• Contingent Liabilities are the Potential Liability of Uncertain Events in a Future Period
• Contingent Liabilities are also Those Unknown, Underestimated, or Misunderstood Liabilities a Debtor Has That May Affect His Relationship With a Given Creditor
• Nondisclosure or Incomplete Disclosure of Contingent Liabilities is a Major No-No
• IMPORTANCE TO YOU - Surprise, surprise, surprise. a contingent liability can sink a perfectly sound ship. None of the stakeholders should be 'surprised.' That's not good lending