What is the difference between Chip Time and Gun Time?

Gun Time: The time from the sound of the starters signal to the time when the runner crosses the finish line. Also known as the Official Time. All award categories are prized by Gun Time.

Real Time, Chip Time: The time from when the runner crosses the mat at the start line, to the time elapsed when the runner crosses the finish line mat. Prizing is not based on Chip Time.