In accounting terms, a liability is an amount that you owe a creditor. Liabilities generally fall into two categories -- current and long-term. Current liabilities include debts you owe that you ...

A contingent liability is a potential cost a company may or may not incur in the future. A contingent liability could be a guarantee on a debt to another entity, a lawsuit, a government probe, or even ...

When a disaster occurs, a country's financial obligations are triggered to repair the damage that has occurred. These obligations are called contingent liabilities. To understand more about the ...