Limit duration, losing minutes (3)
I believe the answer is:
tie
'limit' is the definition.
(tying is a kind of limiting)
'duration losing minutes' is the wordplay.
'duration' becomes 'time' (I've seen this before).
'losing' is a deletion indicator.
'minutes' becomes 'm'.
'time' with 'm' taken away is 'TIE'.
(Other definitions for tie that I've seen before include "Bind; dead heat" , "Bind; be equal" , "Finish level" , "Bond > girl wearing this? Unlikely" , "Secure (with string)" .)