answer to this crossword clue is the 5 plus 6 letter word GUTTA PERCHA

I've seen this crossword clue in The Guardian
G
U
T
T
A
P
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A

Buddy explains!

The straight part
We know that "rubbery substance" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case rubbery substance = gutta percha.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does GUTTA PERCHA mean?

GUTTA PERCHA noun
  1. An inelastic natural latex, produced from the sap of several tropical trees of the genera Palaquium and Payena.

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