Common use of Limitations of Claims Clause in Contracts

Limitations of Claims. Except for claims arising from FRANCHISEE's non-payment or underpayment of amounts FRANCHISEE owes COMPANY under this Agreement or otherwise, any and all claims arising out of or relating to this Agreement or COMPANY's relationship with FRANCHISEE will be barred unless a judicial or arbitration proceeding is commenced within twelve (12) months from the date on which the party asserting the claim knew or should have known of the facts giving rise to the claims.