An agreement not to raise the plea of limitation is a legal contract between two parties that waives the right to use the defense of statute of limitations in a legal dispute or claim. This agreement can be made between individuals, organizations, or even governments.

The statute of limitations is a set period of time within which a legal claim must be filed. If the claim is not filed within this specified period, it is barred by law and cannot be pursued further. However, parties in a legal dispute can agree to waive or extend the statute of limitations period, which gives them more time to file a claim or respond to a claim.

One of the main advantages of such an agreement is that it can provide certainty and closure for both parties, especially in situations where the facts and evidence of the dispute may become unclear or difficult to prove over time. It also avoids the need for costly and time-consuming litigation to determine whether or not a claim is time-barred. By waiving the plea of limitation, parties can focus on resolving the core issues of the dispute in a more efficient and cost-effective manner.

However, it is important to note that such an agreement should be made with caution and with due consideration of all legal factors. For example, it is important to ensure that the agreement is made freely and voluntarily, without undue influence or duress from one party to the other. It is also important to ensure that the agreement is properly documented and executed to avoid later disputes.

In conclusion, an agreement not to raise the plea of limitation is a legal contract that can provide certainty and closure for parties in a legal dispute. However, it should be made with caution and with due consideration of all legal factors to ensure that both parties’ interests are protected.