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liability |
Also found in: Legal, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.10 sec. |
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liability (lī n the state of being bound by law or justice to do something or to make good something; legal responsibility. liability financial or legal responsibility. |
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? Mentioned in | ? References in periodicals archive | |
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potential responsibility for payment of damages or other court-enforcement in a lawsuit, as distinguished from criminal liability, which means open to punishment for a crime. Despite the fact that this bill was instituted by the federal government in 2004, Desroches says that many employers are slowly coming to realize its full impact, which attributes criminal liability and thereby hefty fines and possible jail time for individuals who fail to ensure that their employees are working within a safe, regulated environment. In addition, the Privacy Act of 1974 and IRC section 6103, which prevent unlawful disclosure of taxpayer information, also apply to PCAs, potentially subjecting their employees to civil and criminal liability. |
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