LIMITATION OF LIABILITY
\lˌɪmɪtˈe͡ɪʃən ɒv lˌa͡ɪəbˈɪlɪti], \lˌɪmɪtˈeɪʃən ɒv lˌaɪəbˈɪlɪti], \l_ˌɪ_m_ɪ_t_ˈeɪ_ʃ_ə_n ɒ_v l_ˌaɪ_ə_b_ˈɪ_l_ɪ_t_i]\
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1. In General, this is a statement given in writing that sets the conditions and damage amounts as a disclaimer on liability. 2. As a Memorandum of association, this is a statement clearly limiting liability to the par value of fully paid-up company shares for the firm's debts and obligations on a shareholder.
By Henry Campbell Black
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