joint liability Meaning in Cambridge Business English Dictionary
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Meaning of "joint liability" - Business English Dictionary

joint liability

noun [U]
 
 
LAW a situation where more than one person or organization share responsibility for paying a debt or for paying for damage that has been caused, etc.: As the partners have agreed to joint liability, if the partnership becomes insolvent the bank can pursue both partners for the money. →  Compare joint and several liability
(Definition of joint liability from the Cambridge Business English Dictionary © Cambridge University Press)
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