A lawyer explains why you need to know the statute of limitations in your contract. Each state has its own rules, but typically you have two years from when an injury happens to file a lawsuit. Miss the deadline and you lose the right to sue.
Chapters
If you are signing a contract, then here is a clause that you wanna read and make sure that you understand. This clause is the statute of limitations clause. Each state has its own statute of limitations and laws, which would probably override whatever the contract says, but it is still important to read this provision. The statute of limitations basically sets forth how long a party can wait before he is unable to bring a lawsuit. So if the statute of limitations is 2 years, then the party cannot bring a lawsuit if he waits over 2 years. Generally, the statute of limitations clock starts ticking when the injury occurs. So make sure you read and understand this clause so that you don't wait too long to the point where you will be unable to bring a lawsuit.