time: command not found

Maybe Your $PATH variable doesn't contain the default paths? echo $PATH should give something like:

[root@server ~]# echo $PATH
/usr/local/sbin:/usr/local/bin:/sbin:/bin:/usr/sbin:/usr/bin:/root/bin

If it's empty, You may set the PATH variable with this command

export PATH="/usr/local/sbin:/usr/local/bin:/sbin:/bin:/usr/sbin:/usr/bin:/root/bin"

On CentOS possible default full paths are:

/usr/bin/time - from package: time

You may install the required package with command yum install {package}

On Debian possible default full paths are:

/usr/bin/time - from package: time

You may install the required package with command apt-get install {package}

Error in other languages:
time: bevel nie gevind nie
time: comandă negăsită
time: comando não encontrado
time: commande introuvable
time: command not found
time: käsku ei ole
time: không tìm thấy lệnh
time: komanda nerasta
time: Kommando nicht gefunden.
time: kommandot finns inte
time: komut yok
time: nie znaleziono polecenia
time: níor aimsíodh an t-ordú
time: no se encontró la orden
time: no s'ha trobat l'ordre
time: opdracht niet gevonden
time: parancs nem található
time: perintah tidak ditemukan
time: príkaz nenájdený
time: příkaz nenalezen
time: команда не найдена
time: командата не е открита
time: 命令找不到
time: コマンドが見つかりません