Explanation of the term limitation waiver
Contractual claims against customers generally expire after ten years at the latest. Certain contractual claims become statute-barred after the expiration of five years, e.g. claims arising from rentals, leases, or craftsmanship. You can no longer assert a time-barred claim in court against the will of the debtor. However, you can prevent the statute of limitations from coming into effect by means of a lawsuit or debt collection. It is also possible for the debtor to submit a waiver of the limitation period: The limitation waiver merely prevents the demand from becoming time-barred and you can continue to seek a common solution with the debtor.