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contingent liability
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contingent liability


The contingent liability is not on the balance sheet, but it is mentioned in the footnotes.
  a legal obligation to perform some action (such as pay money) in the event that something (probably unexpected) happens
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contingent liabilities contingent liability
Notes:
For example, the liability of one who guarantees that another will pay a loan, or the liability that would accrue if a lawsuit were lost.
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Samples:
  • The contingent liability is not on the balance sheet, but it is mentioned in the footnotes.
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Associated words [difficulty]:   contingent liability , mechanic’s lien [9]
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Most commonly used in these subjects:   Business, Law, Personal Finance
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