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A limitation (a cap) of liability clause is a contractual provision that restricts the amount of damages a client can recover from a company. Uncapped liability is a liability without a limit.
Forrest Brakus
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What is financial liability?
If you have financial liability, they you have to pay money if something goes wrong. Liability means you can be held responsible and financial means money.
How is a liability increased by a credit or debit?
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
What decreases an asset and liability?
Decrease in asset means being using of it decreases and liability decrease means payable of debts decreases.
What exactly is general liability?
General liability means that your friend has been found responsible for something. Liability is usually an insurance term, it means they pay for damages to other peoples property or self.
What is a register llc?
A registered LLC means "Limited Liability Company." Companies will always have this behind their name even if its a dba name. This means that they have limited liability and someone co-shares the full liability.
What is the difference between joint liability and joint and several liability?
Joint liability means the defendants each must apy their share. Joint and several liability means the plaintiff can collect all dammages from one defendant if the other defendants cannot pay.
Are bonds payable a current liability?
Yes bonds payable means liability..first of all wherever the word payable denotes for paying that shows liability
What is contractual liability insurance?
Contractual liability insurance is something purchased to protect a person entering into a contract, when that contract means that they agree to be responsible for any liability.
What is meant by the term civil liability?
The term "civil liability" means that another person or a business can sue you and end up being awarded damages by the courts. Civil liability is distinguished from Criminal liability.
What is the difference between Accountability and liability?
Liability is where a business allows shareholders to have control over a business. Liability in French means check out my big saggy old man balls.
Actually what means cross liability?
Cross liability, sometimes referred to as "Joint Liability"is an instance where more than one person or entity is considered liable for a loss or injury.
Define the term unlimited liability?
The term unlimited liability means that you are not protected from the liabilities of your company. To avoid this situation, you can start a corporation.
