A contingent liability is a liability a person may owe later, such as payments for unpaid taxes, lawsuits, or debts a person legally agreed or guaranteed they’d pay, if someone else didn’t.
« Back to Glossary IndexContingent Liability
About the Author: Jason E Swango
Jason Swango is the founder of The Firm For Men, a Virginia family law firm serving the men of Virginia for over 15 years. Hailing from Terre Haute, Indiana, Jason is a resident of Virginia Beach where he and his wife have raised their six children. Jason is an impassioned leader and fierce advocate.