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A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can cap the amount of potential damages to which a company is exposed. The limit may apply to all claims arising during the course of the contract, or it may apply only to certain types of causes of action.
A procedural rule which limits the time in which a party may bring an action for a right which has already accrued. Related Terms: Statute of Repose, Limitations or Statute of Limitations. See, also, limitations and statute of repose. Statute of limitations is the collective term commonly applied to a great number of acts, or parts of acts, that prescribe the periods beyond which' a plaintiff may not bring a cause of action.