Contingent commitment (或有承诺 huò yǒu chéng nuò) refers to the obligation to the external parties and the occurrence of the obligations is dependent on the outcome of specific future events.
Part 1: Breakdown of Words
- “Contingency” (或有; 或, maybe; 有, to exist) refers to the situation where something occurs or exists only if certain circumstances are the case.
- “或” (huò) as in “or” (或者 huò zhě), “maybe” (或许 huò xǔ), or “someone says” (或曰 huò yuē) (this phrase in most cases is used in Classical Chinese, in this case “或” (huò) means “some”).
- “有” (yǒu) as in “somewhat” (有些 yǒu xiē), “possess” (拥有 yōng yǒu), or “hold” (持有 chí yǒu).
- “Commitment” (承诺 chéng nuò) as in “long-term commitment” (长期承诺 cháng qí chéng nuò).
- “承” (chéng) as in “endure/bear” (承受 chéng shòu), “undertake” (承担 chéng dān), or “inherit” (继承 jì chéng).
- “诺” (nuò) as in “promise” (诺言 nuò yán), “give a promise” (允诺 yǔn nuò), or “to be a yes-man” (唯唯诺诺 wéi wéi nuò nuò).
Part 2: Examples
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- Contingent commitment liabilities (或有承诺负债 huò yǒu chéng nuò fù zhài).