Obligations that have been entered into, but the timing and amount of which are contingent on the occurrence of some uncertain future event. They are therefore not yet liabilities, and may never be if [..]

Contingent liabilities are costs, which the Crown will have to face if a particular uncertain and not probable event occurs. Typically, contingent liabilities consist of guarantees and indemnities, legal disputes and claims, and uncalled capital.

liabilities not recorded on a company's financial reports, but which might become due. If a company is being sued, it has a contingent liability that will become a real liability if the company l [..]

Liabilities that are not entered into the Balance Sheet because they depend upon some other event occurring.

A cost or other obligation that might need to bedealt with, depending on what happens in the future.

Possible obligations that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of [..]

A claim (or a right to claim) no the concern which is not acc epted/considered as a liability as on the date of balance sheet but which may give rise to a liability on the happening of a certain event is known as contingent liability. Transaction for which the concern is not immediately liable but the liability may arise at a later date are classif [..]