The timer reduces as your companion ranks up.
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I've heard of a dungeon called the Hill of Memories; rumor has it that the flower that blooms at its top can revive a fallen pet.
Was one of the developer's mother trampled to death by a timer? The timers in this game are my most hated "feature". "What if everyone loves our game?" "Time-gate everything. I want time-gated content as far as the eye can see. We'll teach them for playing our game!"
On topic: I hope you get your Chocobo back. The first time I summoned mine it almost died to a Malboro breath. I'm glad I had cure cross classed at the time.
If i ever have a hard time summoning him again and it shows him as dead, i just click "withdraw" and can do it fine again. Not sure if that will help, but it's always worked for me.
He's not dead, he was taken to a farm in Connecticut.
Rise Chicken, Chicken, arise!
http://www.youtube.com/watch?v=zZ9dtZ8lYww
usually when a chocobo dies it will withdraw and disband automaticly rather than you needing to disband it. another way to make the chocobo go away is to right-click him and select return. if he was at 0hp for a long period of time and you still had to disband maybe write a bug report or tech support thread to get him back?
EDIT: now just having this issue too O.o i doubt coincidence probbaly a server bug as this was first time its happened