Definitions (3)

1. An event that may or may not occur.
2. A condition that must be met in order for a contract to be legally binding.
3. Real Estate: A provision or provisions in a contract that must be met for the contract to be considered enforceable. For example, a buyer may offer a contract that is contingent upon the buyer's obtaining suitable financing; if financing is not obtained, the buyer may back out of the agreement without penalty.

Use contingency in a sentence

Most companies have a contingency plan that would prepare them for when revenues fall short or there are unexpected expenses.

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graduated lease contingent convertibles (CoCos)