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kindly given the example of contingent liabilities.
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Answer / y.seshamurthy
The Term Contingent Liability Refers to The obligatory to
pay to liability may or may not arise. The best example is
bank guarantee issued to some third parties towards
fulfilment of some contractual obligations, if the contract
obligation is met the company has no liability to pay to
damages otherwise it has to pay the damages.
| Is This Answer Correct ? | 7 Yes | 1 No |
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