Definitions for "Joint & Several liability"
Keywords:  liable, overdraft, whole, rent, tenant
Liability for the whole of a joint debt whether or not any other joint debtors pay the debt.• Liability for Others
If two or more parties enter into a credit agreement they will each be liable for repaying the whole amount borrowed.
This type of liability occurs when more than one party is involved in a contract and where both joint liability (that of all the parties to the contract) and several liability (that of each individual party to the contract) promise the action in the contract. If the terms of the contract are not fulfilled, the injured party has the ability to seek a legal remedy from all the parties involved (joint) or each individual party (several).
Keywords:  debtor, late, owed, added, contract
Fees added to the amount owed by the debtor when payments are late and where such fees are allowed for in the original contract.