NCARB people and those with more Practice Management experience -- I'm currently studying for PcM and have run into what I see as conflicting information regarding the statutes of limitations and repose. I'm hoping someone can make this a little less muddy for me.
First up, we've got the Ballast 5.0 Review Manual (page 2-11):
"A statute of limitations sets a time limit within which a claim can be made. After the time limit, the claim is permanently barred.... In many states, the statute of limitations begins with the date of substantial completion."
"A statute of repose ... is similar to a statute of limitations, except that the time limit is usually much shorter and does not begin until the problem is first discovered...."
Next, the 15th edition of the Architect's Handbook of Professional Practice (page 1091):
"The governing law restricts the length of time that lawsuits (or arbitrations) may be filed after damages are incurred or after a defect occurs or is discovered. This time period is established by a statute of limitations. Most states have also adopted another type of time restriction on claims against construction contractors (and architects) established by a statute of repose. Unlike a statute of limitations, a statute of repose begins to run at the end of construction or whenever services were last provided."
Maybe I've been staring at these resources for too long now, but it seems like one of these has got to be backwards. A brief Google search turned up results that seem to agree with the Architect's Handbook of Professional Practice. I also checked for errata on Ballast's website -- this has not been reported yet (if it is the incorrect one).
Can anybody enlighten me/elaborate on this?
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