For most FIDE events for the first 40 moves each player has 90 minutes. After the 40th move they each get 30 minutes added to their clock and also from that point each move gains 30 seconds. I know some recent ones deviated (which is how Carlsen lost to Topolov earlier this year) but I haven't kept track so I don't know what they used for Sinquefield for example.
Anyway, it can be written like this:
40/90 SD/30+30
Where "SD" means sudden death i.e. the rest of the game.
A 60 move game may last ~4.5 hours. It's not only that they have time to take a break, you should take breaks to keep your head clear and conserve energy.
I realised I've no idea. Players have time to get up and walk around, use the 'confessional' booth, etc but is it like a 60min game or a 8 hour game or what?