liability
noun
uk/ˌlaɪəˈbɪləti/ usplural liabilities [ C ] ACCOUNTING, FINANCE
the amount of money that a person or organization owes:
He listed liabilities of more than $3 million.
The company will also have to show that it has a liability of $600.
[ U ] LAW
legal responsibility for something:
liability for sth Warning notices may not be enough to absolve a property owner of liability for visitors' injuries.
They still haven't admitted liability for the crash which ruined so many lives.
The army denied liability but agreed to make an out-of-court settlement.
See also
admission of liability
assumed liabilities
civil liability
contingent liability
criminal liability
current liability
deferred liability
deposit liabilities
employer liability
external liability
joint and several liability
legal liability
limitation of liability
limited liability
long-term liability
personal liability
product liability
professional liability
secured debt
sequential liability
strict liability
tax liability
unlimited liability
vicarious liability