Definitions
There is 1 meaning of the phrase
Joint Liability.
Joint Liability - as a noun
When two or more persons are both responsible for a debt, claim, or judgment.
Example: "A joint liability for a debt is the result of two or more parties applying jointly for credit as co-borrowers, which is implied in a general partnership."
Example Sentences
"In a partnership, the partners have joint liability for the debts and obligations of the business."
"The joint liability of the shareholders extends to the full value of their shares."
"When signing a loan agreement, both parties assume joint liability for repaying the loan."
"The joint liability clause in the contract ensures that all parties are responsible for any damages caused."
"In a joint liability insurance policy, all policyholders are collectively responsible for any claims made."
