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A tolling agreement is a legal contract that allows one party to extend the statute of limitations on a claim. In other words, it suspends the time limit for making a claim, giving the parties more time to negotiate and settle their dispute.
Under English law, tolling agreements are recognised and enforceable. However, they must meet certain requirements to be valid. First, the agreement must be in writing and signed by both parties. Second, it must clearly state the duration of the tolling period and the claims to which it applies.
Tolling agreements are often used in complex commercial disputes, such as construction disputes or product liability claims. They allow the parties to continue their negotiations and attempt to reach a settlement without the risk of their claims being time-barred.
One potential downside of a tolling agreement is that it can be costly. The parties may need to hire lawyers and other experts to help them during the tolling period, which can add up quickly. In addition, the agreement may give the other party more time to prepare their case, which can make it more difficult to reach a favourable settlement.
Despite these potential drawbacks, tolling agreements can be a useful tool for resolving disputes under English law. They allow the parties to extend the time limit for making a claim and continue negotiations, which can ultimately lead to a more satisfactory outcome for both sides.
In conclusion, tolling agreements are a recognised and enforceable legal contract under English law. They can be a useful tool for resolving disputes by suspending the time limit for making a claim and allowing the parties to continue negotiations. However, they must meet certain requirements to be valid, and they can be costly and time-consuming. Overall, tolling agreements should be carefully considered and used only when necessary.