Common use of Time Limits for Claims Clause in Contracts

Time Limits for Claims. Except for claims related to the Title Warranties, the Sellers will only be liable in respect of a Claim if the Buyers have served a notice on the Sellers on or before (i) the date falling 18 (eighteen) months after the Completion Date with respect to a Claim which is not a Tax Claim or a breach of the covenants set forth in Clause 15.1 of the Agreement; and (ii) the date falling 36 (thirty-six) months after the Completion Date with respect to any Tax Claim or a breach of the covenants set forth in Clause 15.1 of the Agreement, which notice sets out the nature of the Claim in reasonable detail, including the Buyers’ then best estimate of its amount. The Title Warranties survive indefinitely.