IPA: /ˈtaɪmaʊt/
KK: /ˈtaɪmaʊt/
A period during which a person or a system stops working or is temporarily suspended, often due to a set time limit.
After a long discussion, we decided to take a timeout to gather our thoughts.
Timeout → It is formed from "time" (from Old English "tima", meaning a period or duration) and "out" (from Old English "ūt", meaning outside or away). The word "timeout" refers to a period of time taken away from an activity, often for rest or reflection.
Think of taking a break 'away' ('out') from a certain 'period' ('time') — that's what a timeout means.
No commonly confused words.