How to resolve a "Connection timeout" error?

"Connection timeout" is an error that occurs as a result of a script exceeding the maximum timeout value. 

The timeout should be added to the following files:

• C:\Windows\Microsoft.NET\Framework\v4.0.XXXX\Config\machine.config
• C:\Windows\Microsoft.NET\Framework64\v4.0.XXXX\Config\machine.config

Note: The framework version could change. 

Check in machine.config if the connection timeout is added at the end, just before the last line.
If not, add the following lines at the end (before </configuration> in the machine.config:

<system.transactions>
  <defaultSettings distributedTransactionManagerName="" timeout="23:59:00" />  <machineSettings maxTimeout="23:59:00" />
</system.transactions>

So it will look like: