Meaning of “contingent liability” in the English Dictionary

business-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 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” from the Cambridge Business English Dictionary © Cambridge University Press)