After the marriage contract is there a limited period in Sunnah where one should make Walimah (marriage party).

Praise be to Allah, the Lord of the World; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.

The marriage Walimah (marriage party) is a Sunnah. All the scholars are agreed on its lawfulness. It's not limited to a given period. So, it can be done anytime. But it is more preferable to do it just after the first night with the wife. But it can be delayed to the seventh day. Imam Malik says 'That if one is invited to attend a Walimah seven days after the marriage contract, then he has to accept the invitation. If the custom of people in that area is to make Walimah on the seventh day then anybody who is invited to attend it must accept the invitation' . Imam al-Shafi says: 'It is more preferable to do it just after the first contact with the wife. But Walimah is not nullified because of divorce, death or length of the period just like Aqiqah' .
As for Abu Hurairah 's Hadith that the Prophet (Sallallahu Alaihi wa Sallam) said: "Walimah is a right on the first day, a custom on the second and arrogance and love of being praised on the third day" , this Hadith is weak .
Allah knows best.