Definition

Noun: The act or fact of becoming subject to or bringing upon oneself something, typically something undesirable such as a cost, debt, obligation, or penalty.

Usage

The word "incurrence" is a formal noun used to describe the process or event of taking on a liability, expense, or other negative consequence. It is commonly used in financial, legal, and business contexts.

Examples

• The incurrence of substantial debt forced the company to restructure.
• Early project approval is required prior to the incurrence of any major costs.
• The contract clearly outlines the penalties for the incurrence of delays.

Advanced Usage

• "Incurrence of liability": A common legal and financial phrase meaning the act of becoming legally responsible for something, especially a debt.
  • The agreement prohibits the incurrence of liability beyond the initial investment.
• "Incurrence test": A financial covenant or condition, often in loan agreements, that restricts a company's ability to take on additional debt.
  • The loan includes a strict incurrence test that the borrower must pass.

Variants and Related Words

• Incur (verb): To become subject to or bring upon oneself (something, typically something undesirable).
  • The business will incur significant expenses this quarter.
• Incurred (adjective, past participle): Describes costs or obligations that have been brought into existence.
  • All incurred costs must be documented.

Synonyms

• Acquisition (of a debt/liability)
• Sustaining (of a loss)
• Subjection (to a penalty)

Antonyms

• Avoidance
• Evasion

Noun

1. the act of incurring (making yourself subject to something undesirable)