Where are you placing this code?
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OK. First off, there's no "Time" object in JS. Use only Date.
ft.value = util.printd("HH MM ss", new Time());
ft.value = util.printd("HH MM ss", new Date());
After you've done that, if it's still not working, describe what exacly happens, including any messages you see in the JS console.
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ReferenceError: Time is not defined
This immediately lets you know that something with that line is not correct...