Background for contingencies

contingencies

/kənˈtɪndʒənsiz/ /kənˈtɪndʒənsɪz/

Illustration contingencies - Image 1

noun

The quality of being contingent, of happening by chance; unpredictability.

Examples :

"We need to have money saved for unforeseen contingencies, like unexpected car repairs or medical bills. "

possibility outcome condition situation business finance insurance plan

Illustration contingencies - Image 1

noun

A possibility; something which may or may not happen. A chance occurrence, especially in finance, unexpected expenses.

Examples :

"We set aside some money in our budget to cover unexpected contingencies, like a broken washing machine or a sudden car repair. "

possibility business finance insurance economy

Illustration contingencies - Image 1

noun

An amount of money which a party to a contract has to pay to the other party (usually the supplier of a major project to the client) if he or she does not fulfill the contract according to the specification.

Examples :

"The construction company built a 10% buffer for contingencies into their bid, knowing they would have to pay that amount to the school district if the new gymnasium wasn't finished by the start of the school year. "

business finance law economy

Illustration contingencies - Image 1

noun

A statement which is neither a tautology nor a contradiction.

Examples :

"Our emergency plan included contingencies for a fire, an earthquake, or a power outage. "

philosophy logic statement possibility