1 If you are writing a report about a specific person, company, or place, try to find their own website. 2  For instance, if you are writing a report on Jane Goodall, a great source would be using the Jane Goodall Institute website. If you are writing a report about a specific person, company, or place, try to find their own website. 2  For instance, if you are writing a report on Jane Goodall, a great source would be using the Jane Goodall Institute website.
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.ontingent liability. An obligation that may result, but is not likely to result because the event causing the obligation is improbable.
DEFINITION of 'Liability'. A company's legal debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services.REAKING DOWN 'Liability'. Recorded on the balance sheet (right side), liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses. Liabilities are a vital aspect of a company's operations because they are used to finance operations and pay for large expansions.