co-liability
[/koʊ-laɪ-ə-ˈbɪl-ə-ti/]
nounpl: co-liabilities
corresponsabilidade
1. joint responsibility or obligation shared equally by two or more parties for a debt, duty, or legal obligation
The co-liability of both partners means they are each responsible for the full amount of the company debt.
A corresponsabilidade de ambos os sócios significa que cada um é responsável pelo valor total da dívida da empresa.
2. in law, the condition where multiple parties bear equal legal responsibility for damages or financial obligations
Under the contract, co-liability was established between the guarantor and the principal debtor.
Sob o contrato, a corresponsabilidade foi estabelecida entre o avalista e o devedor principal.
Co-liability is a crucial concept in Brazilian and Portuguese commercial law. In Brazil, 'responsabilidade solidária' is frequently used in banking contracts and loan agreements, where both the borrower and guarantor are equally responsible. This term is essential in business partnerships and corporate law contexts, particularly in São Paulo's financial district. In Portugal, similar legal frameworks apply with emphasis on protecting creditors' rights.
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