Contingent liability is that liability which may or may nt 
occur in future

Contigent Liability is the possibility of an obligation to 
pay certain sum dependent on future events. For 
Example "Outstanding Law Suit"

Contingent liability is that liability which dependent on
future events.That is if the particular enent occur the the
liability will arise otherwise may not be arise.

contigent liability is that which depends on the future 
happenings. its payment is depend on the future decession. 
it is shown under the balance sheet as a foot note

Contingent liabilities that may or may not be incurred by an entity depending on the outcome of a future event such as a court case. These liabilities are recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable. A footnote to the balance sheet describes the nature and extent of the contingent liabilities. 

Examples

outstanding lawsuits
Accounts payable-Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet.
Liability
Liquidated damages
Tort-ort law is a body of law that addresses, and provides remedies for, civil wrongs not arising out of contractual obligations.
Bills Discounted with bank
Unliquidated damages-Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).

contingent liability is that liability whose occurence is 
not sure in the future.it comes as a foot note in the 
balance sheet