eng out flap retraction and the OEI time limit are separate from each other but can easily be used simultaneously.
The eng flap retraction is a company/operator set standard minimum at or above manufacturer typical recommended minimum, which can be adjusted to suit obstacle limited airports etc.
The OEI thrust limit is the limit that the company/operator has paid the manufacturer for to use the engine at maximum takeoff power, a slightly higher setting than MCT.
Note: if manufacturer offer the varying purchase in limits, the engine can sustain the upper limit, which is its design criteria, including safety margins on top; so if you need it and only have a lower limit, it could be there for use to avoid a CFIT or other life changing thrust dependent issues; not legal but just saying it's there and can be used...