Laches is different from "statute of limitations," which sets specific periods to file a lawsuit for specific types of claims (negligence, breach of contract, fraud, etc.).

Laches is based on the theory that equity aids the vigilant and not those who procrastinate when it comes to exercising their rights. If a person is slow to to assert a right or claim such that the lapse of time harms the other party, the person may lose that right.