Definitions for "contingent liability"
Liability which is difficult to quantify, or which may or may not come to pass, such as an outstanding lawsuit.
An obligation that could occur at some time in the future caused by an event in the past. Wow, where does that get you? It is an incomplete event that needs to be identified in the financial statements of a company even though it may be difficult to quantify. An example of such a liability would be a pending lawsuit.
A potential liability that can develop into a real liability if a possible subsequent event occurs.
Potential debt that a borrower may incur as a result of cosigning a loan for another (primary) payor to obtain credit.
Responsibility that exists beyond the primary boundaries of a transaction.
a legal obligation that may arise out of past and/or present circumstances provided certain developments occur. 9.1
Keywords:  claim, action, business, result, may
a claim on the business that may result from some action