STATUTE OF LIMITATIONS

Other Names: Contractual Statute of Limitations • Period of Limitations

Sample Clause Language:

To the fullest extent permitted by law, no legal action shall be brought, and no cause of action shall be asserted, by or on behalf of [PARTY B] [or any controlled affiliate of PARTY B] against [PARTY A] after the expiration of [two (2) years] from the date of accrual of such cause of action, and any claim or cause of action of [PARTY B] [or its controlled affiliate] shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such [two (2) year] period; provided, however, if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

Source: Industrial Logistics Properties Trust (2020, April 30). Form 10-Q. Retrieved from SEC EDGAR website http://www.sec.gov/edgar.shtml


 

Description:

Statute of Limitations clauses limit the time period in which a party can bring a claim against another party. The sample clause here is unilateral and drafted in favor of Party A. The clause limits the period of time in which Party B can file a contractual claim against Party A.

Common Contracts with this Clause:

  • Employment Agreements
  • Services Agreements
 

What you'll see with Lawgood:

Number of Positions Available:

Two (2) Alternative Positions

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