Literal:
* The hikers stood at the precipice, looking down at the dizzying drop below.
* The mountain road was carved into the side of the cliff, leaving the cars teetering on the precipice.
Figurative:
* The company was on the precipice of bankruptcy after losing its biggest client.
* His anger was building, pushing him to the precipice of a violent outburst.
* After months of deliberation, the government stood at the precipice of a decision that would have far-reaching consequences.
More creative examples:
* The precipice of the future stretched before them, full of uncertainty and possibility.
* The artist's brushstrokes, bold and daring, brought the characters to the precipice of a heart-wrenching confrontation.
Remember, "precipice" can refer to a literal cliff or a figurative situation where someone is on the verge of something dangerous or significant.