from man date:
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date [-u] [mmddhhmm[[cc]yy]]
Set the HP-UX system clock to the date and time
specified. You require the superuser privilege.
If you include the -u option, the specified date and time
is assumed to be in Coordinated Universal Time (UTC).
The numeric argument is interpreted left to right in
two-digit pairs as follows:
mm Month number [01-12].
dd Day number in the month [01-31].
hh Hour number (24-hour system) [00-23].
mm Minute number [00-59].
cc Century minus one [19-20].
yy Last two digits of the year number [70-99, 00-
37 (1970-1999, 2000-2037)]. If omitted, the
current year is used.
If you attempt to set the date backwards, date generates
the warning,
do you really want to run time backwards?[yes/no]
Type yes or the equivalent for your locale to set the
clock backwards; anything else to cancel the command.
When date is used to set the date, a pair of date change
records is written to the file /var/adm/wtmps.
(XPG4 only.) No warning is generated if date is set
backwards.
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i)Any Precaution to take: i dont know exactly.wait for others responses.
[i think no need to take any precaution]
ii)reboot not required.
Be Tomorrow, Today.