18 September 2014
a liability that may arise in future on account of existing events but is dependent on realizing on a future event is called contingent liability.
for eg: if you file a case against a company for claiming damages on 1 January 2014. Then as on 31 March 2014, the claim made by you will be considered a contingent liability as no one knows whether court will rule in your favor or company's.
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