LIMITATION OF LIABILITY
\lˌɪmɪtˈe͡ɪʃən ɒv lˌa͡ɪəbˈɪlɪti], \lˌɪmɪtˈeɪʃən ɒv lˌaɪəbˈɪlɪti], \l_ˌɪ_m_ɪ_t_ˈeɪ_ʃ_ə_n ɒ_v l_ˌaɪ_ə_b_ˈɪ_l_ɪ_t_i]\
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1. In General, this is a statement given in writing that sets the conditions and damage amounts as a disclaimer on liability. 2. As a Memorandum of association, this is a statement clearly limiting liability to the par value of fully paid-up company shares for the firm's debts and obligations on a shareholder.
By Henry Campbell Black
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).