if liabality is occured on happening or non happening of 
certain events. It may be remote or probable.

If liabality is occured on happening or non happening of 
certain events. It can be considered as a contigent 
liability.

Contingent liability is a liability that is not certain, 
but it depends on condition, it will be incurred if that 
condition happens or not happen.

contigent liability is a liability which is not a liability 
now but it may or may not become liability in future 

for example : a case is pending in the court it may lead to 
a faliure in future so that lot amount of money has to be 
paid to the oppossition party

If liability arises when Some occurence or non occurence of 
certain events or transaction will took place.It may or may 
note be a liability for the future. And it is shown as a 
Footnote Below the Balance sheet.