Contingency Explained A contingency fee operates in the same manner regardless of the field. The worker and the person hiring the worker make an agreement for money in exchange for specific duties to be performed. Once the agreed-to tasks have been completed, the contingency fee is paid. The ...
For example, the real estate contract might have a financing contingency for the buyer to procure a loan from a mortgage lender. A listing agent may feel confident enough that the prospective buyers will have no problem satisfying the loan contingency. So, instead of changing the status to cond...
When a sale is contingent, it also may be labeled “under contract,” as the seller has accepted the buyer’s offer but the deal hasn't been finalized. These contingencies can include requests such as: An inspection contingency, which allows the buyer to back out if something problematic is...
What is a "yellow-dog" contract and how and when did this affect the formation of unions? What is a financing contingency in a real estate sales contract? In regards to economics, what is arbitration? What are the 2 exceptions that support placing greater importance on written vs. oral con...
There are a few different kinds of pending sales in real estate. The more common types include: Pending - Taking Backups The seller accepted an offer on their home, but something has hit a snag in the final stages; perhaps there was an issue with a contingency on the offer. Now, the ...
Contingency means something that could happen or come up depending on other occurrences. An example of a contingency isthe unexpected need for a bandage on a hike. The definition of a contingency is something that depends on something else in order to happen. ...
This example also spotlights one of the major benefits of a contingency contract, which is the fact that it reserves certain entitlements while reducing some of the risks. When considering the contract for the truck, the potential buyer must make the purchase if conditions are met and the seller...
A real estate purchase agreement is a binding document outlining the property sale. Learn what it is, the contents of the house purchase agreement, and more.
A contingency clause is a contract provision that requires a specific event or action to take place in order for the contract to be considered valid.
Contingent immunizationis a type of contingency plan used in fixed-income investing. It involves the fund manager switching to a defensive position if the portfolio drops below a predetermined value. Business Continuity and Recovery As part of a contingency plan for disasters, such as a pandemic, ...