Statutes of limitations (SOL) are laws passed by legislatures to set the maximum time after an event within which legal proceedings may be initiated. In other words, a statute of limitations is the period of time after something happens (car accident, work accident) giving rise to legal liability, for the injured party to hold the responsible party liable, either through settlement or the filing of a lawsuit. Once the period of time specified by the SOL has passed, the injured party is forever barred from filing a lawsuit for that specific cause of action.
