con
tin
gen
cy
Plural
contingencies
1
an event or situation that might happen
- The team drafted backup plans for various contingencies.
- The plan accounts for contingencies that could delay the project.
- Weather is always a contingency in outdoor events.
- He prepared for every contingency before leaving on the trip.
- Insurance policies protect against contingencies.
Synonyms:
2
the condition of depending on something else
- Their promotion was subject to the contingency of meeting sales targets.
- Our travel plans are under contingency based on flight availability.
- He accepted the offer with the contingency that his current project would finish on time.
- The bonus payout carries the contingency of company profit goals being met.
- Admission to the program is a contingency on passing the entrance exam.
3
the funds that are set aside for unforeseen expenses that may arise in the future
- The company allocated a portion of its budget as a contingency to cover unexpected costs, such as equipment repairs or legal fees.
- As a prudent financial practice, homeowners should maintain a contingency fund to cover sudden home repairs, like a leaking roof or a malfunctioning furnace.
- Non-profit organizations often establish contingency funds to prepare for unexpected drops in donations or to address urgent community needs.
- Government agencies maintain contingency funds to respond swiftly to emergencies, such as natural disasters or public health crises.
- Personal finance experts recommend building a contingency fund equivalent to three to six months' worth of living expenses to provide a financial buffer in case of job loss or medical emergencies.