I'm guessing you just took a look at the Tealium Pixel Container article and saw a Tag Timeout setting there. I apologize for the confusion. We deprecated that setting a while back, but it looks like we missed updating this article. You haven't done anything wrong, it's just not available anymore. We'll update the article with a more recent screenshot.
The reason why we took it out is because it just doesn't make much sense in an asynchronous paradigm. If you want to do a little more reading on the advantages of loading Tags asynchronously, especially over loading them synchronously, we have a brief article on that very subject here.
Long story short, if you're loading Tags asynchronously, you don't have to worry about timing them out because the webpage isn't waiting for the Tag to finish before it continues loading the rest of the page.
Thanks a lot for your reply Seth. You are correct i was viewing the Tealium Pixel container article when i came across this tag timeout feature.
So this leads me to another question, is there an alternative to this feature if its disabled ? If i want, how can i implement a timeout functionality for some of the vendor tags which take a lot of time to complete even though if they are fired asynchronously ?
Technically this is possible, either using XMLHttpRequest / or sandboxing the requests inside a blank iFrame.
However, the issue comes from most browsers have tightened the control of requests to 3rd party domains (Cross Origin Policy). Hence, the XMLHttpRequest option isn't as viable any more.
The iFrame option, can be done, but requires a lot of extra work, with sending messages between the host page and the iFrame, and keeping the data synchronised. Also, this can only be used if the request isn't returning anything that needs access to the host page.
Hopefully that helps answer your question.