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A tolling agreement is a contract between two parties that pauses the statute of limitations during negotiations, often proposed by builders while addressing construction defects with an Association. While it allows more time to resolve issues without resorting to litigation, caution is needed. The tolling agreement only binds the involved parties, meaning if the builder encounters problems, like going out of business, other potentially liable parties (e.g., general contractors and subcontractors) are not bound by the agreement. Consequently, the statute of limitations could expire during negotiations with the builder, potentially limiting recourse against other liable parties.
