Legal Definition and Related Resources of Contingency, Contingent

That which is dependent upon an uncertain future event . Thus, a contingent claim is one which may or may not ever ripen into a debt, accordingly as some future event does or does not happen . The term means likely, but not certain to occur; possible; happening from unforeseen causes; subject to unforeseen conditions; accidental or incidental; chance ; unpredictable because affected by or dependent upon something which may or may not later occur. Thus, a contingent debt is one that, either as to its existence or as to its amount , depends on some event uncertain either as to its occurrence altogether, or to time of its occurrence. See In Re Godwin Bevers Co., Inc., (C. A.Colo.)575 F.2d805. In law relating to real property , the word contingent is used in contrast to vested. A contingent liability is a liability which is not now fixed but which will become so upon the happening of some future event.

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Contingency, Contingent in Historical Law

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