suppose the product/application has to deliver to client at 5.00PM,At that time you or your team member caught a high severity defect at 3PM.(Remember defect is high severity)But the client is cannot wait for long time. You should deliver the product at 5.00Pm exactly. Then what is the procedure you follow?

The bug is high severity only so we send the application to the client and find out the severity is priority or not. If its priority then we ask him to wait.
Here we found defects/bugs in the last minute of the delivery or release date
Then we have two options
1. Explain the situation to client and ask some more time to fix the bug.
2. If the client is not ready to give some time then analyze the impact of defect/bug and try to find workarounds for the defect and mention these issues in the release notes as known issues or known limitations or known bugs. Here the workaround means remedy process to be followed to overcome the defect effect.
3. Normally this known issues or known limitations (defects) will be fixed in next version or next release of the software