GREENVILLE, S.C. - Gov. Mark Sanford signed a bill Monday that limits lawsuit awards.

The House and Senate gave the legislation final approval last week.

The bill sets standards for who pays what share of damages, restricts where lawsuits can be filed, targets frivolous lawsuits and limits how long businesses and consumers can sue over shoddy construction.

House Speaker David Wilkins of Greenville said the legislation reflects teamwork.

Sanford said the new law has made the state's business climate friendlier and more competitive with neighboring states. Georgia passed similar legislation last month.

Another bill limiting lawsuits in medical malpractice cases is also on its way to Sanford's desk. The House has to agree to a Senate amendment, which is expected to happen when members return from vacation next week.