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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. 2015.
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Examples from the web for contingent liability
  • The estimated contingent liability may be a specific amount or a range of amounts.
  • The contingent liability shall be supported by sufficient detail to facilitate audit.
  • 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.
  • He has but a contingent liability that may or may not ripen into a debt.
  • contingent liability for independent contractors coverage must be included.
  • The follow-up audit revealed that this second contingency has since been resolved and the contingent liability no longer exists.
  • Neither the state nor its municipalities bear any contingent liability for them.
  • contingent liability metrics, such as amounts of unfunded loan commitments and lines of credit relative to available funding.

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