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A tolling agreement is a contract between two parties that pauses the statute of limitations, often proposed by builders during negotiations with an association for resolving construction defects. While it allows more time to negotiate without filing a lawsuit, caution is essential. The agreement only applies to the parties involved; if the builder goes out of business or there are other issues, additional parties, like general contractors or subcontractors, are not bound by the tolling agreement. Consequently, the statute of limitations may expire during negotiations, potentially affecting legal rights against other liable parties.
