severally but not jointly

Definitions (2)

1. A type of agreement that establishes the responsibility for selling the securities in an underwriting. Members of the underwriting group agree to buy a certain amount of the new issue severally but do not agree to joint liability for shares unsold by other members of the group.
2. More generally, when members of a group agree to certain obligations individually, but do not share responsibility for the obligations of other members of the group.

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You may want to try and take something on severally but not jointly if that will be the best way to proceed.

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There was an agreement called severally but not jointly and I was pretty interested in what was going on with it.

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During an IPO phase when a company goes public for the first time, different underwritters undergo a process severally but not jointly.

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joint and several liability jointly and severally