Expressions are derived for time delays for elastic scattering in cold electron and cold atom collisions. Delays are found to occur in the femtosecond regime for virtual state electron scattering with CO2, using recent experimental data [Field , Phys. Rev. A 64, 22708 (2001)]. Delays associated with cold atom scattering may be of the order of 1 mus in the muK regime, using Li-6 collisions as an example. The maximum theoretical time delay, obtained by magnetically tuning the scattering length, is found to have a universal value at any ultracold collision energy E, given by (2E)(-1). (C) 2003 American Institute of Physics.