I haven't played these time settings myself but I beleive 15/10 means you get 15 mins. for the game and 10 seconds gets ADDED to your clock each time you make a move. 5 mins. for game and 2 seconds added, etc.
can someone please explain
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Thanks
Bonus time has an effect on which ratings group the game is rated under. See here for more information:
http://blog.chess.com/DrawMaster/how-to-calculate-the-effect-of-bonus-time
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what is the difference between the time settings? For example: what does 15/10, 5/2 or 2/1 mean? I understand 10 mins. and 5 mins.