Background for contingency

contingency

/kənˈtɪndʒənsi/

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noun

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

Examples :

"The weather forecast's contingency plans for rain included bringing in the outdoor tables. "

possibility situation outcome quality

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noun

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

Examples :

"The contingency fund will cover unexpected expenses, like a sudden repair needed for the family car. "

possibility business finance insurance economy condition

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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 included a large contingency in the contract, payable to the school district, in case the new building wasn't completed by the start of the school year. "

business finance law

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noun

A statement which is neither a tautology nor a contradiction.

Examples :

"The contingency plan for the school picnic states that if it rains, we'll have it in the gym. "

logic philosophy statement