Contingent Liabilities

What is Contingent Liabilities?

Contingent Liabilities meaning in finance terminology / glossary / dictionary is:
Items that may become liabilities as a result of conditions undetermined at a given date, such as guarantees, pending law suits, judgments under appeal, unsettled disputed claims, unfilled purchase orders, and uncompleted contracts.

 

reference: Massachusetts Department of Revenue: Municipal Finance Glossary, May 2008

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