All updates are generally completed anywhere from within a matter of moments to 24 hours max! That also depends on the type of update you are needing and the quantity. Time measured will vary based upon those needs.
If you have fulfilled the one year services agreement term, yes. If you have not fulfilled the one year service agreement term and want to take the design to another hosting provider you may do what is called a "buy out." You would need to pay the remainder of what is owed on the contract.