TIME is a code that appears in the PAGE block entries of various quests and devices.1

It's not very well documented.

Source: Modmaker's Guide to the Galaxy
TIME <days>
Wait for a number of days in game time.

TIME to advance the clock

In the Melodium Conograph, this code results in the game clock advancing a year. You click the "Use" button, and sleep for a year.

Some care and caution should be observed, however. There is a known bug where it's possible for the TIME code to pause the game. Unpausing is as simple as hitting the space bar or installing a ship's system, but there's no obvious clues pointing to those in-game solutions. Someone playing your mod for the first time might misinterpret the pause as a stall or crash scenario, and feel they have no choice but to reboot. For more information, see Symptom - Device Causes Game To Pause.

TIME and alien fleets

In the Kawangi quest, this code is used with an extra wrinkle:

Source: Main game, kawangi quest
FLAG protect offmap
FLET kawangi 0 attack terran
UVAR kaw_status first

TYPE fleetarrive
PAR0 0

REQ0 0
TIME 365 0

Notice the extra 0 at the end of the TIME line?
That apparently tells the game that the TIME delay doesn't affect the player, it affects the ships of the fleet described in the FLET line of STAR block 0. Rather than advancing the clock of the game, it tells the Kawangi to wait at the current star for 1 year, before moving on.

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