limitation of liability definition

limitation of liability

General: Written statement that serves as a disclaimer to limit conditions or instances under which the disclaiming party may be held liable for loss or damages.

Memorandum of association: Clause that specifically states that the liability of each shareholder for the firm's debts and obligations is limited to the par value of his or her fully paidup shares.

limitation of liability is in the Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.

limitation of liability appears in the definition of the following term: limit of liability

limitation of liability appears in the other term: limitation of liability act

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