We consider the problem of Maximum Likelihood (ML) estimation of clock parameters in a two-way timing exchange scenario where the random delays assume a Weibull distribution, which represents a more generalized model. The ML estimate of the clock offset for the case of exponential distribution was obtained earlier. Moreover, it was reported that when the fixed delay is known, MLE is not unique. We determine the uniformly minimum variance unbiased (UMVU) estimators for exponential distribution under such a scenario and produce biased estimators having lower MSE than UMVU for all values of clock offset. We then consider the case when shape parameter is greater than one and reduce the corresponding optimization problems to their equivalent convex forms, thus guaranteeing convergence to a global minimum.