WebTechnically, a contingency fund is a financial reserve that is allocated for identified risks that are accepted and for which contingent or mitigating responses are developed. The exact amount of a contingency is typical 10% to 15% of the total budget. Contingency funds are often available to pay for an agreed-upon scope change. WebDefinition: Contingency Fund is created as an imprest account to meet some urgent or unforeseen expenditure of the government. Description: This fund was constituted by the government under Article 267 of the Constitution of India. This fund is at the disposal of …
What Is a Contingency Fund? LegalMatch
Weba. : happening by chance or unforeseen causes. b. : subject to chance or unseen effects : unpredictable. c. : intended for use in circumstances not completely foreseen. contingent funds. 5. : not necessitated : determined by free choice. WebContingencies are potential liabilities that might result because of a past event. The likelihood of loss or the actual amount of the loss is still uncertain. Loss contingencies are recognized when their likelihood is probable and this loss is … omelet factory in ogunquit
Contingency Fund : Meaning and Importance
WebMar 25, 2024 · contingent fund in American English. contingent fund. noun. See contingency fund. Most material © 2005, 1997, 1991 by Penguin Random House LLC. Modified entries © 2024 by Penguin Random House LLC and HarperCollins Publishers Ltd. WebContingency fund definition: a sum of money allocated for use in an emergency or to cover unforeseen expenses Meaning, pronunciation, translations and examples WebExamples of Contingent Funds in a sentence. During the period in which Contingent Funds are available, households must certify that they do not receive cable, satellite, or other pay television serv- ice.. Once Contingent Funds are avail- able for the Coupon … omelet factory in santee