Liability

{
  "id": "MLC-T-ENV-015672",
  "term": "Liability",
  "field": "Environment",
  "definition": "1. Under Superfund, a party responsible for the presence of hazardous waste at a site is also legally responsible for acting and paying to reduce or eliminate the risks posed by the site.\n\n2. Broadly, this is any legally enforceable obligation to another party (e.g., legal responsibility, duty, or obligation). This liability may arise from contracts either expressed or implied or in consequence of torts committed.\n\n3. Probable future sacrifices of economic benefits arising from present obligations to transfer assets or provide services to other entities in the future as a result of past transactions or events. [40 CFR 267.41 (CFR 2013)]",
  "subject": "Land, waste and cleanup",
  "references": [
    "Superfund for Students and Teachers Glossary",
    "Environmental Insurance and Risk Management Tools Glossary",
    "40 CFR 144.61 (CFR 2018)"
  ],
  "url": "https://mlchart.com/terminology/environment/liability/"
}