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In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [ 1] such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or ...
Contingent claim. In finance, a contingent claim is a derivative whose future payoff depends on the value of another “ underlying ” asset, [ 1][ 2] or more generally, that is dependent on the realization of some uncertain future event. [ 3] These are so named, since there is only a payoff under certain contingencies. [ 4]
A contingency theory is an organizational theory that claims that there is no best way to organize a corporation, to lead a company, or to make decisions.Instead, the optimal course of action is contingent (dependent) upon the internal and external situation.
The cost contingency which is included in a cost estimate, bid, or budget may be classified as to its general purpose, that is what it is intended to provide for. For a class 1 construction cost estimate, usually needed for a bid estimate, the contingency may be classified as an estimating and contracting contingency.
Contingent fee. A contingent fee (also known as a contingency fee in the United States or a conditional fee in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result. Although such a fee may be used in many fields, it is particularly well associated with legal practice .
Contingency [ edit ] How exactly the average industrial rate of profit will evolve is either uncertain and unpredictable, or it is historically contingent; it all depends on the specific configuration of costs, sales and profit margins obtainable in fluctuating markets with given technologies. [ 42 ]
The formal accounting distinction between on- and off-balance-sheet items can be quite detailed and will depend to some degree on management judgments, but in general terms, an item should appear on the company's balance sheet if it is an asset or liability that the company owns or is legally responsible for; uncertain assets or liabilities ...
Bill of quantities. A bill of quantities is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are itemized. It also (ideally) details the terms and conditions of the construction or repair contract and itemizes all work to enable a contractor to price the work for which he or she is ...