liability (noun)
71long-term liability — UK US noun [usually plural] (also fixed liability) ACCOUNTING, FINANCE ► a debt that does not need to be paid for at least a year: »Strict rules have been blamed for forcing life insurers to sell shares in order to fund long term liabilities →… …
72contingent liability — a liability which will only arise upon the happening of a certain event, for example, the guarantor of a loan being asked to honour the guarantee if the borrower defaults. Glossary of Business Terms A debt or obligation that becomes a liability… …
73limited liability company — Legal entity that is a special kind of corporation. A limited liability company offers shareholders the limitations on personal liability that are available to stockholders in C or S corporations. At the same time, limited liability companies are …
74civil liability — ➔ liability * * * civil liability UK US noun [C] (plural civil liabilities) LAW ► the legal responsibility of paying money for damage to another person s health, business, or property: »Company directors face criminal and civil liability for… …
75legal liability — ➔ liability * * * legal liability UK US noun [U] LAW ► responsibility that someone has for their actions, for example the responsibility to pay another person for harm or damage that is a result of these actions: »Failure to comply with the… …
76personal liability — ➔ liability * * * personal liability UK US noun [U] ► LAW the fact of a person, rather than a company or organization, being legally responsible for something: »Under certain conditions, trustees can take out insurance against personal liability …
77professional liability — ➔ liability * * * professional liability UK US noun [U] ► LAW the legal responsibility of a professional person such as a doctor, lawyer, etc. to pay for any damage, harm, or loss that they cause as they do their job: »professional liability… …
78sequential liability — ➔ liability * * * sequential liability UK US noun [U] LAW ► an official rule that a person or company does not pay money that they owe until they receive money that is owed to them for the same work, project, etc.: »Sequential liability protects… …
79vicarious liability — ➔ liability * * * vicarious liability UK US noun [U] LAW ► legal responsibility for other people s actions, especially those of your employees or customers: »The van driver s employer could be sued for negligence under the principle of vicarious… …
80business liability insurance — ➔ insurance * * * business liability insurance UK US noun [U] ► INSURANCE insurance taken out by a company to protect against injury or damage caused by a problem with a product or a failure by an employee: »Every business owner should shop for… …
