Yes, all envelopes in DocuSign expire after a certain time. The default is 120 days unless your account admin has changed that. Also depending on the account settings, individual senders may be able to change the duration on each envelope they send.
To check the default settings and whether senders can override the default, an Account Admin can click the Settings tab at the top of the web app (formerly labeled Admin). Then choose Reminders and Expiration in the left side navigation. You can see what the default time frame is for expiration and whether users have permission to change that in their envelopes.
If the sender can change the behavior for their envelopes/templates they will find that under the Advanced Options (Edit) link at the bottom right of the envelope setup page.
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