contingent liability

a liability dependent upon the occurrence of a particular event, as default by the maker of a guaranteed loan. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
The estimated contingent liability may be a specific amount or a range of
The contingent liability shall be supported by sufficient detail to facilitate
The agency recognizes an expense and contingent liability for the full amount
  of the expected loss.
Because the contingent liability was not reported on the balance sheet, it did
  not reduce reported net worth.
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