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The procedure described in this document says that a time period can be set.
https://docs.aws.amazon.com/marketplace/latest/userguide/private-offers-overview.html#offer-submission-process
Also, the following documents seem to allow for custom durations depending on the product.
https://docs.aws.amazon.com/marketplace/latest/userguide/private-offers-overview.html#supported-products-private-offers
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