If you shout CONTACT WAIT OUT on a military radio net, it means only one thing!
Other cohorts, whether they be Air/Sea or Land in a conflict on the same frequency await your earliest update before Hell unleashes from all the resources available.
I can tell you it certainly isn't a Movie term at all, and you have to have served to understand the seriousness of the call.
It affects so many agencies, none more so than, the Medics who need to know who needs their help and how serious casualty numbers are, and also higher formation who want to resupply and provide more manpower if the enemy strength is far higher than first thought.
SIT REPS /CAS REPS etc follow the initial call of CONTACT WAIT OUT.