Common use of Time Limit for Claims Clause in Contracts

Time Limit for Claims. Each party shall have 1 year from the accrual of a cause of action to bring such action. If either party fails to bring such action within 1 year of its accrual, then such party shall be deemed to have waived whatever rights such party may have had in relation to such cause of action including all legal and equitable remedies.

Time Limit for Claims. Each party shall have 1 year from the accrual of a cause of action to bring such actionact ion. If either party fails to bring such action within 1 year of its accrual, then such party shall be deemed to have waived whatever rights such party may have had in relation to such cause of action including all legal and equitable remedies.