Contingency By Law Definition In Orange
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A contingent beneficiary is a person alternatively named to receive the benefits in a will or trust . It also refers to a person who benefits only upon the happening of a condition precedent that is implicitly or explicitly expressed in the benefit.
/kənˈtɪn.dʒənt/ contingent on/upon something. depending on something else in the future in order to happen: Outdoor activities are, as ever, contingent on the weather.
Contingency refers to an event that may or may not occur in the future. In other words, it depends on fulfillment of a condition, which is uncertain or incidental.
Contingent adj 1 : likely but not certain to happen compare executory. 2 : intended for use in circumstances not completely foreseen a fund 3 : dependent on or conditioned by something else a claim a legacy on the marriage compare vested.
When an event or situation is contingent, it means that it depends on some other event or fact. For example, sometimes buying a new house has to be contingent upon someone else buying your old house first.
Contingency Contract Examples If you fail to secure the financing within the stipulated period, either party may terminate the contract without any legal consequences. Another simple example is a child who agrees with their parent that they would receive a new bicycle if they receive an A in a specific class.
The average contingency rate falls between 20-40%, with most lawyers charging around 33% to 35% of the total amount recovered in a case. The exact percentage can vary depending on the complexity of the case, the lawyer's experience, and the stage at which the case is resolved.
A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
Best practices for drafting a contingent contract #1 Define the conditions clearly to activate the contract obligations. #2 Include detailed descriptions of all parties' obligations. #3 Keep the contract simple to avoid misunderstandings. #4 Regularly update your contracts to keep them relevant and enforceable.
A contingency is a potentially negative event that may occur in the future, such as an economic recession, natural disaster, or fraudulent activity. Companies and investors plan for various contingencies through analysis and implementing protective measures.