What is Contingency?

Legal Definition
An event that may or may not happen, a doubtful or uncertain future event The quality of being contingent A fortuitous event, which comes without design, foresight, or expectation. A contingent expense must be deemed to be an expense depending upon some future uncertain event People v. Yonkers, 39 Barb. (N. Y.) 272.
-- Black's Law Dictionary
Legal Definition
An event which may happen. See 39 Barb. (N. Y.) 272.
-- Ballentine's Law Dictionary