Lord kaala bhairva has been installed at the Parashakthi temple on AUG 3, 2003
Special poojas are done on KRISHNAPAKSHA ASTAMI/ rahu kala each month
bhairava is not a form of Lord shiva, but a form very closely associated and he is one of the powers assigned by the Lord.
It is the custom that the keys of the temple are submitted to bhairava after the pujas are completed for the day and again taken from him the next morning before the opening. As the guardian deity he is also worshipped after any of the festivals at the temple.
Lord Kala bhairava Gayathri mantra 
Harihara bhrammathmikaya dheemahi,
Thanno bhairava prachodayath.
Lord Kala bhairava Gayathri mantra 
Swana vahanaya vidmahe,
Thanno kala bhairava prachodayath.
Bhairava would be having an abode naturally in all the Lord shiva temples. The kAsi (vArANasi) abode is much renowned abode of bhairav, as he is the protector of that whole city - the holy land of the Lord vishvanath. Adishankara has sung a stotra in praise of kAla bhairava of kAshi.(1)
Lord kaala bhairva installation at the parashakthi temple happened in a spiritually charged atmosphere with Dr Kumar leading the chanting of mantra for kaala Bhairva. Lord Kaala Bhairava is that manifestation of Lord Siva who oversees the march of time and is the guardian diety of the temple.
As the saying goes, time lost is lost forever. There's nothing more precious than time. So intelligent humans should use every moment effectively on the spiritual path. And those want to do this have the divine help of Lord Kaala Bhairava if they request it with sincerity.
Those who tend to fritter away their time on many a trivial pursuit should pray sincerely to Lord Kaala Bhairava if they want to improve their time management skills and if they want to make sure that they use their time intelligently.
Lord Kaala Bhairava is also known as Kshetrapalaka, the guardian of the temple. In honor of this, keys to the temple are ceremonially submitted to Lord Kaala Bhairava at temple closing time and are received from him at opening time.
Lord Kaala Bhairava is also the guardian of travellers. The Siddhas advise us that before embarking on a journey, especially one that involves travel during the night, we should make a garland of cashew nuts and decorate Lord Kaala Bhairava with it. We should light jothi lamps in His honor and request His protection during our travel.
The vahana (vehicle) of Lord Kaala Bhairava is the dog. Feeding and taking care of dogs is another way of showing our devotion to Lord Kaala Bhairava.
Kaala Bhairava Ashtami, which occurs in December/January is an important day for worshipping the Lord.
There's a shrine for Lord Kaala Bhairava in most Siva temples. The Bhairava shrine in the Arunachala temple is very special. The Kaala Bhairava temple in Kasi (Benares) is a must see for Bhairava devotees.
The Kaala Bhairava Ashtakam hymn venerates the Lord and is a staple of Bhairava devotees.
May Lord Kaala Bhairava help us use our time effectively on the spiritual path.
According to Shaivam.org
bhairava is the guardian deity of the abode of God shiva. So he is called kshetra pAla. The term bhairava means "Terrific". As the guardian of the abode of Lord, his form is very fierce, with ery many kind of weapons, naked and decorated with skull and having a smile on the face that threatens the wrong doers and protects the devotees. He has a dog as his vehicle. So he is referred as shuna vAhanar.
purANa of the deity
When brahma and viShNu were got into an argument who is the supreme, Lord shiva appeared as the column of fire in between them. kAla bhairava cut off the fifth head of brahma that lied in ego and he having that skull of brahma as the bowl, bhairava took the blood of mahA viShNu in that. The two got to understand their mistake and worshipped Lord shiva.
God appointed bhairava to be the protector deity. He also appointed him as the protector of the town kAshi. bhairava ensures that nobody misuses the belongings of Lord shiva and he is dreaded to punish and correct those who misuse the temple properties.
Various bhairava mUrthams
• acithAN^ga bhairavar
• krotha bhairavar
• kaNda bhairavar
• unmaththa bhairavar
• kapAla bhairavar
• vibUShaNa bhairavar
• mArththANDa bhairavar
• suthan^dhira bhairavar
• svEccA bhairavar
• lOka bhairavar
• ugra bhairavar
• praccaiya bhairvar
• ninmANava bhairavar
• bUShaNa bhairavar
This deity who appears terrific is the protector of the devotees. His valour gives courage to good people and deterence to those who do the wrong things so that they get corrected.
According to www.philhine.org.uk
Bhairava is Shiva at his most terrifying, at his most fearful. He may be understood as a particular manifestation, or emanation of Shiva, or as Shiva displaying himself at a very high level. In some myths, Shiva created Bhairava as an extension of himself, in order to chastise Brahma. Bhairava is the embodiment of fear, and it is said that those who meet him must confront the source of their own fears. His name describes the effect he has upon those who behold him, as it derives from the word bhiru, which means to become fearful - of feeling great fear. In some sources, Bhairava himself is said to have eight manifestations, including Kala (black), Asitanga (with black limbs), Sanhara (destruction), Ruru (hound), Krodha (anger), Kapala (Skull), Rudra (storm) and Unmatta (raging). Dogs (particularly black dogs) were often considered the most appropriate form of sacrifice to Bhairava, and he is sometimes shown as holding a severed human head, with a dog waiting at one side, in order to catch the blood from the head.