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What (who) is contingent liability - definition
Contingent liability
Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or 'worst case' financial outcome.
Liable
LEGAL OBLIGATION FOR ANY DAMAGE, ENFORCEABLE BY EITHER CIVIL LAW OR CRIMINAL LAW
Liable; Manufacturer's Liability; Civil liability; Criminal liability; Personal liability; Legal liabilities; Liability lawsuit; Liability (law)
·vt Bound or obliged in law or equity; responsible; answerable; as, the surety is liable for the debt of his principal.
II. Liable ·vt Exposed to a certain contingency or casualty, more or less probable;
- with to and an infinitive or noun; as, liable to slip; liable to accident.
Legal liability
LEGAL OBLIGATION FOR ANY DAMAGE, ENFORCEABLE BY EITHER CIVIL LAW OR CRIMINAL LAW
Liable; Manufacturer's Liability; Civil liability; Criminal liability; Personal liability; Legal liabilities; Liability lawsuit; Liability (law)
In law, liable means "responsible or answerable in law; legally obligated".LIABLE, Black's Law Dictionary (10th ed.
Examples of use of contingent liability
1. But their accounts include a contingent liability of 2.4m after a donation from Michael Brown, their largest donor, who is now facing criminal charges.