Contingent Liability

Definition

  • To be potentially obligated to pay out, pay back, repair or replace in the event of an unforeseen accident, incident, or failure of a product or service.

Synonyms
conditional liability, likely, probable, unexpected possibility

Related Terms and Acronyms

  • Alimony Definition,
    • Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • Causation Definition,
    • A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
  • Child Support (CS) Acronym,
    • Monthly payments that contribute to the care of a child. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • Contingent Beneficiary Definition,
    • A beneficiary who only receives his or her benefit when specific conditions have been met.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Statutory Liability Definition,
    • Liability that is assigned by law and is not open for interpretation.
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