What is the statute of limitations, what is its purpose, and describe the effect of mediation on the statute of limitations

Question

What will be an ideal response?

Answer 1

The statute of limitations is the period of time between the event that gives rise to a legal
claim and the date when a court or administrative agency can no longer hear the claim and
provide a remedy. The purpose of the statute of limitations is to promote timely resolution
of disputes while evidence is still available, and witnesses can still remember what took place.
Typically, mediation suspends the running of the statute. This means that in those cases
where no lawsuit has been filed, the period devoted to mediation will not count against the
statutory period. Although these laws are not uniform from state to state, typically the
statutory period is suspended when one party requests mediation or conciliation and the other
party agrees.