Time keeping


there are clocks running - on top of the board your opponent's clock, on the bottom of the board your clock ...

Thanks. I take it then when my clock runs out, I lose no matter what the status of the game?
Yes, unless your opponent only has a king left -- with absolutely no pieces left it's impossible to checkmate you, so even if your clock runs out in this case it's a draw.
But if you have 5 queens vs his 1 pawn and 100 different ways to checkmate him in one move, if your clock goes to 0 you lose.