Test-suite && sh: time: command not found

In running the test-suite (llvm 3.0), in the *.out.time files in the Output folder the following line appears:
sh: time: command not found

This occurs when the following lines are executed:

#RunSafely.sh
( sh -c "$ULIMITCMD $TIMEIT -p sh -c '$COMMAND >$OUTFILE 2>&1 < $INFILE; echo exit \$?'" ) 2>&1 \
     > awk -- '\
BEGIN { cpu = 0.0; }
/^user/ { cpu += $2; print; }
!/^user/ { print; }
END { printf("program %f\n", cpu); }' > $OUTFILE.time

where $TIMEIT = time
I'm not sure what I have to do to solve this problem. I tried replacing "sh -c" by "eval" but the error continued.
I'm not sure if this is the right place to ask this but I figure that someone might have seen/solved this problem already.

Thanks in advance