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In a recent opinion—GRT, Inc. v. Marathon GTF Technology, Ltd., et al.—Delaware Chancellor Leo E. Strine, Jr., addressed the question of whether a provision in a joint venture agreement, which stated that particular representations would survive for one year and thereafter terminate along with any remedy for breach, effectively operated to shorten the statute of limitations with respect to claims relating to those representations. The court’s answer is “yes,” and there are some drafting lessons to be learned from the decision in order to both ensure that a client’s intent and expectations will be satisfied, and to avoid having to litigate unnecessarily over the issue.

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