Glossary
Statute of Limitation
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The legal time limit within which a lawsuit must be filed.
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What is the Statute of Limitation?
The Statute of Limitation is a legal concept that sets a time limit for filing a lawsuit or pursuing legal action. In shipping, it refers to the time limit for filing a claim for loss or damage to goods during transportation. The statute of limitation may vary depending on the jurisdiction and the mode of transportation used.
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