Meaning of “joint liability” in the English Dictionary

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"joint liability" in Business English

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joint liabilitynoun [ U ]

uk us

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.

(Definition of “joint liability” from the Cambridge Business English Dictionary © Cambridge University Press)