When creating a wait condition in an workflow Microsoft allows you to use two auto-generated dates. These are labelled as “Timeout” and “Execution Time”.

Timeout is always the current time (i.e. a clock). Such that if you wanted to make a workflow wait until a specific time stored in a field in the entity then you would need to use Timeout.

Execution Time is the time when the workflow started. This can be used for things such as recording the time of an event took place.