You can’t uses both Duration and Target Date…you have to pick one.
Here’s what the documentation says about the format of the input:
Duration/Target Date and Time
■ If you select Duration:
Enter a timeout duration in seconds.
The proper format for this field is anything that can be treated as an integer/long, or string literals (for example,"10").
The timeout is specific to each iteration of a loop. Therefore, a timeout occurs only if a single iteration takes longer than the timeout duration.
■ If you select Target Date:
Enter a date and time when you want the operator to time out.
When a string literal is entered in this field, it can be in one of the following formats:
■ JVM Format - The date/time format that the Java application understands. This format varies with the Java installation.
■ If the JVM format is unknown, enter as "MM/dd/yyyy HH:mm:ss".
■ Any other format must use a CA Process Automation library method named "parseDate". This method takes in two parameters: (a) Date as a string literal and (b) Format in which the string must be parsed. For example, parseDate("10/10/2010 10:10:10"," dd/MM/yyyy HH:mm:ss") returns this date: 10th of October 2010 10 hrs 10 mins and 10 secs.
If Target is selected as the Type, the Reset option (under Action) is disabled.
Note: Be sure to enter this data in the proper format or else the operator ignores these timeout settings.