Contingent Contract

Contingent Contract Meaning

A contingent contract is an agreement between parties that specifies certain actions or outcomes dependent on specific conditions or events occurring in the future. It's a way to manage uncertainty and risk in negotiations by making parts of the contract conditional.

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Contingent Contract Example

A company agrees to hire a contractor for a project, but both parties are concerned about potential delays. They create a contingent contract where the final payment increases if the project is completed on time but decreases if there are significant delays, aligning incentives for timely completion.

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