Contingent Liability

Tax Glossary Definition

Contingent Liability

The possible financial obligation that could arise in future depending on outcome or occurrence of uncertain events is refers to Contingent Liability. It is not recorded as an actual liability in the books until the event occurs but is disclosed in the financial statements as a note.

Example: A pending court case against a company represents a contingent liability, as the company may have to pay damages if the judgment goes against it.

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