Definition of “liability” - English Dictionary

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“liability” in English

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liabilitynoun

uk ​ /ˌlaɪ.əˈbɪl.ə.ti/ us ​ /ˌlaɪ.əˈbɪl.ə.t̬i/

liability noun (RESPONSIBILITY)

C1 [ U ] the fact that someone is legally responsible for something:

He denies any liability for the damage caused.
liabilities [ plural ] specialized

› debts:

The business has liabilities of 2 million euros.
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(Definition of “liability” from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

“liability” in American English

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liabilitynoun [ C/U ]

us ​ /ˌlɑɪ·əˈbɪl·ɪ·t̬i/

› the responsibility of a person, business, or organization to pay or give up something of value:

[ U ] He denies any liability in the accident.
[ C usually pl ] The business has liabilities of $5 million.

› A liability is also anything that hurts your chances of success or that causes difficulties:

[ C ] Not having our own delivery trucks is a liability in our business.

(Definition of “liability” from the Cambridge Academic Content Dictionary © Cambridge University Press)

“liability” in Business English

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liabilitynoun

uk ​ /ˌlaɪəˈbɪləti/ us ​ plural liabilities

› [ C ] ACCOUNTING, FINANCE the amount of money that a person or organization owes:

He listed liabilities of more than $3 million.
The company will also have to show that it has a liability of $600.

› [ U ] LAW legal responsibility for something:

liability for sth Warning notices may not be enough to absolve a property owner of liability for visitors' injuries.
They still haven't admitted liability for the crash which ruined so many lives.
The army denied liability but agreed to make an out-of-court settlement.

See also

admission of liability
assumed liabilities
civil liability
contingent liability
criminal liability
current liability
deferred liability
deposit liabilities
employer liability
external liability
joint and several liability
legal liability
limitation of liability
limited liability
long-term liability
personal liability
product liability
professional liability
secured debt
sequential liability
strict liability
tax liability
unlimited liability
vicarious liability

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

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