What You Need To Know About New Jersey’s Statutes of Limitations for Common Business Disputes
To preserve your legal rights and claims, it is imperative to commence a business litigation within the applicable statute of limitations. Each state has enacted statutes prescribing a period of limitation for the bringing of certain types of legal action, with the goal of putting adversaries on notice and encouraging the resolution of legal claims within a reasonable amount of time. Absent legal authority, courts are unable to extend the time for filing suit, often leaving tardy plaintiffs with limited legal remedies.
Negligence: Two years for personal injury claims and six years for property claims.
Trade Secret Misappropriation: Six years.
The statute of limitations begins to run from the time when the plaintiff’s cause of action accrues, typically when the act or omission giving rise to the claim occurred. However, New Jersey has adopted the discovery rule, an equitable rule that delays the accrual of certain actions until the plaintiff discovers, or reasonably should have discovered, facts that form the basis of a cause of action or provide a basis for an actionable claim.
The legal doctrine known as “tolling” allows for the pausing or delaying of the running of the statute of limitations period until a specified legal event occurs. For example, when the claimant is a minor, certain statutes of limitations may be tolled until he or she reaches the age of majority. Parties can also agree to enter into a tolling agreement to delay the running of the statute of limitations.
Determining statutes of limitations that apply can be a complex task. Because time is of the essence when pursuing legal claims, it is advisable to contact an experienced attorney as soon as you suspect you may have a claim. Further, an experienced attorney should be consulted before entering into a tolling agreement relating to relevant claims.
Key provisions in your contracts, including those relating to indemnification, insurance, and defense, are essential to contract risk management. While sometimes considered “boilerplate,” these provisions play a pivotal role when determining which party is responsible for certain costs and liabilities. They must always be negotiated and drafted carefully. Indemnification Clauses Businesses should never overlook the […]
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know
In today’s digital economy, New Jersey businesses of all sizes rely heavily on technology vendors, software providers, cloud platforms, and managed IT services. Whether your company is purchasing software, migrating data to the cloud, engaging a cybersecurity consultant, or entering into a long-term managed services agreement, a careful IT contract review can have significant operational, […]
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
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