This paper analyze the stochastic behaviour of a cold standby system with the provision of random switching. The switch is subjected to repair after failure while the operating unit goes for preventive maintenance after exceeding a pre-specified limit of time, called maximum operation time (MOT). On the same lines, the failed unit goes for replacement upon surpassing a time threshold, called maximum repair time (MRT). The expressions for various system performance measures are derived using the theory of the semi-Markov process and regenerative point technique. The special cases are discussed using the framework of Weibull distribution. The numerical results obtained show that along with the random switch, MOT and MRT both affects the system performance significantly.