When an event or situation is contingent, it means that it depends on some other event or fact. For example, sometimes buying a new house has to be contingent upon someone else buying your old house first. That way you don't end up owning two houses! As a noun, contingent means either "a group of soldiers that joins a larger force," like a contingent of British troops sent to assist American soldiers, or "a group of people with something in common," like the contingent of folks dressed as Batman at Comic-Con.
What are contingent fees?
A client pays a contingent fees to a lawyer only if the lawyer handles a case successfully. Lawyers and clients use this arrangement only in cases where money is being claimed—most often in cases involving personal injury or workers' compensation.
In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage (often one third) of the recovery, which is the amount finally paid to the client. If you win the case, the lawyer's fee comes out of the money awarded to you. If you lose, neither you nor the lawyer will get any money, but you will not be required to pay your attorney for the work done on the case.
On the other hand, win or lose, you probably will have to pay court filing fees, the costs related to deposing witnesses, and similar charges.
Contingent Issue. An issue of a security that occurs automatically, but only when certain conditions are met. ... For example, a publicly-traded company may plan for a contingent issue in the event of a hostile takeover to make the takeover more expensive for the acquiring company. See also: Poison pill.
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