A.The parties to a contract of reinsurance may contract out of the application of the Limitation Act. For example, the parties may extend the usual six year period or exclude the application of the Limitation Act or preclude the parties from relying on the Statute unless notice of their intention to do so is given within the limitation period. The parties may agree not to plead a limitation period. Such agreements, if supported by consideration, will be binding as a contract and will have the effect of allowing the plaintiff to proceed after the limitation period has expired: Lade v Trill ; S Pearson & Sons, Ltd v Lord Mayor of Dublin. It is immaterial whether the agreement is made and the consideration given before or after the limitation period has expired. The consideration may consist of mutual promises that the parties' accounts will be determined without recourse to the length of time the debts have been in existence: Newton v State Government Insurance Office (Qld) , or a forbearance to sue by the plaintiff .
B.No.