Don't panic! The timer should just be when you can trade the item to another player or put it up for sale on the GTN. It won't disappear or anything.
So basically the timer (bound: d: h: m: s) means that by the end of the timer it will be bound to me? That's great for me, because I thought it meant if I didn't use it or something, I would lose it. I'm glad that's what it is because I wasn't going to sell it on the GTN or trade it. Now that you mention it, I do remember reading about gifting items. Well thanks for the help!