obligation /; AmE / noun

TAX OBLIGATION

1 [C,U]

a legal or moral duty to do sth:

The industry has an obligation to establish a pension scheme.

He is under no obligation to reveal sales figures.

We will send you an estimate for the work without obligation

(= you do not have to accept it).

2 obligations [pl.]

something that a person or an organization has to do, because of a promise, a law or rule, etc:

The bank is unable to meet its financial obligations.

We are committed to fulfilling our obligations to our creditors.

The company ended up defaulting on its international debt obligations.

❖ to fulfil/meet your obligations

◆ contractual/financial/legal/professional obligations

• credit control
• credit cooperative
• credit creation
• credit derivative
• credit exposure
• credit facility
• credit history
• credit information
• credit insurance
• credit limit
• credit line
• credit loss
• credit market
• credit note
• creditor
• creditor nation
• creditors' committee
• creditors' ledger
• credit policy
• credit quality
• credit rating
• credit rating agency
• credit rationing
• credit reference agency
• credit repair