Add retry & backoff strategy to late initialization config

[vijtrip2]

As part of feedback on PR #849 , Add retry-backoff strategy for late initialization of server side defaults.

[ack-bot]

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Mark the issue as fresh with /remove-lifecycle stale.
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/lifecycle stale

[ack-bot]

Stale issues rot after 30d of inactivity.
Mark the issue as fresh with /remove-lifecycle rotten.
Rotten issues close after an additional 30d of inactivity.
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/lifecycle rotten

[RedbackThomson]

/remove-lifecycle rotten