What happens is "Archive" and "Purge" fields aren't specified in a checklist?

Summary:

Hi All,

Oracle closed out my original Customer Connect post without answering my question in-full. Here is the link for that post if you would like to reference it: Significance of "Archive" and "Purge" on Checklist Template configuration? — Cloud Customer Connect (oracle.com)

Once a checklist is created and we are editing the checklist - we are able to delete/save specifications in the "Archive" and "Purge" fields - essentially leaving them blank.

What are the implications of this? Would leaving these fields blank allow us to never archive/purge a checklist template? If we leave these fields blank - does Oracle auto-default this to a specified timeframe? (Example: 12 months, 60 months, etc.)