Commitments & Contingencies
Commitments and contingencies are financial disclosures that a company makes in its financial statements to provide information on future obligations or uncertain events that may affect the company's financial health. Commitments refer to obligations that a company has already entered into, such as contractual agreements, purchase orders, or leases, that require future payments. Contingencies, on the other hand, are events that may occur in the future but whose occurrence or amount is uncertain, such as legal proceedings, environmental liabilities, or warranty claims. Both commitments and contingencies have a significant impact on a company's financial position and must be disclosed in financial statements to provide transparency to investors and stakeholders.
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