contingent liability (obligation)
1contingent liability — see liability 2a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. contingent liability …
2contingent liability — 1) A possible obligation that arises from past events, whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within an entity s control. 2) A present obligation that arises from past events in… …
3contingent liability — 1) A possible obligation that arises from past events, whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within an entity s control. 2) A present obligation that arises from past events in… …
4contingent liability — a liability which will only arise upon the happening of a certain event, for example, the guarantor of a loan being asked to honour the guarantee if the borrower defaults. Glossary of Business Terms A debt or obligation that becomes a liability… …
5Contingent Liability — 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. 1. A good example of a contingent liability would be an… …
6contingent liability — obligation that will go into effect if a particular condition is met …
7contingent liability — A liability arising out of contract, the duty to perform which is dependent as to when or whether the obligation shall become absolute, upon the occurrence of an event the happening of which is a matter of some uncertainty. Haywood v Shreve, 44… …
8contingent liability — /kənˌtɪndʒənt laɪəˈbɪləti/ (say kuhn.tinjuhnt luyuh biluhtee) noun an obligation, associated with a past transaction, which will occur in the future only if some particular event occurs …
9liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …
10contingent obligation — USA contingent obligation, Also known as contingent liability. An obligation that is not presently fixed and absolute, but which will become so on the happening of some future and uncertain event. Practical Law Dictionary. Glossary of UK, US and… …
