Contracts generally play a huge role in the life of a business. Businesses form contracts regarding all manner of different things. Whether the other party a business formed a contract with be a supplier, a client, another business in its field or some other entity, it can be of considerable importance that the other party live up to their end of the contract. Businesses can suffer great harm when the other party fails to do this and breaches the contract.
A business that has suffered a breach of contract likely has legal remedies available to it. However, it is important to note that these remedies, generally, are not available forever.
As is the case with pretty much any type of business litigation, there are statutes of limitations in place when it comes to breach of contract claims. A statute of limitations is a time limit regarding how long a person or company has to bring a claim after the incident giving rise to the claim occurred.
Under the statutes of limitations for breach of contract here in Michigan, a party generally has six years to bring a breach of contract claim. It is important to note that there are certain types of contracts that have their own specific limitations period assigned to them that is different from this general one.
Experienced business law attorneys can give businesses that believe that they have been subjected to a breach of contract information on what the statute of limitations would be on a potential claim and can help them work to preserve and protect their rights.