An American football team will punt when it fails to reach a first down. There are four downs to try to go ten yards, if you don't make it after three downs you usually punt. It's a strategic decision; if you fail to make ten yards after four downs the other team gets the ball where you left it. But if you punt, you can push the team further back, which means they have further to go to score a touchdown.
It's a strategic decision. If you punt you are signalling to the other team that you don't think you can get a first down in one more down.
Example: It's fourth down, (your last chance), and you have eight yards to go, that means you went two yards in three downs. You can punt and push the opponent back further, or go for it and risk giving them the ball where you are now. Most of the time you would choose to punt. You give up.
In the context I usually hear it (features vs. time) - you typically "punt" on something when you're no so much giving up, but putting it off for a later time or release.
I've also seen it used to mean letting someone else deal with it.
Erm. I wouldn't say we use it that way more than the version I pointed out.
I think it is southern uk slang if my etymology serves me right.
EDIT: also, we usually use punter (nowadays anyway) to refer to someone buying any service. Usually it is used in the context of smaller businesses (market stalls, sideshows, fairs etc.)
In Australian Rules Football, and to a lesser extent in Rubgy and Gaelic football, a "punt" is a kick which is most commonly used in an attacking manner.
As a verb, "Punt" can also mean:
+ A kick of a football
+ A method of propelling a boat with a pole
+ To place a bet, usually at long odds, or a risky one
As a noun it can be:
+ The former unit of money in Ireland
+ An open flat-bottomed boat (usually propelled with a pole)
+ The dent in the bottom of a wine bottle
Your usage matches that I've seen here before, but is not one with which I'm familiar. I wonder if it's preculiarly and specifically North American. In particular, though, it's the exact opposite of other meanings in other parts of the world.
In the USA it means to postpone, give up on (possibly temporarily) or to make someone else's problem or responsibility.
In other parts of the world it can mean to press on with, perhaps against the odds, or to take an aggressive/assertive course of action.
Might I suggest that people should be aware when using the term that it might be taken to mean the opposite of what you think?