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In terms of network latency this can be defined by the time it takes for a request to travel from the sender to the receiver and for the receiver to process that request. In other words, the round trip time from the browser to the server.
1 Latency period (also latent period), the time between exposure to a pathogen, chemical or radiation, and when symptoms first become apparent.  Virus latency, the ability of a virus to remain dormant.