The most common contingency is the home inspection contingency. This condition on an offer states the home sale will only be finalized if the property passes a professional home inspection. In other words, buyers can walk away from a home sale if the home inspection turns up serious problems.
Example of a Contingency Contract One straightforward example might be a child who agrees with their parent that if they get an A in a particular class, they will get a new bicycle. Of course, the contract may be verbal, and it may be between family members.
A contingent contract is a legal agreement in which the terms and conditions only apply or take effect if a specific event occurs. Essentially, the parties involved agree to perform actions or obligations based on the occurrence or non-occurrence of a particular event in the future.
Contracts for the Rotating Site changes as the operation rotates, and from C.C. Barrenland, must be unlocked by clearing the respective operation with a certain threshold of Risk: Clearing the operation for the first time unlocks all Level 1 Contracts. Clearing the operation with Risk 2 unlocks all Level 2 Contracts.
In psychology, contingency contracting is used to create a contract between the therapist and the individual seeking help. The contract outlines the specific behaviors or goals that the individual wants to achieve. The therapist outlines the reward system that will be used to reinforce the desired behavior.
A contingent contract makes commitments self-enforcing by eliminating the need to reconvene or renegotiate when a surprise crops up. A contingent contract eliminates the need to come to an agreement. By allowing parties to bet on their predictions, a contingent contract enables parties to “live with” their differences.
A "contingent contract" is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.
A contingent contract is an official document or verbalization that includes a number of terms and conditions which may only apply in specified scenarios. The document is signed by all parties, meaning that they must carry out (or not complete, if specified) certain actions under certain conditions.