In accounting terms, a liability is an amount that you owe a creditor. Liabilities generally fall into two categories -- current and long-term. Current liabilities include debts you owe that you ...

A contingent liability is the possibility of a liability arising from a future event. The liability is contingent on whether or not the event occurs. The most common source of contingent liabilities ...

A contingent liability is a potential cost a company may or may not incur in the future. A contingent liability could be a guarantee on a debt to another entity, a lawsuit, a government probe, or even ...

The ability to claim a deduction of contingent liabilities in the context of the disposal of a business or assets has recently been considered in a number of instances. In the case of Ackermans ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax ...

After the judgment in the Ackermans case (2010) 73 SATC 1, and Sars’ issuing binding Class Ruling 029 in respect of the deductibility of contingent liabilities when buying the assets and liabilities ...

The phase “defend, indemnify, and hold harmless” is found in many, if not most, contracts with liability allocation provisions, across multiple industries. However, many parties do not have a complete ...