| Commentary

124.3 Time limits

| Commentary

124.3 Time limits

With respect to time limits, the tax warranties and the tax deed are commonly treated differently from the general warranties. In both cases, the sellers will be keen to have the assurance that after a certain period of time the buyer will no longer be able to make claims for breach of the agreement. In the case of general warranties, the limitation period is a matter for negotiation—the sellers will obviously wish to keep this period to a minimum whereas the buyer will usually want to have the opportunity of seeing two sets of audited accounts following

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