Limitations Act, 2002 (Ontario) Clause Samples
The Limitations Act, 2002 (Ontario) establishes the time limits within which legal actions must be commenced in the province of Ontario. Typically, it sets a standard two-year limitation period from the date a claim is discovered, after which a party loses the right to bring a lawsuit related to that claim. The Act applies to most civil claims, such as those involving contracts, torts, or property disputes, but also outlines exceptions and special rules for certain types of cases. Its core function is to provide certainty and finality by encouraging timely resolution of disputes and preventing the indefinite threat of legal action.
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Limitations Act, 2002 (Ontario). Each of the parties hereto agree that any and all limitation periods provided for in the Limitations Act, 2002 (Ontario), as amended from time to time, or any other applicable law limiting the time for which an action may be commenced shall be excluded from application to the First Priority Notes Obligations and any undertaking, covenant, indemnity or other agreement of each Grantor hereunder, in each case, to fullest extent permitted by the Limitations Act, 2002 (Ontario) or applicable law.
Limitations Act, 2002 (Ontario). Each Guarantor acknowledges and agrees that the Collateral Agent may demand payment in accordance with the terms of this Guarantee and commence proceedings against the Guarantor in respect of any claim pursuant to this Guarantee at any time while any of the Obligations remain unpaid, notwithstanding any limitation period under the Limitations Act, 2002 (Ontario) or any other applicable law and, to the fullest extent permitted by law, all limitation periods under such Act or other applicable law are hereby expressly excluded. For greater certainty, each Guarantor acknowledges that this Guarantee is a “business agreement” within the meaning of subsection 22(6) of the Limitations Act, 2002 (Ontario).
Limitations Act, 2002 (Ontario). Any and all limitation periods provided for in the Limitations Act, 2002 (Ontario), as amended from time to time, or any other applicable law limiting the time for which an action may be commenced shall be excluded from application to the obligations of Guarantor hereunder to fullest extent permitted by such Act or applicable law.