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)

You have no rights to post comments

Related Articles

Claim ■■■■■■
Claim is term that can refer to:1. Demand for something as rightful or due 2. An assertion of a right . . . Read More
Insurance ■■■■■
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk . . . Read More
Risk ■■■■
Risk is the potential of loss (an undesirable outcome, however not necessarily so) resulting from a given . . . Read More
Accident ■■■■
In the industrial/industry context, an accident refers to any unplanned event or occurrence that results . . . Read More
Discount at travel-glossary.com■■■■
Discount may refer to reductions to the basic prices of goods or services or a financial mechanism in . . . Read More
Density ■■■■
The density, or more precisely, the volumetric mass density, of a substance is its mass per unit volume. . . . Read More
Adhesion ■■■
Adhesionis a characteristic in all adhesivesthe force required to remove a label from a substrate after . . . Read More
House ■■■
A house is a home, building, or structure that functions as a habitat for humans or other creatures. . . . Read More
Security ■■■
Security is the degree of resistance to, or protection from, harm. It applies to any vulnerable and valuable . . . Read More
Suspension ■■■
Suspension may refer to a mixture of two chemicals with the property that one does not rapidly settle . . . Read More