a long sentence that i dont understand...help

[llarcenciell]

no action, regardless of form, arising out of any transaction under this agreement may be brought simulia or institute more than one year after the unjured party has, or by the exercise of reasonable diligence should have had, knowledge of the occurrence which gives rise to such action.

 

[rlfwood]

This is evidently extracted from a contract. What is says (loosely) is that you can't take legal action more than a year after you become aware of the problem that is the reason for the action.

Obviously, if this is a "real world" situation in which you are involved, you should consult a lawyer in your area to find out exactly what it means for you.