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Limitation periods refer to the time limits within which legal actions must be commenced. They define the period during which a claimant must initiate a lawsuit or legal proceedings based on a particular cause of action. Once the limitation period expires, the claim may be considered “statute-barred,” meaning that it cannot be pursued through the court system.

The purpose of limitation periods is to promote the timely resolution of legal disputes, ensure fairness in the administration of justice, and prevent claims from being brought after a significant period of time has passed, when evidence may be lost or memories may fade.