Several Liability definition

Several Liability means when more than one person or organisation are severally liable, each person is individually liable to only their part of the relevant obligation;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Several Liability. If more than one party is referred to as Customer, then their obligations and liabilities shall be several, not joint.

Several Liability means several liability under Treasury Regulation Section 1.1502-6 or any similar provision of state, local or foreign law for Taxes of any entity that was affiliated with UK Subsidiary while UK Subsidiary was owned by Seller or UK Seller, or any entity that was affiliated with Factory Power while Factory Power was owned by Seller, or any entity that was affiliated with Korean Subsidiary while Korean Subsidiary was owned by any subsidiary of Seller.

Examples of Several Liability in a sentence

• Such transfer of Account assets does not release the deceased Depositor nor their estate from section 2.5, Joint and Several Liability.

• If a corporation is controlled by a trust or the estate of a Producer that has died must have alternate guarantors (i.e. third-party guarantors) and cannot sign the Joint & Several Liability Guarantee.

• Sections 13.3 (Preparation of Agreement), 13.4 (Notices), 13.5 (Further Corporation), 13.7 (Parties in Interest), 13.9 (Waiver; Rights Cumulative), 13.10 (Governing Law; Jurisdiction), 13.11 (Severability), 13.12 (Counterparts), 13.13 (Joint and Several Liability), 13.14 (Siltstone Seller Representative) and 13.15 (Whitehorse Seller Representative) of the PSA shall apply to this Amendment as if set forth in full in this Amendment, mutatis mutandis.

• Such payment does not release the deceased Account holder nor his/her estate from article 2.2, Joint and Several Liability.

• On January 2, 2014 we adopted guidance issued by the Financial Accounting Standards Board (“FASB”), ASU 2013-04, “Liabilities – Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date”, an amendment providing guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date.

• Notice of any adjourned meeting of shareholders shall not be required to be given if the time and place thereof are announced at the meeting at which the adjournment is taken except as may be expressly required by law.

• Upon and subject to such payment in full, the Company (or, in the case where the Liability Option selected is Joint and Several Liability, the Company and/or the Cardholder jointly and severally) may then make a claim under the Corporate Liability Waiver Insurance as may be amended from time to time in relation to the foregoing.

• Without prejudice to Clause 7.5, the Company (or, in the case where the Liability Option is Joint and Several Liability, the Company and/or the Cardholder jointly and severally) shall be liable to the Bank for charges incurred as a result of any unauthorized use of a Card by any other employee of the Company or any third party who is not the Cardholder.

• If the Liability Option selected is Joint and Several Liability, the total outstanding balance shall be paid by the Cardholder and/or the Company in full by the payment due date set out in the Cardholder’s billing statement (and in the case of the Cardholder) regardless of whether he has been reimbursed by the Company, and both the Cardmember and Company shall have joint and several liability to pay such balance to the Bank.

• In the case of Joint and Several Liability Agreement, the Cardmember and the Company will be liable for all Transactions, fees and charges incurred on the Card.

More Definitions of Several Liability

Several Liability. If two or more corporations, partnerships or other business associations (or any combination of two or more thereof constitute the Landlord in this Lease, the liability of each such corporation, partnership or other business association hereunder is several. In the event of default by the Landlord under this Lease, the Tenant agrees that should it proceed against such corporations, partnerships or other business associations, it shall do so only in accordance with their several interests, as they may be from time to time.

Several Liability. The words "each Borrower hereunder" in Section 1.6 are deleted and the words:

Several Liability means liability separate and distinct from the liability of another to the extent that an independent action may be brought without joinder of others.

Several Liability. The subscribing reinsurers’ obligations under contracts of reinsurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing reinsurers are not responsible for the subscription of any co-subscribing reinsurer who for any reason does not satisfy all or part of its obligations. 08/94, LSW1001 (Reinsurance).

Several Liability. The subscribing reinsurers’ obligations under contracts of reinsurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing reinsurers are not responsible for the subscription of any co-subscribing reinsurer who for any reason does not satisfy all or part of its obligations. 08/94, LSW1001 (Reinsurance). ▇▇▇▇▇▇ Re Inc., ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇▇▇▇, ▇.▇.▇, ▇▇▇▇▇▇ Re Inc., 4th Floor, Wall Street Plaza, New York, New York 10005, U.S.A and ▇▇▇▇▇▇ Limited, Ten Trinity Square, London EC3P 3AX. Reference : DLXJ526 Reinsured : Island Heritage Insurance Company Limited Type : Residential Property Catastrophe Excess of Loss Reinsurance Agreement