I don't think you can specify time parameter in that manner. The syntax is,
Time = X
or
Time = (X,Y)
where x = no of minutes, y is no of seconds
e.g: TIME=5
TIME=(2,30)
The purpose of this parameter is to limit the time the job may run, in case an error is made that causes the job to perform extra processing needlessly.
I guess it will give a syntax error if you code TIME = 34 HOURS
