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joint and several liability

This is where parties act within the contract as partners and have 'joint, and several liability'. This means each partner is also liable for the entire contract. In the case of a liability or creditor, they must pay in full and recover the partners share of contribution individually.

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  • Part of Speech: noun
  • Industry/Domain: Law
  • Category: Contracts

Business Contracts

Category: Business

Total terms: 10

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  • T.Dub
  • (United States)

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