dAGGER: I have never set-up a tournament, but when you set-up a new game (for the waiting room or to send an invite) you get a screen to 'Select this game parameters'. You can select the time control there. One option is time per move, the other has three options: game, bonus, limit. These correspond, respectively, to the initial time allowed for a game per player, the bonus time awarded to a player after making a move and the maximum amount of time a player can have to make the next move. It's a built in feature and, in my opinion, the biggest advantage of this site compared to IYT.