How Long Have You Got? Time Limits For Bringing Claims

It is an important element of any commercial relationship that you may enter into, to understand how long you may owe a potential liability to other parties or indeed how long those parties may have to pursue claims against you. Limits to what claims you can pursue and when can arise in diff erent ways, and this notes seeks to summarise some of the key aspects to be aware of and issues to look out for.

SO, THE PERIOD OF LIABILITY IS EITHER SIX YEARS OR TWELVE YEARS?

This is oft en the extent of the consideration given to this issue. If you have a simple contract, the period of liability for any breach of contract will be 6 years from the date of the breach, and 12 years if the contract is executed as a deed. The reality is much more nuanced and there are a range of choices and considerations to take into account when negotiating what may be an appropriate period of liability in any one case.