The below options are for timeout only for JAX-WS Web Service clients generated from clientgen:

import javax.xml.ws.BindingProvider;
import javax.xml.ws.handler.MessageContext;
import com.sun.xml.ws.developer.JAXWSProperties;
import com.sun.xml.ws.client.BindingProviderProperties;
/*
The following classes are inside

import com.sun.xml.ws.developer.JAXWSProperties;
import com.sun.xml.ws.client.BindingProviderProperties;

%WLSINSTALLATION%modulesglassfish.jaxws.rt_1.1.0.0_2-1-4.jar
*/
Map requestContext = ((BindingProvider)port).getRequestContext();
requestContext.put(BindingProvider.ENDPOINT_ADDRESS_PROPERTY,
"http://<hostname.domain>/HelloWorldImpl/HelloWorldService");
requestContext.put(JAXWSProperties.CONNECT_TIMEOUT, 300);
requestContext.put(BindingProviderProperties.REQUEST_TIMEOUT, 300);

The below options are for timeout only for JAX-RPC Web Service clients generated from clientgen:

import javax.xml.rpc.Stub;

((Stub)port)._setProperty(weblogic.wsee.transport.connection.timeout,2);
((Stub)port)._setProperty(weblogic.wsee.transport.read.timeout,2);

The below options are for timeout not only for Web Service clients but for all clients:

-Dweblogic.https.client.defaultConnectTimeout=xxxx <milisecs>
-Dweblogic.http.client.defaultConnectTimeout=xxxx <milisecs>

-Dweblogic.http.client.defaultReadTimeout=xxxx <miliseconds>

OR

-Dweblogic.webservice.UseWebLogicURLStreamHandler=false
-DUseSunHttpHandler=true
-Dsun.net.client.defaultConnectTimeout=xxxx <milisecs>
-Dsun.net.client.defaultReadTimeout=xxxx <milisecs>