First 'Worship' is a better word than 'praise'.
Perhaps it's just me but 'time of praise' to me feels a little bit insipid, a watered down version of the passion and abandon which may be observed in other corners of the church family. Moreover, worship is a right response to God and it is what we are doing when we sing... so why not call it that? If worship is simply ascribing worth to someone or something then surely that is what the heavenly host are doing in Revelation 4 and 5 as they sing "Worthy!". Therefore, our singing here on earth joins with that eternal song and is to be rightly called worship!