What Does The Word Contingent Mean In Legal Terms

So what does contingent really mean. Of contingere to touch on all sides to happen.

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A contingent remainder is the right to possess property after the death of a person who holds a life.

What does the word contingent mean in legal terms. This is known as a contingency clause and defines certain aspects of the home sale that must be completed in order for the contract to become binding. Weve all been there and were here to help clear up the confusion. Basically what the word contingent or a contingency means is that there is a condition that is written into the contract.

An example of contingent is the sale of one home going through after the buyers house is sold. If a homes status is active contingent it means that the buyer has submitted an offer to the seller with contingencies or issues that must be. The word contingent is associated with the word beneficiary in the life insurance dynamic.

Being determined by conditions or circumstances that follow. Possible capable of happening or existing Derivation. These sales contract contingencies often deal with mortgage approval home inspections or appraisals.

Intended for use in circumstances not completely foreseen a contingent fund. For example As acceptance of the position was contingent upon the firms agreeing to guarantee her husband a position as well. These contingency clauses give the buyer or seller the right to walk away from the sale if previously agreed.

Likely but not certain to happen compare executory 2. Possible or liable but not certain to occur. Eventually the sale moves to pending which means the issues have been resolved and the deal is almost done.

Con- tangere to touch. 8 synonyms of contingent from the Merriam-Webster Thesaurus plus 18 related words definitions and antonyms. In its simplest form contingency means dependent on or conditioned by something else.

A body of persons chosen as representatives of a. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the designated condition. For example the trust was contingent.

Dependent for existence occurrence character etc on something not yet certain. Contingent and pending are two terms that are often confused but that indicate different parts of the sales cycle. In legal terms the word contingent means something that might or might not happen.

Legal Definition of contingent 1. Dependent upon the possible occurrence of a future event the existence of which is not assured. There are contingent offers contingent listings home sale contingencies appraisal contingencies financing contingencies and so on.

In real estate contingent is a status indicating that the seller has accepted a buyers offer that includes contingencies or in laymans terms specific requirements that must be met for the sale to close. A contingent beneficiary is basically your secondary beneficiary. Contingent refers to an event that may or may not happensomething that is possible uncertain or unpredictable.

A group of people representing an organization or country or a part of a military force. The definition of contingent is something that depends on something else happening or something that is possible or by chance. In the contingent sale an offer has been accepted by the seller but everyone is still working through the issues.

Conditional often followed by on or upon. Our plans are contingent on the weather. Contingent debt is an unusual kind of debt that is dependent on uncertain future developments.

Contingent debt is a liability dependent on uncertain future events. What does active contingent mean. Countable An amount of money which a party to a contract has to pay to the other party usually the supplier of a major project to the client if he or she does not fulfill the contract according to the specification.

The contract is characterized as contingent because the terms are not final and are based on certain events or conditions occurringA contingent contract can also be viewed as protection. If all goes well contingent deals will advance to a pending state. This shows grade level based on the words complexity.

Contingent Law and Legal Definition. Find another word for contingent. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met.

It could also mean dependent on something else. A contingent contract is an if-then agreement that states which actions under certain conditions will result in specific outcomes. Contingency in real estate is an agreement between the buyer and seller that the real estate transaction will go through only once and if the agreed-upon conditions are met.

A contingency in a deal means theres something the buyer has to do for the process to go forward whether thats. Contingency a possible event or occurrence or result Sense 2. Contingent contracts usually occur when negotiating parties fail to reach an agreement.

The contingent house means that there has been an offer made and it has been accepted by the seller but something needs to happen before the final sale occurs. See Tangent Tact Contingent adjective. Webster Dictionary 000 0 votes Rate this definition.

When a property is marked as contingent an offer has been accepted by the seller. Here is all you need to know. A person or entity named to receive a gift under the terms of a will trust or insurance policy who will only receive that gift if a certain event occurs or a certain set of circumstances happen.

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