Details on the competition can be found in this message (in French, for Yahoo club members). First prize 3x3x3: Trip to the World Championship 2005 in Florida + 200 euros. Second prize 3x3x3: 300 euros. Third prize 3x3x3: 200 euros. First prize 4x4x4: 200 euros + (if average time is under 2 minutes) trip to the World Championship 2005 in Florida.
If you reach the time limit during your solve, the judge will stop you and your result will be DNF (see Regulation A1a4).
The format describes how to determine the ranking of competitors based on their results. The list of allowed formats per event is described in Regulation 9b. See Regulation 9f for a description of each format.