The term 'DELAY TIME' can be solved by the three-letter word 'NOW'. Delay time is a concept used to describe the amount of time between when an action is initiated and when it is completed. It is often used in the context of technology, such as the delay between when a button is pressed and when the desired action is completed. In other contexts, delay time may refer to the amount of time between when an event is scheduled to occur and when it actually occurs.