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Lit., "for every community (ummah) there is a term": i.e., all people have a life-term decreed by God, during which they are at liberty to accept or to reject the guidance offered them through revelation. The word ummah often denotes "living beings" - in this context, "people".
In Arabic usage, the term sa'ah (lit., "hour") signifies not merely the astronomical hour - i.e., the twenty-fourth part of a mean solar day - but also "time" in an absolute sense, or any fraction of it, whether large or small. In the above context, it has obviously been used in the sense of "a least fraction of time" or "a single moment".
People: ummat. I do not know whether "generation" would not be more appropriate here. If so, it would refer to the Time-Spirit, for it affects a whole number of people living contemporaneously, and while we deal grammatically with a group, we really have in mind the individuals composing the group. Anyway, the lesson is what is suggested in the following verses. There is only a limited time for an individual or for a group of people. If they do not make good during that time of probation, the chance is lost, and it cannot come again. We cannot retard or advance the march of time by a single hour or minute. ("Hour" in the text expresses an indefinite but short period of time).