Definitions for "Contingencies"
A provision or condition, written into a Real Estate offer or contract that requires the completion of a certain act or event before that contract is binding. Examples of contingencies are: obtaining financing, rezoning a property, or removing an easement.
Conditions that must be satisfied prior to completion of the sale of the property either by the buyer or seller, as subject to the sales contract. For example: the buyer obtaining a purchase money loan, property passing a physical inspection by a licensed contractor, clear title report, etc.
a home-sale agreement is often contingent on the buyer's obtaining a mortgage, and the home's passing inspections, etc.
Events that are possible but that may or may not happen. Insurers base their premium rates and their willingness to accept risks partly on the probability that certain contingencies will or will not occur.----------[ Back
Existing conditions, situations, or circumstances which involve uncertainty and which could result in gains or losses. For example, guaranteed loans represent contingent liabilities which, in the event of default by the borrowers, the federal government would be liable to cover the losses of the guarantors, and thereby sustain the loss itself.
Planned actions for minimizing the damage caused by a problem, in the event that problem should occur.
Contingencies is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. Contingencies is mailed to members of the Academy and targeted individuals (such as legislators and their staffs, regulators, business executives, and related organizations).
a sum set aside to cover the cost of any additional or unforseen work which may be encountered once the project is proceeding on site. Contingencies are also used to pay for changes which a client may request or meet extra payments which the contractor may be entitled to.
Budgeted funds for unanticipated project expenses, including a cost estimating contingency, a design contingency, and a construction contingency.