Definitions for "jointly and severally"
A type of agreement that establishes the responsibility for selling the securities...
Municipal bond underwriting in which the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participation, regardless of how many bonds they may have already sold. A firm with 20% of the account is responsible for selling 20% of the unsold bonds even if has already sold 25% of the total debt issue, for example. See: Severally but not jointly.
A phrase used to refer to municipal bond underwriting when the account is undivided and syndicate members are responsible for the unsold bonds in proportion to their participation in the syndicate.
A legal term indicating that a contract has been entered into by two parties and the two parties are not only liable together but individually as well.
Acting together and separately; anyone so liable can sue or be sued with or without others joining in the action.
Liability that may be apportioned either among two or more parties or to only one or a few select members of the group, at the adversary's discretion. Thus, each liable party is individually responsible for the entire obligation, but a paying party may have other rights from non-paying parties.
Keywords:  tenderer
tenderer