What is Statute Of Repose?

Legal Definition
A statute of repose (sometimes called a nonclaim statute), like a statute of limitation, is a statute that cuts off certain legal rights if they are not acted on by a certain deadline.
-- Wikipedia
Legal Definition
Any law that bars claims after some action by the defendant, even if the plaintiff has not yet been injured. Since the time period begins to run from the date of the defendant's action even if the injury is yet to occur, a statute of repose is generally more favorable to defendants than a statute of limitations.

See Statute of limitations (compare).
Legal Definition
Statute of limitations applying the number of years a party has after the contract is over to act.