We have a contract from 2021 for GC services performed which we are having trouble collecting on. We want to send the account to collections, but were curious if there is a statute of limitations on the contract terms.
You would have ten years on a breach of contract and three years to attempt to collect via an open account claim.
Is the 3 year collection period from the date of the contract or the last invoice for services performed?
It is alway fact determinative, but usually from the breach itself or when the amount becomes due.