contingent liability

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Contingent Liability

A liability that a company may have to pay, but only if a certain future event occurs. Usually, a contingent liability refers to the outcome of a lawsuit: that is, the company may have to pay a significant amount of money if it loses the lawsuit. Contingent liabilities are recorded under accounts payable; their existence may also affect the share price.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

contingent liability

An obligation that may result, but is not likely to result because the event causing the obligation is improbable. For example, the award from a lawsuit against a firm is a contingent liability of the defendant if there is little likelihood the plaintiff will recover the award.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

contingent liability

a liability which may or may not occur depending upon an uncertain event, for example, the outcome of a court case in which damages are being claimed against a firm.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

contingent liability

A liability that is not currently a liability but may become one upon the happening of some future event.If a father guarantees the student housing lease of his son,then the son is liable for the rent but the father may become liable if the son defaults. Other common contingent liabilities are guarantees of the debts of others,potential adverse judgments in litigation,and currently contested tax liabilities or audits. Lenders sometimes request a list of all contingent liabilities when evaluating a borrower's financial strength.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
controversies shaped secondary liability for securities enforcement and
(113) The Ninth Circuit affirmed the District Court's holding that Google was protected from secondary liability by safe harbors due to its take-down notice procedures.
Although common-law principles often motivate the analysis of secondary liability for intellectual property torts, (13) there are many important differences between general secondary civil liability and indirect patent infringement.
Further, the types of extended secondary liability that parties are permitted to place on ISPs under ACTA could very well stifle innovation, preventing potentially job-creating businesses from ever getting off the ground or expanding for fear that some of their users might cause them to become the target of a rights holder's complaint.
Considering that controlling person liability under sections 15 of the 1933 Act and 20(a) of the 1934 Act remains one of the primary means of providing secondary liability in private rights of securities actions, requiring plaintiffs to plead culpable participation is unduly burdensome.
2d at 1338-39 (relying on Aldana for its treatment of secondary liability with corporations).
These cases call upon domestic courts to translate international norms into domestic civil litigation, which often means applying norms developed in international criminal law to domestic civil law and wrestling with questions of individual, corporate, and secondary liability that are in some state of evolution and flux in customary international law.
If they pursued claims of secondary liability (contributory infringement and inducement), Cablevision would have likely asserted the Betamax defense: that the device was capable of substantial noninfringing use, and, therefore, they were not liable for the copying of customers using the device.

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