The term "wait for event" refers to a type of step that can be incorporated into your automation.
This step allows you to wait for a recipient to take a certain action before proceeding to the next step in the automation workflow. Using this step creates an interactive, or real time, experience for the recipient.
1. You can set a max wait time for a Wait for Event step. Say if after two weeks you don't want to wait for the subscriber action any more, you would choose two weeks as your max time.
2. Enterprise license offers automation to begin with the Wait For Event step. Contact your Client Sucess Manager for more details.