ANZ

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    Financial Dictionary

    Dictionary Home The Language of Money - Edna Carew
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    Contingent liability

    A potential expense, one that may or may not eventuate, depending how events turn out, but which should be provided for in properly kept accounts or budgets. Examples of a company's contingent liabilities might include damages from a pending lawsuit against the company; guarantees given to secure another company's borrowings; or having the company's name as endorser on a bill of exchange that is yet to mature.

    Important notice