query, page-5

Once again Nortiba, you've out-done yourself ;-)
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Contingent liability

A potential expense, one that may or may not eventuate, depending how events turn out, but which should be provided for in properly kept accounts or budgets. Examples of a company's contingent liabilities might include damages from a pending lawsuit against the company; guarantees given to secure another company's borrowings; or having the company's name as endorser on a bill of exchange that is yet to mature.



http://209.85.173.132/search?q=cache:_vGCDTkEsfwJ:www.valad.com.au/verve/_resources/VOF12_30June2008_signed_accounts.pdf+valad+contingent+liabilities&hl=en&ct=clnk&cd=2&gl=au

Note 22 Contingencies:
The Fund's contingent liabilities at 30 June 2008 in respect of bank guarantees given on behalf of related entities totalled $Nii (2007: $Nil).