(countable and uncountable, plural obsolescences)
From Latin obsolescens past participle of obsolescere.
obsolescence - Investment & Finance Definition
The process of becoming out of date. It is one of the underlying concepts of depreciation, because obsolescence limits the useful life of an asset.
obsolescence - Legal Definition
- A process or condition of becoming useless or obsolete.
- A diminishing of a property’s value or usefulness, especially because of innovations in technology, as distinguished from physical decay. See also depreciation.