How do you use the word contingent?

Last Update: April 20, 2022

This is a question our experts keep getting from time to time. Now, we have got the complete detailed explanation and answer for everyone, who is interested!

Asked by: Mr. Chaz Metz
Score: 4.8/5 (29 votes)

The adjective contingent can be used to describe something that can occur only when something else happens first. Making money is contingent on finding a good-paying job. When an event or situation is contingent, it means that it depends on some other event or fact.

How do you use contingent in a sentence?

Contingent in a Sentence ?
  1. The job offer was contingent upon the return of a clean background review.
  2. According to my supervisor, the job promotion is contingent upon my ability to pass the management exam.
  3. The cashier told me the free cheeseburger was contingent upon the purchase of a medium drink and fries.

What does the word contingent mean in a sentence?

1 : dependent on or conditioned by something else Payment is contingent on fulfillment of certain conditions. a plan contingent on the weather. 2 : likely but not certain to happen : possible.

What is contingency with example?

Frequency: Contingency means something that could happen or come up depending on other occurrences. An example of a contingency is the unexpected need for a bandage on a hike.

What does it mean when something is contingent?

“Contingent” in any sense means “depending on certain circumstances.” In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.

🥇 Learn English Words: CONTINGENT - Meaning, Vocabulary with Pictures and Examples

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How do you beat a contingent offer?

Here are just a few that can help you beat out the competition:
  1. Get approved for your mortgage. ...
  2. Waive contingencies. ...
  3. Increase your earnest money deposit. ...
  4. Offer above asking price. ...
  5. Include an appraisal gap guarantee. ...
  6. Get personal. ...
  7. Consider a cash offer alternative.

Does contingent mean sold?

A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.

What is an example of a contingency cost?

For example, if the project team feels they need a 10% contingency reserve for a $1,800,000 project, they would add $180,000 (10% of $1,800,000) to the cost of the project - for a total project cost of $1,980,000. ... To address this, they could budget a 3% contingency for labor but 10% for materials.

What is the purpose of contingency?

“The purpose of any contingency plan is to allow an organization to return to its daily operations as quickly as possible after an unforeseen event. The contingency plan protects resources, minimizes customer inconvenience and identifies key staff, assigning specific responsibilities in the context of the recovery.”

What is an example of a contingent fact?

Contingent truths (or falsehoods) happen to be true (or false), but might have been otherwise. Thus, for example: "Squares have four sides." is necessary. "Stop signs are hexagonal." is contingent.

Can a seller back out of a contingent offer?

Real estate contracts are legally binding, so sellers can't back out just because they received a better offer. The main exception is when the contract includes a contingency that allows the seller to terminate the sale.

Are contingent on?

dependent for existence, occurrence, character, etc., on something not yet certain; conditional (often followed by on or upon): Our plans are contingent on the weather. liable to happen or not; uncertain; possible: They had to plan for contingent expenses.

Do contingent homes fall through?

Sadly, it's true that a small amount of contingent offers do sometimes fall through. This can be a result of either the buyer or the seller. According to Homego, roughly 1.4% to 4.3% of home sales fall through. Zillow states that 3.9% of home sales fall through, and this number has been increasing over time.

Is it contingent on or upon?

(2) In the adjectival phrases “contingent on” and “contingent upon,” the OED says, the word means dependent on or upon something else—“some prior occurrence or condition.”

What does contingent mean in law?

Primary tabs. Contingency refers to an event that may or may not occur in the future. In other words, it depends on fulfillment of a condition, which is uncertain or incidental.

How much is a contingent?

In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage (often one third) of the recovery, which is the amount finally paid to the client. If you win the case, the lawyer's fee comes out of the money awarded to you.

What are benefits of contingency plan?

Having a clear, well-documented contingency plan helps employees push past their initial fears, make better decisions, and move more quickly into recovery mode. With panic averted, managers and leaders are better equipped to focus their efforts on restoring business operations.

What are three 3 benefits of contingency planning?

In this case, a contingency plan helps the firm to maintain their position and avoid the risk of losses.
  • Reduces the Risk of Uncertainty. Future is unpredictable. ...
  • Continuity of Work. ...
  • Increases Credit Availability. ...
  • Prevents Panic.

What are the disadvantages of contingency theory?

4 Limitations of Contingency Approach | Management
  • Inadequate Literature: Contingency approach suffers from inadequately of literature. ...
  • Complex: ADVERTISEMENTS: ...
  • Difficult Empirical Testing: Contingency approach being complex, presents problems in testing the percepts of the theory. ...
  • Reactive not Proactive:

How do you set up a contingency cost?

The easiest way to do this is to multiply the probability percentage by your estimated cost impact, providing a risk contingency for each line item. For example, a risk probability of 20% multiplied by a cost impact of $40,000 equals a risk contingency of $8,000.

How much should I budget for contingency?

How much contingency will I need? Most construction projects use a rate of 5%-10% from the total budget to determine contingency. Typically that will cover any extra costs that might come up. However, it is often a bad idea to use a rate less than that, depending on the scale of the project.

What is an example of a contingency plan?

Contingency plans are often devised by governments or businesses. For example, suppose many employees of a company are traveling together on an aircraft which crashes, killing all aboard. The company could be severely strained or even ruined by such a loss.

How long is a contingency on a house?

The buyer and seller must agree on the timeframe in which the buyer needs to secure mortgage approval. A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn't able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.

Can I buy a house that is contingent?

Can you put an offer on a house that is contingent? Most contingent listings will allow other buyers to place offers on the home. This is because contingent deals are still technically active listings and can fall out of the contract if the buyer does not meet the requested provisions.

What does contingent mean in Zillow?

If you see the word “contingent” on your listing, it means that your buyer is working through any contingencies that were a part of their offer — like a financing contingency, home inspection contingency, or buyer home sale contingency. We'll talk more about these below.