Time Limitations To Bring A Claim - Why Is It So Important?

If you have a potential claim against any person or company, then one of the most important points to remember is that there will be a time limitation as to how much time can pass in which you can bring a claim, and once that time passes, a claim can no longer be made. Different areas of law and claims that can be made, have different time limitations. So what happens if you are 'out of time'? And why is time limitation such an important point when considering bringing a claim? Perhaps you ar...