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The weight of a contingent liability depends on the odds that the contingency will in fact arise.Most commentators implicitly assumed the odds were 100%.
The New Zealand Treasury recently called the carbon accumulating in the Kyoto forests a "contingent liability".
Corporate oversight practices (investigation, estimation) are shaped by the regulations surrounding contingent liability disclosure.
A once-only expense or a contingent liability: these are matters over which reasonable people can agree to differ.
But in effect, Poland intends to replace an outright liability (the bonds) with a contingent liability (the state-pension promise).
As the F.D.I.C's charter dictates: "The corporation shall value any contingent liability at its expected cost to the corporation".
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What about contingent liabilities?
So when the bubble burst, contingent liabilities became actual liabilities in short order.
And issuing such bonds will, in itself, increase the state's contingent liabilities.
"There is no guarantee this would pass, given the contingent liabilities involved," he wrote.
The government has big contingent liabilities, arising from guarantees, public-private partnerships and publicly owned firms.
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