Timed Backup can be customized in the "Preferences" window.

If enabled, Timed Backup creates a copy of the documents you are working based upon a time interval of your choice. This can be between one minute and twenty minutes, we recommend between four and five minutes.

The backup is placed in the same directory as the file you are working on, but it will have a .bak extension to the file, which you can delete using Windows Explorer.