WaitForReady.Complete is there a timeout? Does it actually work?

Help Studio
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I am using a element exists activity with the WaitForReady activity set to complete. I have tested it many times and the workflow continues even if the site is not fully loaded. In addition i would like to know if there is a configurable timeout for the WaitForReady flag ie. what if the site never loads. (I am using IE for reference)