The term or phrase “jointly and severally” is a legal term used to describe a partnership whereby each party or member holds equal responsibility for liability. A common term for “jointly and severally” is “joint and several liability.”
What is joint and several liability?
Joint and several liability differs in law from comparative fault, in which multiple parties are assigned responsibility for a portion of the damages in relation to the degree of fault that they bear for the harm. In such cases, a plaintiff may be left in the position of seeking damages from the party that is least able to pay.
What is a joint and severally agreement?
The term essentially outlines that each party identified in the legally binding document or agreement is obliged to satisfy the terms, actions, and obligations set forth in the agreement. The term or phrase “jointly and severally” is a legal term used to describe a partnership whereby each party or member holds equal responsibility for liability.
