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A tolling agreement is a contract between two parties that pauses the statute of limitations during negotiations, often initiated by builders while addressing construction defect repairs with an association. While a tolling agreement is beneficial for giving parties more time to resolve their issues and avert lawsuits, caution is needed. It only affects the parties directly involved; if the builder becomes unable to fulfill its obligations or other issues arise, third parties like general contractors or subcontractors are not bound by the agreement. Consequently, the statute of limitations may expire while negotiations are ongoing, potentially leaving other liable parties unprotected.
