statute of repose definition

statute of repose

Statute of limitations applicable a fixed number of years after a party to a contract (such as an architect, builder, contractor) has acted in a certain way (has performed his or her part of the contract). Its application is not contingent upon the occurrence of damage or injury to the other party to the contract (such as the client or owner of the project).

statute of repose is in the Corporate, Commercial, & General Law subject.

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