Breach of Contract Limitation Period Bc

Breach of Contract Limitation Period BC: What You Need to Know

Contracts are an essential part of any business transaction, whether you`re buying or selling goods or services. However, unfortunately, sometimes one party may fail to fulfill their obligations, which results in a breach of contract. In such cases, you have the right to seek compensation for any losses or damages incurred as a result of the breach.

However, it`s not always possible to pursue a breach of contract claim indefinitely. There is a limitation period in British Columbia (BC) that applies to these claims, and it`s important to understand what it is and how it applies to your situation.

What is the Limitation Period for Breach of Contract Claims in BC?

In BC, the limitation period for breach of contract claims is generally two years from the date on which the breach occurred. What this means is that you have two years from the date of the breach to file a claim seeking compensation or to initiate legal proceedings.

It`s important to note that this limitation period applies not just to breach of contract claims but also to other legal claims, such as personal injury claims or property damage claims.

What Happens if You File a Claim After the Limitation Period Has Expired?

If you try to file a breach of contract claim after the limitation period has expired, your claim may be dismissed. This means that you will not be able to seek compensation for any losses or damages that you suffered as a result of the breach.

It`s important to take note of this limitation period and act quickly if you believe that you have a breach of contract claim. If you`re unsure whether you have a valid claim or if you`re running up against the limitation period, it`s a good idea to consult with a lawyer who can advise you on your legal options and any important deadlines.

Exceptions to the Limitation Period

While the general rule in BC is that the limitation period for breach of contract claims is two years, there are some exceptions to this rule. For example, the limitation period may be extended if the party who breached the contract engaged in fraudulent or illegal conduct, or if the breach was not discovered until later.

In addition, there are some situations in which the limitation period may be paused or suspended. For example, if the party who breached the contract leaves the province before the limitation period expires, the period may be suspended until they return.

Conclusion

If you believe that you have a breach of contract claim, it`s important to act quickly and file your claim within the two-year limitation period in BC. Make sure to consult with a lawyer who can advise you on your legal options and help you navigate the complexities of contract law and the limitation period. Understanding this limitation period is crucial to protecting your rights and ensuring that you receive the compensation you deserve.