Can you explain the term contingent liability?

A liability that  not current but concern with some future event, for example if a father guarantees the  student  housing  lease of his son, the son will pay the rent but if he defaults the father must be pay. 

The contingent liability is a probable obligation that might be incurred in the future. If there is a situation in the present that might lead to uncertain results in the future and we can estimate that result as an obligation, we should record it on the financial statments as a contingent liability.

Contingent liability is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise

A contingent liability is:

(a) A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

OR

(b) A present obligation that arises from past events but is not recognized because:

(i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

(ii) the amount of the obligation cannot be measured with sufficient reliability.

An entity should not recognize a contingent liability. An entity should disclose a contingent liability, unless the possibility of an outflow of resources embodying economic benefits is remote.

It is the liability which may are in the future depending on an uncertain event.