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The DHCP lease time can be configured to any amount of time, however, it's set to 24 hours by default.
Generally, the recommended time to lease an IP address is 48 hours (172800 seconds) to renew the IP address once a day. After applying the specified parameters, clients will receive an IP address for 1 minute, after which they will send a request to the DHCP server for a new IP address every 30 seconds.
Default-lease-time -1; max-lease-time -1; is effectively disabling the expiry time of the leases, so their expiration will be effectively set "to infinity". You should not configure an infinite lease time. The reason of having DHCP is to have a central management and flexibility.
This particular subnet declaration specifies a default lease time of 600 seconds (ten minutes), and a maximum lease time of 7200 seconds (two hours). Other common values would be 86400 (one day), 604800 (one week) and 2592000 (30 days).