Bill to Lessen Risk Exposure on Business Contracts is Advanced

This week, the Ohio House Civil Justice Committee favorably reported House Bill 251 on an 11-0 vote. The bill, which would revise the statute of limitations for legal disputes related to business contracts, could be on the House floor next week.

The OMA supports HB 251. Speaking on behalf of Ohio’s leading business groups, Chris Ferruso of NFIB Ohio said in his testimony: “This bill is about providing certainty for business owners. Currently, a business owner must maintain documents and records pertaining to a written contract for eight years. This bears a very real expense. With the increase in technology and more sophisticated monitoring of contractual relationships, there is no reason to maintain these records for such a long duration.” 11/14/2019