Definitions for "Contingent liabilities"
possible future liabilities that are mentioned in notes added to a balance sheet.
Contingent liabilities are possible future liabilities which will be crystallised by the occurrence or non occurrence of a future event.... more on: Contingent liabilities
Uncertain liabilities for which the obligation, if any, has not been determined.
Money you agreed to repay by signing notes, or by being a co-maker or guarantor of loans. Lenders want to know how much money you are liable for if the loan results in legal actions or contested taxes.