Liability Transfer
/ˌlaɪəˈbɪləti ˈtrænsfər/
Definitions
- (n.) The legal process by which one party assumes responsibility for the debts or obligations of another party, typically through contract or statutory provisions.
The liability transfer agreement ensured the buyer took on all outstanding claims against the company.
Forms
- liability transfer
Related terms
See also
Commentary
Liability transfer often requires clear contractual language to determine scope and enforceability; distinguishing it from indemnity is crucial in legal drafting.
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.