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of <h1>Understanding Contingent Liability: Potential Obligations from Past Events Dependent on Future Uncertain Events</h1> Contingent liability refers to a potential obligation stemming from past events, which becomes certain only upon the occurrence or non-occurrence of future uncertain events beyond one's control. It can also be a current obligation from past events that is not recognized due to either the uncertainty of an economic outflow being necessary to settle it or the inability to make a reliable estimate of its amount.
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