Time to block payment for honour (4)
I believe the answer is:
fete
'for honour' is the definition.
(I've seen this before)
'time to block payment' is the wordplay.
'time' becomes 't' (abbreviation).
'to block' means one lot of letters goes inside another (upper walls off glass inside formal).
'payment' becomes 'fee' (payment for a job).
't' placed into 'fee' is 'FETE'.
(Other definitions for fete that I've seen before include "Outdoor bazaar for charity" , "Organised series of acts and performances" , "Marilyn Monroe's real first name' constellation" , "Outdoor gala" , "Festival; gala" .)