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it should not be recognised but it should be disclosed . A contingent liability is a possible obligation arising from past events, the outcome of which will be confirmed ... Voir Plus
In a lump sum contract, the owner has essentially assigned all the risk to the contractor, who in turn can be expected to ask for a higher markup in order to take care of ... Voir Plus
I agree with comprehensive answer of Mr. Al Omar.
Factory Premises in the sense the whole Factory Area.
the high risk for the contractor = low risk for owner = high price for owner =lumpsum project the high risk for the owner = low risk of contractor= low price for owner =u ... Voir Plus
A contingent liability (or Loss) is one that can occur at some certain point in the future once various related uncertainties resolved. It is disclosed as part of notes w ... Voir Plus