Cap execution timeout at 5 minutes

[coditva]

[shamasis]

Are we sure we want to set max to 5 minutes. The defaults on other places are 3 minutes of I’m recalling right. Can we cross check once in runtime?

[shamasis]

Also this seems to be a bit off here in how we are implementing hard limits.

The hard limit is a separate option that, if optionally set, prevents any option or collection level user options from crossing it.