What is the meaning of Time-out?

A short break in the action of a sport, for substitution, consultation, etc.

A break from a tense, heated or stressful situation (often enforced, sometimes as a disciplinary measure); a cooling-off period.

The abortion of an incomplete task after a time limit considered long enough for it to end normally.

a timeout (in sports, or figuratively)

Source: wiktionary.org