Team Recharge Delay is a bonus that comes on certain class mods. It deducts from the standard recharge time on weapons which have a recharge. (Action Skills, Eridian Guns, etc)
edit: Action Skills are NOT effected by this. Recharge delay refers to Shield Recharge Delay, which is the time it takes for shields to begin recharging after taking damage. I have not tested Eridian Guns to see if the effect also applies to their recharge rate.