contingent liability Meaning in the Cambridge English Dictionary
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Meaning of “contingent liability” in the English Dictionary

"contingent liability" in Business English

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contingent liabilitynoun [C]

uk   us   (plural contingent liabilities) (also contingency liability)
ACCOUNTING a ​debt which may occur in the future if particular ​events or ​situationshappen, and which is ​included in a company's ​financialrecords: The ​company had ​kept its ​shareholdersinformed about the ​risk of ​losing the ​appeal and had ​carried the £7m as a ​contingentliability in its ​accounts.
(Definition of contingent liability from the Cambridge Business English Dictionary © Cambridge University Press)
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