noun a future event or circumstance that is possible but cannot be predicted with certainty
adjective subject to chance or uncertain
In law, a contingency fee is a fee that is dependent on the outcome of a case, often used in personal injury or other types of lawsuits.
In finance, contingency refers to funds set aside for unexpected expenses or emergencies, such as a contingency fund or contingency budget.
In the insurance field, contingency refers to an event that may or may not happen, but if it does, it will trigger a specific outcome or response.
In project management, contingency planning involves preparing for potential risks or unforeseen events that could impact the project timeline or budget.
In military strategy, contingency planning involves preparing for various potential scenarios or threats that could arise during a mission or operation.
In writing, contingency refers to unexpected events or circumstances that may impact the outcome of a story or plot. Writers often use contingency planning to prepare for various scenarios and ensure the coherence of their narrative.
In psychology, contingency refers to the relationship between a behavior and its consequences. Psychologists study how individuals learn from contingencies and how these relationships influence behavior. Contingency management is a common technique used in therapy to modify behavior.
In project management, contingency refers to a reserve of time, money, or resources set aside to address unforeseen events or risks that may impact the project's timeline or budget. Project managers often create contingency plans to mitigate potential disruptions and ensure project success.
In law, contingency refers to a fee arrangement where a lawyer's payment is contingent upon the outcome of a case. Lawyers may work on a contingency basis, taking a percentage of the settlement or award if the case is successful. This arrangement is common in personal injury and other civil cases.
In finance, contingency refers to a scenario analysis where analysts assess the potential impact of various events on a company's financial performance. Financial analysts use contingency planning to evaluate risks and develop strategies to mitigate potential losses or capitalize on opportunities.