A Limitation date is a limit on how long you can wait before making a claim.
The basic rule in calculating your Limitation Period is 2 years from the date of the event or default. However, some actions require a more in-depth look at the calculation of the limitation period start and end date. If you have a simple unpaid debt, you can usually rely on the date of the last payment or date of an invoice, to calculate the start of the limitation clock, however, in some cases it may start earlier, or can be extended.
If the claim is regarding an event or damages outside of a simple unpaid debt, the limitation period generally starts from the date of the event, or the date you became aware you may have suffered damages. This can be subjective in some cases and you may want to research the issue of limitations further.
When the limitation period is a question you need to be answered, it is best to contact a paralegal to assist you in determining the date of the limitations.