Definitions for "CONTINGENCY FEE"
Also called a contingent fee. A fee arrangement in which the lawyer is paid out of any damages that are awarded. Typically, the lawyer gets between one-fourth and one-third. If no damages are awarded, there is no fee.
Expectation of some clients to have the services of the agency paid based on the results achieved, e.g. by media clipping. Contingency fees infringe the ethical standards of the PR industry, endangering the freedom of the press. BPRA member agencies reject contingency fee arrangements without exception.
A method of payment of legal fees "contingent" on winning a lawsuit and represented by a percentage of the award. Lawyers generally receive compensation by either a straight hourly rate (e.g. $400 an hour) or on contingency, agreeing to be paid only if the claim is successful and taking a portion (e.g. one-third) of any award that comes after the filing of the claim. Contingency fees allow the client to receive legal services without putting any money down and allow the lawyer to advertise "we don't get paid unless you do." Legal associations in some countries prohibit contingency fee arrangements. In those countries that allow them, they are very prevalent in personal injury cases.
an additional potential cost included in a price quotation, contract, or agreement to accommodate unplanned factors that might arise once an installation is underway
Keywords:  beneficiary
Contingent Beneficiary