Liability is another way to ask "who is responsible?"
If i hit another car, intentional or not, i am liable for the damages to the other car as well as my own.
If i threw a book at a friend and knocked a tooth out, i would be liable for the costs associated with my friends tooth being repaired.
Whether or not you mean to do something, you are still "responsible" for your actions and the subsequent reactions.
Example of the contigent liability are Court cases regarding any financial dispute, bills sent for collection.
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Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
Product warranty claims liability is an example of a liability that arises from a company's obligation to repair or replace products that are defective or do not meet the terms of the warranty. This liability represents the estimated cost of fulfilling these warranty claims and is recorded on the company's balance sheet as a potential expense that may need to be incurred in the future.
A liability hazard is any type of hazardous situation that can cause a lawsuit. One example of a liability hazard would be an icy sidewalk outside your home.
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
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I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
Liability insurance depends on the area you live in. For example, Zurich Insurance is a good liability insurance for Canadians, while USLI is a good US company.
You could go about purchasing public liability insurance from webpages such as Money Supermarket. Alternatively, one could try public liability insurance companies such as Hiscox, for example.
A civil wrong is when one person is accused of wronging another person. For example, breaking a contract or crashing into your car. Penal liability refers to criminal wrongs, where a person is accused of wronging society.
Example sentence - I would like to reduce my tax liability by 30% this year.