Acclaim, losing no time (4)

I believe the answer is:

hour

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'time' is the definition.
(hour is a kind of time)

I don't understand the rest of the clue.

(Other definitions for hour that I've seen before include "See 24" , "Clock time" , "See 12" , "60 minutes" , "Sixty minutes" .)

I've seen this clue in The Times.

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