Gun Time is based on the time from when the gun goes off (READY SET GO!), to the time the participant crosses the finish line. Every participant who starts in the same wave is assigned the same Gun Time.
Net Time, Chip Time, or Mat to Mat Time is a personal time available with chip timing and is based on when the participant crosses the mats at the start to when the participant crosses the mats at the finish. Net Time is only collected with chip timing when a race has ordered mats for the start, so a Net Time is not always available.
When it comes to awards, a winner, and the subsequent finishing order of a race, is determined by who crosses the finish line first. Therefore, overall and age category results are based on Gun Time.
USA Track and Field Rule 245.1 states "The order in which the athletes cross the finish line will be the official finish position." Further, Rule 245.3 - regarding transponder timing - "the actual time elapsed between an athlete reaching the starting line and finish line can be made known to the athlete, but will not be considered as official time."
Unofficial Net Times for awards destroys head-to-head competition. The winners are based on a separate time trial and it is not always the first runner to the finish. No one really knows who the winners are until the chip times are posted.
Net Time is a personal time and can be used for an individual's PR or as a qualifying time for races like the Boston Marathon or the Bolder Boulder.
FLTResults does has the ability to sort times by both Gun or Net Time so participants can see how they placed under both timing formats.