# Zero-Knowledge Contingent Claims ⎊ Term

**Published:** 2026-03-13
**Author:** Greeks.live
**Categories:** Term

---

![A stylized 3D animation depicts a mechanical structure composed of segmented components blue, green, beige moving through a dark blue, wavy channel. The components are arranged in a specific sequence, suggesting a complex assembly or mechanism operating within a confined space](https://term.greeks.live/wp-content/uploads/2025/12/analyzing-complex-defi-structured-products-and-transaction-flow-within-smart-contract-channels-for-risk-management.webp)

![A close-up view shows fluid, interwoven structures resembling layered ribbons or cables in dark blue, cream, and bright green. The elements overlap and flow diagonally across a dark blue background, creating a sense of dynamic movement and depth](https://term.greeks.live/wp-content/uploads/2025/12/algorithmic-trading-layer-interaction-in-decentralized-finance-protocol-architecture-and-volatility-derivatives-settlement.webp)

## Essence

**Zero-Knowledge Contingent Claims** represent a paradigm shift in the architecture of decentralized finance. These instruments utilize cryptographic proofs to enforce the conditional execution of financial contracts without requiring disclosure of the underlying data or the parties involved. At the functional level, a **Zero-Knowledge Contingent Claim** binds the release of funds to the verification of a specific state or event, validated through a zero-knowledge circuit, ensuring that the claimant meets predefined criteria while maintaining strict confidentiality of the evidence. 

> Zero-Knowledge Contingent Claims provide a mechanism for trustless, private execution of conditional financial agreements through cryptographic verification.

The systemic relevance of these claims resides in their ability to resolve the inherent conflict between transparency and privacy. Traditional derivative contracts rely on centralized oracles or trusted intermediaries to verify conditions, which introduces counterparty risk and information leakage. By replacing human-managed verification with **Zero-Knowledge Proofs**, these claims create a verifiable settlement layer where the proof itself acts as the trigger for the smart contract, eliminating the need for trust in the execution process.

![This abstract image features a layered, futuristic design with a sleek, aerodynamic shape. The internal components include a large blue section, a smaller green area, and structural supports in beige, all set against a dark blue background](https://term.greeks.live/wp-content/uploads/2025/12/complex-algorithmic-trading-mechanism-design-for-decentralized-financial-derivatives-risk-management.webp)

## Origin

The lineage of **Zero-Knowledge Contingent Claims** traces back to the intersection of academic cryptography and the quest for private, permissionless value exchange.

Early explorations into **Zero-Knowledge Proofs**, particularly the work on **SNARKs** (Succinct Non-Interactive Arguments of Knowledge), provided the mathematical foundation for proving the validity of a statement without revealing the input. These foundational papers established that one could prove knowledge of a secret or the occurrence of an event without exposing the raw data to the verifier.

> Cryptographic primitives like SNARKs form the bedrock upon which private, verifiable conditional settlements are built.

The transition from theoretical cryptography to financial application emerged as developers recognized the limitations of public blockchains in handling sensitive derivative data. While early decentralized protocols achieved transparency, they struggled to replicate the privacy standards required for institutional-grade trading. The development of these claims was a deliberate effort to synthesize **privacy-preserving computation** with the automated settlement logic of **smart contracts**, moving beyond the simplistic reliance on transparent on-chain data feeds.

![A close-up render shows a futuristic-looking blue mechanical object with a latticed surface. Inside the open spaces of the lattice, a bright green cylindrical component and a white cylindrical component are visible, along with smaller blue components](https://term.greeks.live/wp-content/uploads/2025/12/interlocking-collateralized-assets-within-a-decentralized-options-derivatives-liquidity-pool-architecture-framework.webp)

## Theory

The architecture of a **Zero-Knowledge Contingent Claim** relies on a multi-stage verification process designed to minimize trust.

The protocol operates on the principle that the settlement of a derivative should be mathematically guaranteed once the conditions are met, regardless of the state of the broader market or the actions of the counterparty.

- **Statement Generation**: The participant creates a cryptographic proof demonstrating that a specific condition ⎊ such as a price target or an off-chain data point ⎊ has been satisfied.

- **Proof Verification**: The smart contract acts as a verifier, confirming the validity of the **Zero-Knowledge Proof** without needing access to the private inputs.

- **Conditional Settlement**: Upon successful verification, the contract executes the transfer of assets, ensuring the outcome is final and immutable.

This theoretical framework shifts the burden of proof from the intermediary to the protocol itself. The mathematical rigor of **Zero-Knowledge Proofs** ensures that even if an adversary controls the data feed, they cannot forge a valid proof to trigger an unauthorized settlement. 

| Parameter | Traditional Derivative | Zero-Knowledge Contingent Claim |
| --- | --- | --- |
| Verification | Trusted Oracle | Cryptographic Proof |
| Data Exposure | High | Zero |
| Counterparty Risk | Significant | Negligible |

![The abstract artwork features a central, multi-layered ring structure composed of green, off-white, and black concentric forms. This structure is set against a flowing, deep blue, undulating background that creates a sense of depth and movement](https://term.greeks.live/wp-content/uploads/2025/12/a-multi-layered-collateralization-structure-visualization-in-decentralized-finance-protocol-architecture.webp)

## Approach

Current implementation strategies focus on integrating **Zero-Knowledge Contingent Claims** into existing liquidity pools and order-matching engines. [Market makers](https://term.greeks.live/area/market-makers/) and protocol architects prioritize the efficiency of the [proof generation](https://term.greeks.live/area/proof-generation/) process, as the computational overhead of **SNARK** or **STARK** generation can introduce latency in high-frequency trading environments. 

> Computational efficiency in proof generation remains the primary bottleneck for widespread adoption of private derivative settlements.

Developers are currently optimizing circuits to reduce the time required for participants to generate proofs, enabling faster settlement cycles. This involves moving toward hardware-accelerated **Zero-Knowledge** systems and specialized circuit design that minimizes the complexity of the verification logic. The current approach also addresses the challenge of **liquidity fragmentation** by building cross-chain bridges that allow these claims to be settled across multiple environments without compromising the integrity of the underlying proofs.

![This close-up view presents a sophisticated mechanical assembly featuring a blue cylindrical shaft with a keyhole and a prominent green inner component encased within a dark, textured housing. The design highlights a complex interface where multiple components align for potential activation or interaction, metaphorically representing a robust decentralized exchange DEX mechanism](https://term.greeks.live/wp-content/uploads/2025/12/interoperable-protocol-component-illustrating-key-management-for-synthetic-asset-issuance-and-high-leverage-derivatives.webp)

## Evolution

The progression of these claims has moved from niche cryptographic experiments to integrated components of advanced financial protocols.

Initially, the focus was purely on the feasibility of the proof-verification mechanism. As the technology matured, the emphasis shifted toward **composability** ⎊ the ability to stack these claims within complex, multi-layered financial strategies.

- **Phase One**: Proof-of-concept implementations focusing on basic conditional payments and simple event verification.

- **Phase Two**: Development of privacy-preserving order books and matching engines that leverage **Zero-Knowledge Proofs** to mask trade sizes and participant identities.

- **Phase Three**: Scaling solutions through **recursive SNARKs**, allowing for the aggregation of multiple proofs into a single verifiable state change.

This trajectory reflects a broader maturation of the decentralized stack. The integration of **Zero-Knowledge Contingent Claims** has forced a rethink of how margin engines and liquidation protocols function in a private context, as the lack of transparent state requires new methods for calculating **solvency** and **risk exposure**. Sometimes, the pursuit of total privacy complicates the auditability required by institutional participants, forcing a constant recalibration between absolute confidentiality and regulatory compliance.

![The image displays a detailed view of a thick, multi-stranded cable passing through a dark, high-tech looking spool or mechanism. A bright green ring illuminates the channel where the cable enters the device](https://term.greeks.live/wp-content/uploads/2025/12/decentralized-high-throughput-data-processing-for-multi-asset-collateralization-in-derivatives-platforms.webp)

## Horizon

The future of **Zero-Knowledge Contingent Claims** points toward a financial infrastructure where privacy is the default rather than an optional add-on.

We anticipate the rise of **private automated market makers** that utilize these claims to hide order flow while maintaining deep liquidity. The convergence of **Zero-Knowledge** technology with **fully homomorphic encryption** will likely enable complex derivative pricing models that can operate on encrypted data, further obscuring trade signals from predatory actors.

> Future financial systems will likely utilize private, verifiable claims to achieve institutional-grade privacy within open, decentralized markets.

| Development Area | Expected Impact |
| --- | --- |
| Recursive Proofs | Increased scalability for high-frequency settlement |
| Hardware Acceleration | Reduced latency for proof generation |
| Compliance Integration | Selective disclosure for regulated entities |

As the underlying math becomes more efficient, the barrier to entry for building complex, private derivative instruments will collapse. This will allow for the proliferation of bespoke, **contingent-based products** that were previously impossible to structure in a transparent or centralized environment. The ultimate outcome is a financial system where the settlement of any claim is a function of verifiable truth, not the reputation or authority of the participating entities. 

## Glossary

### [Proof Generation](https://term.greeks.live/area/proof-generation/)

Mechanism ⎊ Proof generation refers to the cryptographic process of creating a succinct proof that verifies the correctness of a computation or transaction without revealing the underlying data.

### [Market Makers](https://term.greeks.live/area/market-makers/)

Role ⎊ These entities are fundamental to market function, standing ready to quote both a bid and an ask price for derivative contracts across various strikes and tenors.

## Discover More

### [Trading Account Management](https://term.greeks.live/term/trading-account-management/)
![A detailed abstract visualization of nested, concentric layers with smooth surfaces and varying colors including dark blue, cream, green, and black. This complex geometry represents the layered architecture of a decentralized finance protocol. The innermost circles signify core automated market maker AMM pools or initial collateralized debt positions CDPs. The outward layers illustrate cascading risk tranches, yield aggregation strategies, and the structure of synthetic asset issuance. It visualizes how risk premium and implied volatility are stratified across a complex options trading ecosystem within a smart contract environment.](https://term.greeks.live/wp-content/uploads/2025/12/layered-defi-protocol-architecture-with-concentric-liquidity-and-synthetic-asset-risk-management-framework.webp)

Meaning ⎊ Trading Account Management provides the algorithmic governance necessary to maintain solvency and risk control within decentralized derivative markets.

### [Hybrid Order Book](https://term.greeks.live/term/hybrid-order-book/)
![A detailed visualization of a layered structure representing a complex financial derivative product in decentralized finance. The green inner core symbolizes the base asset collateral, while the surrounding layers represent synthetic assets and various risk tranches. A bright blue ring highlights a critical strike price trigger or algorithmic liquidation threshold. This visual unbundling illustrates the transparency required to analyze the underlying collateralization ratio and margin requirements for risk mitigation within a perpetual futures contract or collateralized debt position. The structure emphasizes the importance of understanding protocol layers and their interdependencies.](https://term.greeks.live/wp-content/uploads/2025/12/layered-protocol-architecture-analysis-revealing-collateralization-ratios-and-algorithmic-liquidation-thresholds-in-decentralized-finance-derivatives.webp)

Meaning ⎊ A Hybrid Order Book optimizes derivative trading by combining high-speed off-chain matching with secure, transparent on-chain settlement.

### [Data Security Protocols](https://term.greeks.live/term/data-security-protocols/)
![A layered mechanical interface conceptualizes the intricate security architecture required for digital asset protection. The design illustrates a multi-factor authentication protocol or access control mechanism in a decentralized finance DeFi setting. The green glowing keyhole signifies a validated state in private key management or collateralized debt positions CDPs. This visual metaphor highlights the layered risk assessment and security protocols critical for smart contract functionality and safe settlement processes within options trading and financial derivatives platforms.](https://term.greeks.live/wp-content/uploads/2025/12/advanced-multilayer-protocol-security-model-for-decentralized-asset-custody-and-private-key-access-validation.webp)

Meaning ⎊ Data Security Protocols provide the essential cryptographic foundation for maintaining trustless, private, and resilient decentralized derivatives.

### [Decentralized Capital Markets](https://term.greeks.live/term/decentralized-capital-markets/)
![A detailed rendering illustrates the intricate mechanics of two components interlocking, analogous to a decentralized derivatives platform. The precision coupling represents the automated execution of smart contracts for cross-chain settlement. Key elements resemble the collateralized debt position CDP structure where the green component acts as risk mitigation. This visualizes composable financial primitives and the algorithmic execution layer. The interaction symbolizes capital efficiency in synthetic asset creation and yield generation strategies.](https://term.greeks.live/wp-content/uploads/2025/12/visualizing-algorithmic-execution-of-decentralized-options-protocols-collateralized-debt-position-mechanisms.webp)

Meaning ⎊ Decentralized Capital Markets enable autonomous, transparent risk transfer and liquidity provision through programmatic smart contract infrastructure.

### [Venture Capital Funding](https://term.greeks.live/term/venture-capital-funding/)
![This abstract visual represents the complex smart contract logic underpinning decentralized options trading and perpetual swaps. The interlocking components symbolize the continuous liquidity pools within an Automated Market Maker AMM structure. The glowing green light signifies real-time oracle data feeds and the calculation of the perpetual funding rate. This mechanism manages algorithmic trading strategies through dynamic volatility surfaces, ensuring robust risk management within the DeFi ecosystem's composability framework. This intricate structure visualizes the interconnectedness required for a continuous settlement layer in non-custodial derivatives.](https://term.greeks.live/wp-content/uploads/2025/12/decentralized-finance-protocol-mechanics-illustrating-automated-market-maker-liquidity-and-perpetual-funding-rate-calculation.webp)

Meaning ⎊ Venture Capital Funding acts as the foundational risk-allocation layer that fuels the development and sustainability of decentralized protocols.

### [Rebalancing Risk](https://term.greeks.live/definition/rebalancing-risk/)
![A cutaway view illustrates the complex internal components of a self-contained engine. A central teal-green ribbed element, resembling a core processing unit, interacts with peripheral cream and teal rollers. This intricate mechanical structure visually represents a decentralized finance DeFi algorithmic trading engine. The components symbolize an automated market maker AMM liquidity provision system, where smart contract logic calculates and adjusts collateralized debt positions CDPs. The rebalancing mechanism manages impermanent loss and optimizes yield generation, providing a robust, autonomous risk management framework for derivatives contracts.](https://term.greeks.live/wp-content/uploads/2025/12/decentralized-finance-algorithmic-strategy-engine-visualization-of-automated-market-maker-rebalancing-mechanism.webp)

Meaning ⎊ The risk that automated portfolio or pool adjustments result in losses due to market timing or transaction costs.

### [Financial Settlement Engines](https://term.greeks.live/term/financial-settlement-engines/)
![A high-precision mechanical joint featuring interlocking green, beige, and dark blue components visually metaphors the complexity of layered financial derivative contracts. This structure represents how different risk tranches and collateralization mechanisms integrate within a structured product framework. The seamless connection reflects algorithmic execution logic and automated settlement processes essential for liquidity provision in the DeFi stack. This configuration highlights the precision required for robust risk transfer protocols and efficient capital allocation.](https://term.greeks.live/wp-content/uploads/2025/12/interlocking-component-representation-of-layered-financial-derivative-contract-mechanisms-for-algorithmic-execution.webp)

Meaning ⎊ Financial settlement engines provide the automated, trust-minimized architecture required for robust collateral management in decentralized derivatives.

### [Decentralized Market Access](https://term.greeks.live/term/decentralized-market-access/)
![A detailed visualization of smart contract architecture in decentralized finance. The interlocking layers represent the various components of a complex derivatives instrument. The glowing green ring signifies an active validation process or perhaps the dynamic liquidity provision mechanism. This design demonstrates the intricate financial engineering required for structured products, highlighting risk layering and the automated execution logic within a collateralized debt position framework. The precision suggests robust options pricing models and automated execution protocols for tokenized assets.](https://term.greeks.live/wp-content/uploads/2025/12/interlocking-architecture-of-collateralization-mechanisms-in-advanced-decentralized-finance-derivatives-protocols.webp)

Meaning ⎊ Decentralized market access provides permissionless, trust-minimized derivative execution via automated, cryptographic settlement mechanisms.

### [Decentralized Finance Growth](https://term.greeks.live/term/decentralized-finance-growth/)
![A sharply focused abstract helical form, featuring distinct colored segments of vibrant neon green and dark blue, emerges from a blurred sequence of light-blue and cream layers. This visualization illustrates the continuous flow of algorithmic strategies in decentralized finance DeFi, highlighting the compounding effects of market volatility on leveraged positions. The different layers represent varying risk management components, such as collateralization levels and liquidity pool dynamics within perpetual contract protocols. The dynamic form emphasizes the iterative price discovery mechanisms and the potential for cascading liquidations in high-leverage environments.](https://term.greeks.live/wp-content/uploads/2025/12/algorithmic-perpetual-swaps-liquidity-provision-and-hedging-strategy-evolution-in-decentralized-finance.webp)

Meaning ⎊ Decentralized Finance Growth automates financial settlement and leverage through permissionless, code-governed protocols for global capital efficiency.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://term.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Term",
            "item": "https://term.greeks.live/term/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Zero-Knowledge Contingent Claims",
            "item": "https://term.greeks.live/term/zero-knowledge-contingent-claims/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://term.greeks.live/term/zero-knowledge-contingent-claims/"
    },
    "headline": "Zero-Knowledge Contingent Claims ⎊ Term",
    "description": "Meaning ⎊ Zero-Knowledge Contingent Claims enable trustless, private settlement of financial derivatives through verifiable cryptographic proofs. ⎊ Term",
    "url": "https://term.greeks.live/term/zero-knowledge-contingent-claims/",
    "author": {
        "@type": "Person",
        "name": "Greeks.live",
        "url": "https://term.greeks.live/author/greeks-live/"
    },
    "datePublished": "2026-03-13T01:38:21+00:00",
    "dateModified": "2026-03-13T01:38:35+00:00",
    "publisher": {
        "@type": "Organization",
        "name": "Greeks.live"
    },
    "articleSection": [
        "Term"
    ],
    "image": {
        "@type": "ImageObject",
        "url": "https://term.greeks.live/wp-content/uploads/2025/12/collateralization-of-structured-products-and-layered-risk-tranches-in-decentralized-finance-ecosystems.jpg",
        "caption": "A complex, layered abstract form dominates the frame, showcasing smooth, flowing surfaces in dark blue, beige, bright blue, and vibrant green. The various elements fit together organically, suggesting a cohesive, multi-part structure with a central core. This visualization captures the essence of a structured product in decentralized finance, where a principal investment is wrapped with various risk tranches. The dark outer layer acts as a protective collateral pool, managing counterparty risk. The bright green core represents a yield-bearing asset, while the internal blue layers signify subordinate tranches or leverage positions with specific collateralization ratios. The entire structure illustrates complex smart contract logic for dynamic hedging and automated risk management, crucial elements in options trading and financial derivatives. The multi-layered design reflects the complexity required for effective liquidity provision and structured products within modern financial ecosystems."
    },
    "keywords": [
        "Adversarial Environments",
        "Algorithmic Trading",
        "Automated Market Makers",
        "Automated Strategies",
        "Behavioral Game Theory",
        "Blockchain Technology",
        "Code Vulnerabilities",
        "Collateral Management",
        "Complex Derivatives",
        "Computational Proofs",
        "Conditional Execution",
        "Conditional Payment Protocols",
        "Confidentiality Mechanisms",
        "Consensus Mechanisms",
        "Contagion Effects",
        "Contingent Claims",
        "Counterparty Risk Mitigation",
        "Cross-Chain Compatibility",
        "Cryptographic Primitives",
        "Cryptographic Proofs",
        "Cryptographic Protocols",
        "Cryptographic Settlement",
        "Cryptographic Verification",
        "Data Availability",
        "Data Confidentiality",
        "Decentralized Applications",
        "Decentralized Autonomous Organizations",
        "Decentralized Derivatives",
        "Decentralized Exchanges",
        "Decentralized Finance",
        "Decentralized Governance",
        "Decentralized Insurance",
        "Decentralized Oracles",
        "Decentralized Risk Management",
        "Derivative Contracts",
        "Derivative Liquidity",
        "Digital Asset Volatility",
        "Digital Assets",
        "Digital Economy",
        "Economic Incentives",
        "Event Verification",
        "Exotic Options",
        "Financial Agreements",
        "Financial Confidentiality",
        "Financial Derivatives",
        "Financial Engineering",
        "Financial History Analysis",
        "Financial Inclusion",
        "Financial Innovation",
        "Financial Interoperability",
        "Financial Primitives",
        "Financial Security",
        "Formal Verification",
        "Fundamental Analysis",
        "Global Finance",
        "Greeks Modeling",
        "Hybrid Blockchains",
        "Information Leakage Prevention",
        "Institutional DeFi",
        "Instrument Types",
        "Jurisdictional Differences",
        "Layer Two Solutions",
        "Legal Frameworks",
        "Liquidity Provision",
        "Macro-Crypto Correlation",
        "Margin Engines",
        "Market Evolution",
        "Market Manipulation Prevention",
        "Market Microstructure",
        "Market Psychology",
        "Network Data Evaluation",
        "Non-Interactive Proofs",
        "Off-Chain Computation",
        "On-Chain Privacy",
        "On-Chain Verification",
        "Oracle Replacement",
        "Order Flow Dynamics",
        "Permissioned Blockchains",
        "Permissionless Derivative Markets",
        "Permissionless Value Exchange",
        "Privacy Enhanced Transactions",
        "Privacy Preserving Technologies",
        "Privacy-Preserving Computation",
        "Private Blockchains",
        "Private Financial Contracts",
        "Private Settlement",
        "Proof-of-Solvency",
        "Protocol Architecture",
        "Protocol Physics",
        "Protocol Security",
        "Quantitative Finance",
        "Recursive Proof Aggregation",
        "Regulatory Arbitrage Opportunities",
        "Regulatory Compliance",
        "Revenue Generation Metrics",
        "Risk Management Strategies",
        "Risk Sensitivity Analysis",
        "Scalability Solutions",
        "Secure Computation",
        "Secure Financial Systems",
        "Secure Multi-Party Computation",
        "Security Best Practices",
        "Settlement Finality",
        "Smart Contract Audits",
        "Smart Contract Risks",
        "Smart Contract Security",
        "Smart Contracts",
        "SNARK Circuits",
        "STARK Verification",
        "State Validation",
        "Strategic Interactions",
        "Synthetic Assets",
        "Systems Risk Analysis",
        "Tokenomics Design",
        "Trading Venues",
        "Transparency Privacy Conflict",
        "Trend Forecasting",
        "Trust Minimization",
        "Trustless Execution",
        "Trustless Settlement",
        "Usage Metrics Analysis",
        "Validium Systems",
        "Value Accrual Mechanisms",
        "Value Transfer Mechanisms",
        "Verifiable Settlement Layer",
        "Zero Knowledge Circuits",
        "Zero Knowledge Proofs",
        "Zero Knowledge Systems",
        "Zero-Knowledge Rollups",
        "Zero-Knowledge Succinctness",
        "ZK-SNARKs",
        "ZK-STARKs"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://term.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://term.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebPage",
    "@id": "https://term.greeks.live/term/zero-knowledge-contingent-claims/",
    "mentions": [
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/proof-generation/",
            "name": "Proof Generation",
            "url": "https://term.greeks.live/area/proof-generation/",
            "description": "Mechanism ⎊ Proof generation refers to the cryptographic process of creating a succinct proof that verifies the correctness of a computation or transaction without revealing the underlying data."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/market-makers/",
            "name": "Market Makers",
            "url": "https://term.greeks.live/area/market-makers/",
            "description": "Role ⎊ These entities are fundamental to market function, standing ready to quote both a bid and an ask price for derivative contracts across various strikes and tenors."
        }
    ]
}
```


---

**Original URL:** https://term.greeks.live/term/zero-knowledge-contingent-claims/