Quick Answer: What Is An Example Of Contingency?

What is a 10 day contingency?

A real estate contract may include a 10 day inspection contingency, during which time the buyer is allowed to have the property inspected to reveal any potential issues that could void the contract..

What is an example of a contingency plan?

A contingency plan is a plan devised for an outcome other than in the usual (expected) 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.

What is contingency?

1 : a contingent event or condition: such as. a : an event (such as an emergency) that may but is not certain to occur trying to provide for every contingency. b : something liable to happen as an adjunct to or result of something else the contingencies of war.

What’s another word for contingency?

Some common synonyms of contingency are crisis, emergency, exigency, juncture, pinch, straits, and strait. While all these words mean “a critical or crucial time or state of affairs,” contingency implies an emergency or exigency that is regarded as possible but uncertain of occurrence.

How long do contingency contracts last?

between 30 and 60 daysA 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. This timeframe may be important if you encounter a delay in getting financed.

What are the steps in contingency planning?

The following are the five basic steps of contingency planning for epidemic, pandemic, or other emergency situations.Program Management. … Planning. … Implementation. … Testing & Exercise. … Program Improvement.

What must contingency plan include?

That is how you make a detailed contingency plan. List down the major incidents that could harm your business operations, prioritize them based on their impact and probability, create an action plan explaining what you should do in case they occur, and review and update them frequently.

What are contingency factors in management?

A general contingency factor is a provision that the cost estimator makes to cover unforeseeable expenses the project may incur. … The amount allotted for each contingency factor typically depends on the amount of detail in the project’s design, as well as its level of uncertainty.

How do you use contingency in a sentence?

Contingency sentence examplesThis type of contingency was not one we planned for. … During exercises, the government’s premier contingency operations compound in the Appalachian Mountains of Tennessee was populated only by maintenance crews and a few relaxed guards.More items…

What are the different types of contingency plans?

9 Examples of Contingency PlanningDisaster. A school near the sea plans for a tsunami. … Environment. A city plans what it will do if air quality reaches dangerous levels. … Infrastructure & Facilities. … Partners. … Talent. … Markets. … Political. … Trade.More items…•

What are contingency factors?

A contingency factor is anything that cannot be accurately predicted or forecast in the future. A contingency is the unexpected, or things that are out of your control. Natural disasters, economic crisis and other major events all fall into this category.

How do you use contingency?

Contingency in a Sentence 🔉The city’s evacuation plan is designed to be effective in case of any contingency that necessitates a hasty withdrawal. … If a contingency disrupts our outdoor wedding, we have a church on standby.More items…

What are some examples of contingency leadership?

Fiedler’s contingency theoryUnfriendly1 2 3 4 5 6 7 8FriendlyUncooperative1 2 3 4 5 6 7 8CooperativeHostile1 2 3 4 5 6 7 8SupportiveGuarded1 2 3 4 5 6 7 8OpenInsincere1 2 3 4 5 6 7 8Sincere11 more rows•Jul 25, 2020

What are the four contingency variables?

Whatever the way, in which organizations construct their organizational structure, it is dependent upon the following four contingency variables: technology, size, degree of environment and the organizations’ strategy. This essay is focus on how the four contingency variables influence organization’s structure.

What do you mean by contingency table?

In statistics, a contingency table (also known as a cross tabulation or crosstab) is a type of table in a matrix format that displays the (multivariate) frequency distribution of the variables. … They provide a basic picture of the interrelation between two variables and can help find interactions between them.

What is contingency money?

What is a contingency budget? A contingency budget is money set aside to cover unexpected costs during the construction process. This money is on reserve and not allocated to one area of the work, and simply “insurance” against other costs.

What are the key elements of any contingency plan?

The key elements of a contingency plan are “protection, detection, and recoverability.”…CONTINGENCY PLANNINGexists;is communicated to employees; and.is tested regularly.

What is a good contingency plan?

A good contingency plan should include any event that might disrupt operations. Here are some specific areas to include in the plan: Natural disasters, such as hurricanes, fires, and earthquakes. Crises, such as threatening employees or customers, on-the-job injuries, and worksite accidents.