Impact of Ontario’s Limitations Act 2002 on Businesses

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Summary:

The Limitations Act, 2002, in Ontario affects various aspects of business operations, including contractual obligations, debt recovery, and employment issues. For businesses, it is crucial to be aware of the Act's provisions and limitation periods to protect their legal rights and interests. Key takeaways include:

Timely documentation and action are necessary for businesses to protect their interests in contractual disputes, which have a two-year limitation period from the time of breach discovery.
Businesses must act promptly in collecting debts, as the two-year limitation period applies from the time the debt became due.
Employment-related disputes, such as wrongful dismissal claims, generally have a two-year limitation period from the termination date.
Certain exceptions to the general two-year rule exist, including claims related to intellectual property, government contracts, and environmental issues.