llvm dev - Apr 2012 - [LLVMdev] 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