Liability Agreement
/ˌlaɪəˈbɪləti əˈɡriːmənt/
Definitions
- (n.) A contractual arrangement in which one party agrees to accept responsibility for certain damages or losses incurred by another party.
The liability agreement specified who would cover damages resulting from the construction project.
- (n.) An agreement limiting or defining the extent of legal liability between parties.
The company entered into a liability agreement to cap its potential losses on the product.
Forms
- liability agreement
- liability agreements
Related terms
See also
Commentary
Liability agreements often incorporate or relate closely to indemnity and hold harmless clauses; precise language is crucial to delineate scope and limit exposure.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.