Business, Legal & Accounting Glossary
(law) a voluntary repudiation of a person’s legal claim to something.
n. 1) denial or renunciation by someone of his/her title to property. 2) denial of responsibility for another’s claim, such as an insurance company’s refusal to admit coverage under an insurance policy. 3) statement of non-responsibility, as is made when dissolving a partnership or business.
A disclaimer is a decree that formally denies legal claim and renounces some (or all) liability. A formal disclaimer is also an official piece of writing that substantiates the legal disclaimer itself. Most commonly, a disclaimer is used as a legal caveat, which serves to protect the author of the disclaimer. In a practical sense, a disclaimer might be used to hedge the risk of a possible lawsuit. Thus, for example, if someone sustains an injury as a result of using a given company’s product or service, a well-crafted disclaimer may obstruct the individual’s ability to pursue legal action. As a legal safeguard, a disclaimer has become a frequent part of contracts between corporations and consumers. Insurance companies may take advantage of a disclaimer to transfer some of the risks back to the insured. Internet-based companies, on the other hand, routinely use a disclaimer as an adjunct to each sale.
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This glossary post was last updated: 27th April, 2020 | 2 Views.