CONTINGENCY Meaning and
Definition
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A contingency refers to a possibility or event that may or may not occur, depending on certain conditions or circumstances. It entails something that is uncertain, often unexpected, and contingent upon certain factors or situations. Contingencies are considered potential or alternate outcomes, acting as a backup plan or a precautionary measure against unforeseen situations.
In the realm of business and finance, a contingency generally refers to a provision of funds or resources set aside for future, uncertain events or emergencies. These funds serve as a safety net to mitigate potential risks and uncertainties. It is a practical approach to ensure that unexpected situations can be tackled without severe consequences.
Legal contexts also widely employ the term contingency. In this context, it denotes a contract clause or agreement that specifies certain conditions under which specific events or outcomes will take place. For example, a contingency clause in a real estate contract often states that a sale is contingent upon the buyer securing financing or a satisfactory home inspection report.
Moreover, the term “contingency” can also be used to describe the state of being dependent on or influenced by something else. It signifies a relationship where one thing relies on the occurrence or non-occurrence of something else. In summary, contingencies are essentially potential or alternative possibilities that may transpire in various contexts, ranging from finance and business to contract law and beyond.
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An unforeseen event; an accidental possibility; casualty.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for CONTINGENCY *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for CONTINGENCY
Etymology of CONTINGENCY
The word "contingency" comes from the Latin word "contingentia", which is derived from the verb "contingere". In Latin, "contingere" is formed by combining the prefix "con-" meaning "together" and the verb "tangere" meaning "to touch". "Contingere" thus means "to touch together or happen by chance". From this root, "contingency" entered English in the early 17th century, referring to something that is not certain or that may occur depending on other circumstances.
Similar spelling words for CONTINGENCY
- continual,
- continence,
- contentedness,
- contentedly,
- continuing,
- contingence,
- continuance,
- countinghouse,
- continue,
- continency,
- contingent on,
- continuity,
- continuo,
- contingent,
- continental,
- contentment,
- containment,
- continuously,
- contented,
- continuum,
- contender,
- continued,
- continent,
- contaminate,
- counting,
- continuation,
- continually,
- commuting.
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