Contingent liabilities refer to potential obligations arising from past transactions or events. In certain circumstances, it is highly likely that they will be developed to be undertaken by the company, but have not been fully determined so far. They need to be confirmed by the occurrence or non-occurrence of future uncertain events Liabilities. By definition, what a company may. ['Ready to receive infringement compensation.', 'Provide a quality guarantee for goods sold.', 'Negotiate dates for upcoming contracts.', 'Preparing to pay a contract breach penalty agreed in advance.']