"There is no A or B" vs "There is no A and B"

Sometimes, we think of A and B as a single word, in which case keep the and:

There's no fish 'n' chips.

Otherwise, you can use or:

We have no cats or dogs.

You can also use neither ... nor .... This is very clear, and is strongly preferred in formal speech or writing:

I can offer you neither hope nor succour.

In some dialects, you can drop the neither:

If it's use nor ornament, chuck it.

Perhaps either/or might fit your particular requirements.

There is no bound on message delay or relative process speed.

There is no bound on either message delay or relative process speed.

It's technically neither/nor, but sounds better and apt for your example.