time agreement

Short definition from Wiktionary

Noun

1. 1
   An agreement allowing one of the parties in a contract a certain amount of discretion to determine the exact scope or extent of their obligations under it, or for allowing an agreement for an indefinite period.
2. 2
   A pact or promise made by the party leaders in the United States Senate to limit the amount of time permitted for debating a new law or amending a change to an existing law.