Contingency Plan
/kənˈtɪndʒənsi plæn/
Definitions
- (n.) A predefined strategy or set of actions to address potential future legal or operational risks.
The company implemented a contingency plan to mitigate liability in case of contract breach.
Forms
- contingency plan
- contingency plans
Related terms
See also
Commentary
Contingency plans are crucial in legal contexts to ensure preparedness for unforeseen events, often incorporated in contracts or compliance policies.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.