Probably yes. I don't know if there is anything in your contract as to a certain period of time that a claim for breach of contract can be filed after the breach (sometimes contracts will have a shorter SOL than the one that would normally apply). I believe in Tx. a contract cannot shorten the SOL to less than 2 yrs. though.
I believe you need the help of an attorney if you might be sued - have them review the contract.

