You can set two timeouts: the project timeout and the runner timeout .
Project Timeout:
You can set a timeout for a task from Settings β CI / CD β General pipelines

Runner Standby Time:
The participant time-out can be set in the menu " Settings" β " CI / CD" β " Runners" , select "Runner" from the list of "Runners" activated for this project, and edit the Maximum waiting time for the task in the editing form. 
Keep in mind that these two types of timeouts can be overridden by each other. Link to documents .
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