Running a business is not always a smooth process, and it is likely that as a business owner, you will face a dispute, potentially even with a simple contract. A commercial dispute is when you disagree with another business over an issue you cannot resolve. This will usually be about the supply of goods you or they sell or the services one of you offers. <\/p>\n\n\n\n
If you decide to take court action for a wrongful act to resolve a commercial dispute, such as contractual claims, you must do so within the relevant limitation period. You should also take legal advice whenever you take legal proceedings. This article will explain statutory limitation periods for commercial disputes and the applicable limitation periods.<\/p>\n\n\n\n
When you face a business dispute, various options are open to you regarding how you resolve it<\/a>. Ideally, the best way is to resolve it as soon as possible and amicably as possible. You may alternatively choose alternative dispute resolution (ADR) methods to resolve your commercial disagreement, such as mediation. <\/p>\n\n\n\n There is also the possibility that you and the other party decide upon commercial court litigation. Court litigation is where you and the other party decide to proceed through the commercial court to resolve your dispute<\/a>. This means that a judge with expertise in commercial disputes will listen to the issues you disagree on and give a legally binding decision (a judgment), which you must abide by.<\/p>\n\n\n\n If you do end up taking the route of commercial litigation through the commercial court toolbar for your business dispute, there are some essential points to note. One of these is the statute of limitation period. A statute of limitation period is the legal timeframe for a commercial entity to make a civil court claim against another. This is where they have been in a contract with the other business, or the other company has caused them to suffer damages<\/a> due to something they have or have not done.<\/p>\n\n\n\n A limitation period begins when the action you wish to bring to court occurs. When you fill in a claim form with the court or agree with the other party to enter into a standstill agreement<\/a> (making time stop still), time will stop before the limitation period expires.<\/p>\n<\/div>\n\n\n\n This time frame is called the ‘statute’ of limitation period because the period comes from a piece of UK law (statute) called The Limitation Act 1980<\/em>. This Act details a variety of time limits covering a range of types of court claims. This includes commercial claims. <\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\nWhat is a Statute of Limitation Period?<\/h2>\n\n\n\n