There is an optional field in stop_times.txt timepoint that is used to specify timepoint that a transit vehicle should strictly adhere to (e.g., hold if they are running early). If a trip is defined in frequencies.txt with the exact_times=0 value, then it is a frequency-based trips, which means that a schedule doesn't exist. Therefore, frequency-based trips should NOT have any timepoint=1 values in stop_times.txt - the field should either be 0 or blank - to do this would be an error.
There is an optional field in stop_times.txt timepoint that is used to specify timepoint that a transit vehicle should strictly adhere to (e.g., hold if they are running early). If a trip is defined in frequencies.txt with the exact_times=0 value, then it is a frequency-based trips, which means that a schedule doesn't exist. Therefore, frequency-based trips should NOT have any timepoint=1 values in stop_times.txt - the field should either be 0 or blank - to do this would be an error.
See discussion at google/transit#47 (comment).