Delay:
After the clock is hit, the opponent's clock does not immediately start. It's effectively paused for the length of the "delay." If you move before the delay is over, no time is lost, but no time is added either. With delay you never gain time on the clock.
Fischer:
After the clock is hit, a number of seconds are added on to your clock. If the time spent on a move is less than the amount of the add on then effectively you gain time on the clock.
Both:
As long as the players move faster than the delay/addon it's impossible to lose on time.
The upcoming Southern Open states: 5SS, 40/110, SD/30, d10.
My DGT NA offers setting 10, Time + Bonus (Fischer) and 23, Delay up to 3 periods. Which (if either) of these should I use for the tournament?
Also, can someone explain the difference between Fischer and Delay?