joint and several liability

Definitions

Accounting

• noun a situation where someone who has a claim against a group of people can sue them separately or together as a group

Construction

• When two or more parties guarantee repayment of debt, all or any one of the parties are obligated to repay the debt.

Law

• noun a situation where two or more parties share a single liability, and each party is also liable for the whole claim

Nearby Definitions of “joint and several liability”

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Contexts for “joint and several liability”

3 definitions in context
• Accounting
• Construction
• Law