You'd be hard-pressed to find an entrepreneur that doesn't dream of engaging in business and getting paid for their services with minimal conflicts. However, if you're providing a service to the general public there may come a time when you must seek legal remedies for outstanding invoices or other incurred losses.
There may be instances that warrant the filing of lawsuits for breach of contract, special performance, or other civil actions. If you've been injured financially, physically or emotionally, you may be entitled to recover damages from the at-fault party or parties. Nevertheless, in order to recover, your civil action must be commenced within the time frame allowed by law - the statute of limitations - the legal time limit placed on your pursuit of recovery.
If you - the injured party - fails to file a civil action before the statute of limitations time period expires, you can be permanently barred from any legal remedies in the matter, including recovery of monetary or other damages.
Length of the Statute of Limitations Period
The length of the statute of limitations period may vary from state to state, so it's imperative that you’re aware of the legal time limit for the type of claim you’re asserting in your state. If your injury and/or loss occurred in Florida, the statute of limitations period can range from two (2) to five (5) years, depending on the nature of your case and other factors.
Generally, the statute of limitations begins to run from the moment an injury is sustained; however, as with most legal theories, there are some exceptions to the rule.
Factors to Consider when Calculating the SOL period
When calculating the statute of limitations period that’s applicable to your case, there are several factors to consider. For starters, it is possible to have more than one cause of action (each with its own SOL period) as a result of one incident. Although you may be unable to recover under one cause of action, you may be well within the statute of limitations period for another action.
Also, in some instances a business will shorten the statute of limitations period by adding a clause to a written contract with another party. This is just one example of a “legal exception” to the standard SOL period that has been upheld by the Florida courts on more than one occasion.
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Which Statute of Limitations Period Applies to your Florida Case?, we discuss a partial list of matters that may result in injuries to you or your business, as well as the Florida statute of limitations period associated with each. If you haven’t already done so, please visit our blog and subscribe to our feed so you’ll be notified as soon as we publish future articles.
