con·tin·gen·cy   (kən-tĭn'jən-sē)    n.   pl. con·tin·gen·cies An event that may occur but that is not likely or intended; a possibility. A possibility that must be prepared for; a future emergency. The condition of being dependent on chance; uncertainty. Something incidental to something else. con·tin'gen·cy adj.

Contingency

Con*tin"gen*cy\, n.; pl. Contingencies. [Cf. F. contingence.]

1. Union or connection; the state of touching or contact. "Point of contingency." --J. Gregory.

2. The quality or state of being contingent or casual; the possibility of coming to pass.

Aristotle says we are not to build certain rules on the contingency of human actions. --South.

3. An event which may or may not occur; that which is possible or probable; a fortuitous event; a chance.

The remarkable position of the queen rendering her death a most important contingency. --Hallam.

4. An adjunct or accessory. --Wordsworth.

5. (Law) A certain possible event that may or may not happen, by which, when happening, some particular title may be affected.

Syn: Casualty; accident; chance.

Contingency

An economic event, usually negative, that is in the process of occurring and, therefore, has not yet been resolved.

Investopedia Commentary

For example, pending litigation would be considered a contingent liability.

See also: Liability

Main Entry: con·tin·gen·cy
Pronunciation: k&n-'tin-j&n-sE
Function: noun
Inflected Form: plural -cies
1 : the quality or state of being contingent
2 : a contingent event or condition: as a : an event that may but is not certain to occur contingency that made performance under the contract impossible> b : something likely to come about as an adjunct to or result of something else; specifically : CONTINGENCY FEE at, FEE contingency or billed at an hourly rate —D. Railroad Frederico>