Examples of contingent liabilities
Contingent liabilities are potential obligations that may arise in the future, depending on the outcome of a future event. Examples of contingent liabilities include:
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1.Lawsuits or legal claims against the company
2.Product warranties or guarantees that may need to be honored in the future
3.Environmental liabilities, such as the cleanup costs of a contaminated site
4.Unfulfilled purchase orders or contracts
5.Pending tax disputes or audits
6.Potential fines or penalties for non-compliance with laws or regulations
7.Contingent debt obligations, such as guarantees of debt issued by a subsidiary or affiliate
8.Obligations related to pending mergers or acquisitions
9.Future payments related to employee benefits, such as pension plans or retirement benefits
10.Potential losses from uncollectible accounts receivable or bad debts.
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