A liability is an obligation which requires one unit (the debtor) to make a payment or a series of payments to the other unit (the creditor) in certain circumstances specified in a contract between them.

See also:
"Liability" is in the UNSPSC Code "84131607"
  Liability insurance

"Liability" is in the NAICS Code "524126"
  Direct Property and Casualty Insurance Carriers
  ... that protect policyholders against losses that may occur as a result of property damage or Liability

Ref: 86245/2006-09-13

Other Database Pages Exist for this Phrase:
Ability (From Social Ability)

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