Contingent debt
A potential liability that becomes payable only if a future event occurs, such as a guarantee being called in.
Related terms
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Liability
A legal or financial obligation to pay money, compensate another party or meet another duty.
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Provable debt
A debt or liability that can be claimed in an insolvency process under the applicable statutory rules.
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Liabilities
Amounts a person or business owes or may be required to pay, including loans, taxes, trade debts, guarantees and other obligations.
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