Definition from Wiktionary, the free dictionary
Alternative forms 
time-out (plural time-outs)
- (sports) A short break in the action of a sport, for substitution, consultation, etc.
- We're being beaten! We need a time-out!
- A break from a tense, heated or stressful situation (often enforced, sometimes as a disciplinary measure); a cooling-off period.
- I'm going to take a brief time-out from this job.
- Hitting people is not acceptable! Go to your room and take a time-out!
- (communication) The intentional ending of an incomplete task after a time limit considered long enough for it to end normally.
Derived terms 
break from a heated or stressful situation