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:
Two (2) Alternative Positions
- Unilateral
- Mutual
Draft better contracts with Lawgood.