DE HB363

Adds new subsection (c) to Delaware Code § 8106 allowing parties to specify custom limitations periods in written contracts worth at least $100,000

Permits actions based on written contracts to be brought within the period specified in the contract, provided the action is filed before 20 years from when the cause of action accrues

Eliminates the need to use contracts under seal to extend limitations periods beyond the standard 3-year or 4-year statutory periods for breach of contract claims

The specified period in a contract may be a fixed time frame, a period defined by reference to another event or document, or an indefinite period of time

Effective date: August 1, 2014