What is contingent Liability?

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Tanveer Hussain
25-December-2022

Product Liability General Liability

Question ajoutée par Mohammed Waseem Rahim , Accountant , Al Rostamani Trading Company
Date de publication: 2016/07/18

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Mohammed Waseem Rahim

par Mohammed Waseem Rahim , Accountant , Al Rostamani Trading Company

A contingent liability is a potential obligation that may be incurred depending on the outcome of a future event. A contingent liability is one where the outcome of an existing situation is uncertain, and this uncertainty will be resolved by a future event.

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Gayasuddin Mohammed

par Gayasuddin Mohammed , Advocate , Practicing Law before High Court at Hyderabad

Liability accrues on happening of an certain event is called Contingent Liability. Thanks.

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