Parallel Editing / Cross Cutting

Cross Cutting is when in a scene, the location keeps changing from one to another, to show that they are happening at the same time.
It has been used since the Early 1900's with films such as:

• The Great Train Robbery
• Life of an American Fireman

Cross Cutting is frequently used to create suspense and showing different perspectives.

It is also used during phone-conversation scenes so that viewers get to see both characters' reactions to what is said.  An example is this from Rush Hour (1998)