Contingent Liabilities

This query is : Resolved 

23 September 2009 whether performance guarantee given by bank on behalf of client is to shown as contingent liabilities in notes to accounts.

23 September 2009 This is an undertaking to pay a specified sum of money to a third party in the event of failure to carry out the terms of the contract. This type of guarantee is most commonly required to secure performance and is in the nature of a contingent liability.

23 September 2009 its contingent liability


23 September 2009 contingent liability



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