Contents -- I. Introduction -- II. Background -- III. Mitigating Risks Associated with Contingent Liabilities -- A. Frameworks for Dealing with Risks from Contingent Liabilities -- B. When to take on Contingent Liabilities? -- C. Strategies to Transfer Risk or Costs Related to Contingent Liabilities -- D. Other Safeguards against Risks Related to Contingent Liabilities -- IV. Managing Retained Risk from Contingent Liabilities -- A. Instruments for Managing Low Impact Liabilities -- B. Instruments for Managing High Impact Liabilities -- V. Disclosing Contingent Liabilities -- VI. Institutional Arrangements for Managing Contingent Liability Risks -- VII. Conclusion -- References -- Tables -- 1. Contingency Funds to Meet Calls on Contingent Liabilities: Selected Examples -- 2. IPSAS: When to Recognize and Disclose Contingent Liabilities -- 3. Accounting/Statistical Standards and Transparency Initiatives: What to Disclose -- 4. Legislative Requirements to Disclose Fiscal Risks: Selected Country Examples -- 5. Disclosing the Magnitude of Contingent Liabilities: Selected Country Examples -- A1. Summary of the Main Requirements for Recognition and Disclosures of Contingent Liabilities -- Figures -- 1. Typical Infrastructure PPP Project Risks and Hypothetical Allocation -- A1. The Swedish Debt Office Simulation Model -- Boxes -- 1. Market Failure and Terrorism Insurance -- 2. When Are Guarantees Preferable to Other Forms of Support? -- 3. Estimating the Expected Cost and Market Value of Guarantees -- 4. Institutional Arrangements for Managing PPP Risks -- A1. Accounting Standards and Standard Setters -- Annexes -- I. Accounting/Statistical Standards and Contingent Liabilities -- II. Measuring the Value of Contingent Liabilities.