# Contingent Financial Obligations

**IRI:** https://folio.openlegalstandard.org/R8Gt68Hspze0zsEdYzUS2Fq

## Labels

**Preferred Label:** Contingent Liability

## Definition

Contingent Financial Obligations, or Contingent Liabilities, are potential debts that may or may not become actual liabilities, depending on the outcome of a future event. These are not recorded on the balance sheet but may be disclosed in the financial statements' notes if the contingency is considered significant, such as pending lawsuits or financial guarantees.

## Sub Class Of

- https://folio.openlegalstandard.org/R9ce0e5pb4hAULGEtqlBCV8

## Parent Class Of

- https://folio.openlegalstandard.org/R9Z711iWJXduD8qEPMQuyTK
- https://folio.openlegalstandard.org/RChhcQCDBa1uy1Bh7EJHlwO
- https://folio.openlegalstandard.org/RDT9HdGssfLC6RPAX15qHr7

**Deprecated:** False