Common use of Limitations Act Clause in Contracts

Limitations Act. The parties acknowledge that this Agreement constitutes a “business agreement” within the meaning of the Limitations Act (Ontario) and have agreed to vary the limitation period provided in Section 4 of that Act, as provided in Sections 3, 4 and 5 of this Agreement, to establish that the Remitter shall remain liable to pay Remitter’s Fees for a term of five years from the end of the Data Period for which such Remitters Fees are applicable.

Limitations Act. The parties acknowledge that this Agreement constitutes a “business agreement” within the meaning of the Limitations Act (Ontario) and have agreed to vary the limitation period provided in Section 4 of that Act, as provided in Sections 3, 4 and 5 of this Agreement, to establish that the Sub-Remitter shall remain liable to pay Sub- Remitter’s Fees for a term of five years from the end of the Data Period for which such Sub-Remitters Fees are applicable.