- contingent obligation
USAcontingent obligation, Also known as contingent liability.An obligation that is not presently fixed and absolute, but which will become so on the happening of some future and uncertain event.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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obligation — ob·li·ga·tion /ˌä blə gā shən/ n 1: a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment); also: the binding power of such an agreement or indication held that the amendment did not… … Law dictionary
contingent liability — see liability 2a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. contingent liability … Law dictionary
contingent — con·tin·gent /kən tin jənt/ adj 1: likely but not certain to happen compare executory 2: intended for use in circumstances not completely foreseen a contingent fund 3: dependent on or conditioned by something else … Law dictionary
contingent liability — obligation that will go into effect if a particular condition is met … English contemporary dictionary
contingent liability — 1) A possible obligation that arises from past events, whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within an entity s control. 2) A present obligation that arises from past events in… … Accounting dictionary
contingent liability — 1) A possible obligation that arises from past events, whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within an entity s control. 2) A present obligation that arises from past events in… … Big dictionary of business and management
Contingent vote — A flow chart for Contingent vote … Wikipedia
contingent liability — a liability which will only arise upon the happening of a certain event, for example, the guarantor of a loan being asked to honour the guarantee if the borrower defaults. Glossary of Business Terms A debt or obligation that becomes a liability… … Financial and business terms
Contingent Liability — 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. 1. A good example of a contingent liability would be an… … Investment dictionary
contingent liability — /kənˌtɪndʒənt laɪəˈbɪləti/ (say kuhn.tinjuhnt luyuh biluhtee) noun an obligation, associated with a past transaction, which will occur in the future only if some particular event occurs … Australian English dictionary