Category: Legal

What Is Financial And Legal Liability?

Liability is the risk that one party incurs to another party in the event of a loss or injury. The risks that are associated with liability are usually related to personal injury, death, property damage, and other monetary damages. There is a formal definition of liability that is required to be included in most contracts. The liability is the risk that a party will lose some or all of their assets, pay damages, or incur legal costs in the event that the other party is found to be at fault for a particular event.

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