assume liability for

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assume liability for

To take responsibility for something, typically a cost or expense. When you signed the contract, you assumed liability for fees like this.
See also: assume

assume liability for something

to accept the responsibility for paying a cost. Mr. Smith assumed liability for his son's student loans. The store assumed liability for the injured customer's hospital bills.
See also: assume
References in periodicals archive ?
The act also makes changes to the "innocent land-owner defense" under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) or Superfund.
8 million of additional interest simply because it paid $5 million in the earlier -- though incorrect -- year, despite having "prepaid" its entire tax liability for the combined period.
All four corporate characteristics - limited liability, continuity of life, free transferability of interest and centralization of management - are integral to the operation and management of a large, public corporation, and it's unlikely that large corporations would sacrifice any two traits to obtain the tax benefits to be derived from an LLC.
In Parmalat, the court viewed control person liability as analogous to "agency" and concluded that Grant Thornton International controlled Grant Thornton Italy and that Deloitte International controlled Deloitte Italy.
Under "Superfund" regulations (Comprehensive Environmental Response, Compensation and Liability Act), every party that ever owned a property can be held liable for environmental damage arising from it--even if the damage occurred years ago when the property was owned by others.
4) Either the liability's amount is not material or the liability's accrual in the earlier year results in better matching of the liability against the related income.
The survey showed that 33% of private companies do not purchase any type of management liability insurance product (which was defined in the survey as directors and officers liability, employment practices liability, fiduciary liability, errors and omissions, crime, kidnap/ransom and extortion, and workplace violence expense).
A commercial general liability policy is not sufficient to respond to the broad range of risks confronting fiduciaries.
In addition to providing a mechanism for removing infringing content, the Provider Liability Law provides that the third party claiming infringement can demand that the TSP disclose identity information about the alleged offender.
The United States imposes liability on a manufacturer or company even if the company has shown care," says Sara Schotland, a product liability lawyer in Washington, D.
There is a second legal development that elevates liability risks for foundries, even when the waste stream targeted for reuse is non-hazardous.
Directors of the dissolved organization also retain liability for their actions for a similar period and may be sued for their actions as directors during that period.
The Holder must then prove -- often years after the records have been stored or destroyed for the underlying transaction -- that such check or entry did not constitute a legitimate liability or such liability was otherwise eliminated, negotiated, or resolved between the debtor and creditor prior to dormancy.
Most IPA- and network-model HMOs shift the liability related to medical care to providers of health care.
I would like to thank you for the opportunity to discuss the issues of lender liability under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA).