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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
The company allocated a portion of its budget as a contingency to cover unexpected costs, such as equipment repairs or legal fees.
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.
