A "Limitation Period" is a legally defined time frame within which a person must initiate a lawsuit or legal action. If this period expires, the individual may lose the right to pursue their claim in court. Limitation periods vary depending on the type of case, such as personal injury or contract disputes, and are established by law to ensure timely resolution of legal matters. These periods are important because they encourage parties to resolve disputes quickly and prevent the indefinite threat of litigation. For example, in many jurisdictions, the limitation period for personal injury claims is typically three years from the date of the injury.