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Commercial Debt Recovery

Limitation Periods – Often Overlooked, Yet Potentially Fatal to Your Legal Rights

Written by on May 29, 2015.

It is inevitable that at some point a business will experience a harmful event that causes it to suffer a financial loss. Examples include a third party breaking a contract or a warehouse fire due to faulty electrical wiring. Therefore, businesses need to be aware of the time limits that restrict their right to start a lawsuit. The legal term for this is limitation period (think of it as an hourglass full of sand). Definition of Limitation Periods Ontario has a default two-year limitation peri...