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Contingency
01
a possible condition in future that might happen as a result of something
02
the quality of happening by chance
03
the funds that are set aside for unforeseen expenses that may arise in the future
Example
We have a contingency plan in place in the event of severe weather.
The company allocated a portion of its budget as a contingency to cover unexpected costs, such as equipment repairs or legal fees.
The project manager devised a contingency plan to bypass potential bottlenecks in the construction timeline.
Non-profit organizations often establish contingency funds to prepare for unexpected drops in donations or to address urgent community needs.
The team is working on a contingency plan to address potential challenges in the project.
