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A Contingent Liability is basically a liability which is incurred by an entity and depends on the future events e.g a court case.
These liabilities are recorded in the accounts of the company. They are also shown in the Balance sheet of the business. The balance sheet also describes the nature of these contingent liabilities.
The examples of Contingent Liabilities are Acquisition cost advances, env clean up cost, outstanding lawsuits etc,
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