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A tolling agreement is a mechanism that suspends the statute of limitations, often used by builders negotiating with associations to repair construction defects. While it grants more time to resolve disputes without lawsuits, parties should be cautious as it only binds the signatories. If the builder goes out of business or other liable parties are involved, the agreement may not protect all involved from the limitations period. Be mindful of potential risks when using tolling agreements in negotiations.
