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What is Contingent Liability?
A possible obligation that depends on a future event - disclosed, not always booked.
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Simple Definition
A contingent liability is a possible obligation from past events confirmed only by uncertain future events, or a present obligation not recognized because outflow is not probable or not reliably measurable.
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Tap a persona to hear the same idea in a totally different voice.
Try “Like I'm 5™” for a picture-book version - not the grown-up wording above.
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