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 ?
Berkley Professional Liability was founded in 2008 as a member company of W.
The final regulations generally provide for the following valuation events: (1) a more-than-de minimis contribution to a disregarded entity of property, other than property pledged to secure a partnership liability; (2) a more-than-de minimis distribution from a disregarded entity of property, other than property pledged to secure a partnership liability; (3) a change in the legally enforceable obligation of the disregarded entity's owner to make contributions to the disregarded entity; (4) the incurrence, refinancing or assumption of an obligation of the disregarded entity that does not constitute its payment obligation under the regulations; and (5) the sale or exchange of a non-de minimis asset of the disregarded entity in a transaction outside of the normal course of business.
If alliance members are found to be operating in a joint venture, that might give rise to vicarious liability for those members.
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.
A commercial general liability policy is not sufficient to respond to the broad range of risks confronting fiduciaries.
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).
In most civil actions involving claims against an employer for harm caused by employees, the employer is subject to liability for the harm caused by the employee provided the employee was acting within the scope of employment.
Actions by directors that appear less than judicious in retrospect may be protected from liability by the business judgment rule, state statutes, and insurance and indemnification.
Such benefits would be reduced by recording a liability for an amount representing the best estimate of payments (including interest) to taxing authorities.
Rated on the loss experience of its policyholders, the program is not directly affected by any liability losses of the largest firms, which are not insured in the program.
Under the Provider Liability Law, a TSP's liability to a third party claiming infringement generally is limited, unless it knows or has reason to know that information on its network infringes on the rights of a third party.
"If you're going to reap the economic advantages of selling your product abroad, you'll have to face the lawsuits, too," says Victor Diaz, one of the best-known attorneys in liability cases involving Latin America.
The liability risks for mischaracterized spent materials may extend beyond the costs of cleanup.