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English definition of “contingent liability”

contingent liability

noun [C]     (plural contingent liabilities) (also contingency liability)
ACCOUNTING a debt which may occur in the future if particular events or situations happen, and which is included in a company's financial records: The company had kept its shareholders informed about the risk of losing the appeal and had carried the £7m as a contingent liability in its accounts.
(Definition of contingent liability noun from the Cambridge Business English Dictionary © Cambridge University Press)
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