joint liability


Also found in: Financial.

joint liability

n. when two or more persons are both responsible for a debt, claim or judgment. It can be important to the person making the claim, as well as to a person who is sued, who can demand that anyone with joint liability for the alleged debt or claim for damages be joined in (brought into) the lawsuit with them. (See: joinder, joint and several)

References in periodicals archive ?
into the fold of institutional credit, Joint Liability Groups (JLGs) have been promoted by banks.
Non-resident taxpayers are required to appoint a tax representative to act on their behalf and to assume joint liability for VAT debts.
Under the latest eurozone reforms, the principle that those who assume a risk should be liable for it has been replaced by a principle of joint liability, implying financial transfers on an unprecedented scale in the event of a crisis.
447.023 million which is joint liability of both the accused persons.
As a result, they collected huge amount from the general public at large as 26 applicants have submitted their claims so far to the tune of Rs447.023 million which is a joint liability of both the accused persons.
The theme of the conference was 'The Significance of Joint Liability Groups (JLGs) as Saviors of Rural Poor Students'.
'We also wish to remind Nigerians that as much as he claims the credit, he must be prepared to accept joint liability for all that happened in that Government.
He had suggested that SHMC should sign joint liability agreements with its parent company to ensure it would not be overwhelmed by costs.
Exercising strict control and supervision over franchisees will increase the franchisor's risk exposure in joint liability claims.
"If you don't have joint liability, you stand a significant chance of getting pennies on the dollar.
The company started its microfinance operations by adopting the Joint Liability Group (JLG) Model with the use of technology and new adaptations.
"Joint liability must be extended to parent employers.

Full browser ?