# Timelines

The following periods and timelines apply during the settlement process:

<table><thead><tr><th width="211.33477321814257">Period</th><th>Description</th><th>Period</th></tr></thead><tbody><tr><td>Submission period</td><td>Time window for the data provider to report the outcome</td><td><strong>7 days</strong> following pool expiration</td></tr><tr><td>Challenge period</td><td>Time window for position token holders to challenge a reported value (only applicable if the option to challenge was given by the data provider)</td><td><strong>3 days</strong> starting from the time of a final value submission by the data provider</td></tr><tr><td>Review period</td><td>Time window for the data provider to react to a challenge and report a new outcome</td><td><strong>5 days</strong> starting from the time of the first challenge</td></tr><tr><td>Fallback submission period</td><td>Time window for the fallback provider to report a value</td><td><strong>10 days</strong> starting from the expiration of the submission period</td></tr></tbody></table>

The timelines represent initial values and can be updated by the DIVA Protocol owner at a later stage with values ranging from a minimum of 1 day to a maximum of 15 days. Further, it's important to note that any changes made will exclusively impact new pools and will not have any effect on existing outstanding pools.

The settlement process is illustrated below and discussed in more detail in the following sections. Also, refer to the official [smart contract documentation](https://github.com/divaprotocol/diva-protocol-v1/blob/main/DOCUMENTATION.md#settlement-process) for more details.

<figure><img src="https://1305042189-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FHZJ0AbZj1fc1i5a58eEE%2Fuploads%2FmBt2A1sRiQcVlEjv3I6S%2FSettlement%20process%20v5-General%20not-annotated.drawio.png?alt=media&#x26;token=96bc3f92-46e8-4aef-9d57-40be76b82974" alt=""><figcaption><p>DIVA Protocol's settlement process flow</p></figcaption></figure>