In order to accurately compare the cost of each sprinkler system we will use a 40âÃ40â² or 1600 square feet. Typically in a traditional system youâll need a high grade PVC conduit, Risers, Sprinkler Heads.
A defects liability period is a set period of time after a construction project has been completed during which a contractor has the right to return to the site to remedy defects. A typical defects liability period lasts for 12 months. defects liability period is a set period of time after a construction project has been completed during which a contractor has the right to return to the site to remedy defects. A typical defects liability period lasts for 12 months.
Contingent Liability. Definition: A contingent liability is either a possible obligation arising from past events and depending on future events not under an entity's control, or a present obligation not recognized because either the entity cannot measure the obligation or settlement is not probable.nstead, only disclose the existence of the contingent liability, unless the possibility of payment is remote. There are three possible scenarios for contingent liabilities, all of which involve different accounting transactions. They are: 1  Recordation.