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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.
In determining which statute of limitations will control in a civil action, the type of Cause of Action that the claim will be pursued under is critical. States establish different deadlines depending on whether the cause of action involves a contract, personal injury, libel, Fraud, or other claim.