These nice pedals clear mud quickly, and the cartridge bearings can be replaced without using any special tools. Before you start stripping the pedals down, check the condition of the pedal-release mechanism. The wide wire springs that clip around the cleat do eventually wear out, but luckily Time supply all the separate parts as individual spares so you can rebuild worn pedals.
Check for bearing wear by holding the pedal body and twisting it. The pedal should feel firm on the axle and should not knock from side to side – worn bearings won‘t turn smoothly under pressure, wasting your energy with every pedal stroke. Spin each pedal on its axle. They should turn silently and keep spinning half a dozen times. If the bearings are loose or binding, pick up a pair of new cartridges and rejuvenate your pedals.
Replacing Time Alium bearings
Step 1 : Remove the pedals from the cranks, remembering that the left-hand pedal has a reverse thread. The original Time pedals had to be removed with an Allen key, which was a pain, but current models use an ordinary 15mm pedal spanner. Remove the bearing cover at the end of the pedal.
Step 2 : This exposes the pedal bearing which is held in place with a 10mm nut. Hold the axle steady with a pedal spanner, and use a 10mm socket spanner to undo. Remove the nut, which untightens anticlockwise on both pedals.
Step 3 : Pull the axle out of the pedal body. You may have to screw the axle back into the crank and pull on the body firmly to get it off.
Step 4 : There are very few parts inside this pedal. Clean the axle, the seals and the inside of the pedal body. Pay particular attention to the bearing surface at the inboard end of the pedal body. Replace or service the cartridge bearing. Cartridge bearings are not expensive, so replacement is a better option if the bearing doesn‘t spin easily.
Step 5 : Replace the seal on the axle, with the soft flange facing toward the pedal. Grease the wide, shiny section of the axle and slide it back through the pedal body. Push the cartridge bearing in from the other end. Spread a thin layer of grease on the surface of the bearing to help keep out the weather.
Step 6 : Refit the nut, holding the axle still with your 10mm spanner. The nut has a plastic ring above the threads. This stops the nut from working loose but makes it stiff to turn as soon as the plastic engages with the axle threads. Tighten it down onto the axle but not so far that the pedal won‘t spin freely. Replace the axle cover. Don‘t overtighten: it holds nothing on, is made of plastic and will shatter easily.
Source : BIKE MAINTENANCE TIPS, TRICKS & TECHNIQUES
See also bike maintenance tips, tricks and techniques “Pedals and how to look after them”