What is the effect of acknowledgment on the period of limitation ? Discuss.

Section 18 of the Limitation Act, 1963 deals with the effect of acknowledgement of liability in respect of property or right on the period of limitation. The following requirements should be present for a valid acknowledgement as per Section 18: There must be an admission or acknowledgement Such acknowledgement must be in respect of any property or right It must be made before the expiry of period of limitation It must be in writing and signed by the party against whom such property or right is claimed. If all the above requirements are satisfied, a fresh period of limitation shall be computed from the time when the acknowledgement was signed.