Limitation periods

Ever wonder how long you have to bring a lawsuit against someone? This is determined by the Limitations Act. With some exceptions, the basic limitation period is two years. Although there is a tendency for some people to think long and hard about pursuing an action (and engage in negotiations with the other side in an effort to resolve the situation), you really only have so much time to make up your mind. You have 2 years from the date you suffered a loss, or discovered a loss, to start a claim. If, for example, someone has breached a contract with you, or misrepresented the term of an agreement, think about your options as soon as possible. Once the limitation period has expired, you’re out of luck.