DEFINITION
Obligation

A duty to make a future payment of money. The duty is incurred as soon as an order is placed, or a contract is awarded. The placement of an order is sufficient. An obligation “legally” encumbers a specified sum of money that will require outlays or expenditures in the future.

Loading conversations.
Similar or Related Terms
Statistics
229
Characters
50
Words
58.79
Flesch Reading Ease
8.2
Flesch Kincaid Grade