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Definition of “liability” - English Dictionary

"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 British 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 Learners Dictionary & Thesaurus © Cambridge University Press)

"liability" in Business English

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liabilitynoun

uk   us   /ˌlaɪəˈbɪləti/ (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.
(Definition of liability from the Cambridge Business English Dictionary © Cambridge University Press)
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“liability” in Business English

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