09 December 2011
what is difference bet direct liability& indirect liability . this is raise query when filling the form of requesting for occ to bank by borrower?
10 December 2011
Direct liability means that liability which is crystalized that means liability can be ascertained correctly
Indirect liability means contingent liability which means liaility which occur depending on some future event beyond one's control.
Contingent liabilities may originate whith such events as law suits (which may not be favourble) , credit guarantee, contested income tax assessment (may not be favourable)
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