How to change default clip transition length in Sony Vegas

Question: 

I'm you're working on a large amount of events with transition effects on the timeline in Sony Vegas.

I want to change the default length of the transition to avoid the tedious work of doing it manually each time I put a new event on the timeline. How to do this?

Answer: 

To change the default length of your transition effects in Sony Vegas and Sony Vegas Movie Studio, go to the OptionsPreferences menu and switch to the Editing tab. Set the transition length in the Cut-to-overlap conversion (seconds) box. Click OK.

From now on, all transitions applied to the new events on the timeline will be of that length.