what does contingent mean in a legal matter
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- Legal Definition of contingent. 1  1 : likely but not certain to happen — compare executory. 2  2 : intended for use in circumstances not completely foreseen a contingent fund. 3  3 : dependent on or conditioned by something else a contingent claim a legacy contingent on the marriage — compare vested.
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Intention to create legal relations Intention to be legally bound, otherwise intention to create legal relations (animus contrahendi or obligandi), is a technical term used in contract law, particularly English contract law, to denote whether a court should presume that parties to an agreement wish it to be enforceable at law. Contents.
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DEFINITION of 'Contingent Shares' DEFINITION of 'Contingent Shares' Shares of company stock that are issued only if certain conditions are met. Contingent shares are similar to stock options, warrants and other convertible instruments in that there is a level of uncertainty associated with their issue. For example, for contingent shares to be issued, the corporation must generate earnings that exceed a certain threshold.
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What is Contingent Interest? Contingent Interest definition - A contingent interest is an interest which is uncertain, either as to the person who will enjoy it in possession or as to the event on which it will arise. 57 Am J1st Wills § 1217. A future interest is contingent where the person to whom or the event upon which it is limited to take effect in possession or become a vested estate is uncertain.
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Representation Agreement: Your Attorney and You Most private injury cases are taken on a contingent basis. This is a fee arrangement in which the attorney gets paid a percentage of the amount they get you either at settlement or at trial. If you do not get a settlement or win your case, the attorney does not get paid. Contingent fees can vary from 25% to up to 45%.
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contingent late 14c., from Old French contingent or directly from Latin contingentem (nominative contingens) happening, touching, present participle of contingere to touch (see contact). The noun is from 1540s, thing happening by chance; as a group forming part of a larger group from 1727.
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contingent beneficiary Definition of contingent beneficiary: An individual who is entitled to receive the benefits of an insurance policy if the primary beneficiary dies. Definition of contingent beneficiary: An individual who is entitled to receive the benefits of an insurance policy if the primary beneficiary dies. Use this term in a sentence “ I was the contingent beneficiary, which meant I was the one entitled and no one else could say any differently.
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What does âactive contingentâ or âcontingentâ mean and how can it pay off for you? The sellers of a property in contingent or active contingent status have also accepted an offer to buy the home. But with a contingent listing, the contract is contingent upon the buyer’s ability to sell his existing home, i.e., if the buyer doesn’t sell his home, he is able to back out of the contract.
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- dependent for existence, occurrence, character, etc., on something not yet certain; conditional (often followed by on or upon): Our plans are contingent on the weather. liable to happen or not; uncertain; possible: They had to plan for contingent expenses.
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What is a 'Contingent Beneficiary' Virtually any conditions may be in place for a contingent beneficiary of a will, as it depends entirely on the person drafting the will. A contingent beneficiary receives nothing if the primary beneficiary accepts an inheritance.
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What is the difference between a contract and a contingent contract? Every contract is a contingent contract, this is not true, because the contingency of a contract is actually one of the condition of the execution of the contract, contingent contracts are executed when a certain event (s) has been executed.
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What does contingent mean in real estate? Normally it means the buyer and seller have agreed on a price and terms of sale. The contingency is usually that the buyer has a house to sell or close before they will be able to finance the purchase of the house they have under a contingent contract.
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What does active contingent mean? It means there is an agreed to offer (contract) that is contingent based on either the buyer/seller selling/buying another property, or it can be that the property is a short sale and the buyer has not agreed to ALL the terms and the sellers are still showing and accepting offers.
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Questions and Answers About Your Personal Injury Case In almost all personal injury cases, your attorney will be paid by keeping a percentage or portion of the final settlement or court award resulting from you injury. The percentage will be discussed with you and will be the subject of what is called a contingent fee agreement. The law requires, for your protection and that of your lawyer, a written contract which specifies the fee he or she will charge so there will be no misunderstanding about how much your case will cost.
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- A contingent legal fee agreement is when a client cannot pay all or part of the attorney’s legal fees up front, so the attorney takes a percentage of the client’s award if the case is won. A non-contingent legal fee agreement is when a client pays the attorney’s legal fees up front.
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- Legal Definition of pending. 1  1 : during the time of. 2  2 : while awaiting : in the time preceding held in escrow pending the outcome of the suit free pending trial.
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"What does ""contingent"" mean when looking at listings? I have seen a few houses with that statement and wonder if they are still available." It means an offer has been made and accepted. However the offer is contingent--that is, dependent--on some other factors. One common contingency is getting financing. The buyer is saying: I'm willing to buy your home for $x. However, this offer is contingent on my getting approved for financing to buy your house.
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- A contingent liability is an amount that might have to be paid in the future, but there are still unresolved matters that make it only a possibility. Lawsuits and the threat of lawsuits are the ... contingent liability is recorded in the books of accounts only if the contingency is probable and the amount of the liability can be estimated.
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Contingent Fee Contingent Fee. A method of paying a lawyer for legal representation by which, instead of an hourly or per job fee, the lawyer receives a percentage of the money her client obtains after settling or winning the case.ontingent Fee. A method of paying a lawyer for legal representation by which, instead of an hourly or per job fee, the lawyer receives a percentage of the money her client obtains after settling or winning the case.
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- (February 2009). A contingent fee (in the United States) or conditional fee (in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result.In the law, it is defined as a fee charged for a lawyer's services only if the lawsuit is successful or is favorably settled out of court....Contingent fees are usually calculated as a percentage of the client's net recovery.. In the English legal system, it is generally referred to as no win no fee.A conditional fee agreement between a law firm and a client. The usual form of this agreement is that the solicitor will take a law case on the understanding that if lost, no payment is made.February 2009). A contingent fee (in the United States) or conditional fee (in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result.
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- What does pending disposition mean in legal terms? A pending disposition in legal terms means that no decision has been reached yet. When someone is arrested and they have a pending disposition, it means that it has not ye … t been determined whether they have actually committed a crime or not.
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- A non-contingent legal fee agreement is when a client pays the attorney’s legal fees up front. Contingent attorney fees are not deductible, but non-contingent attorney fees may be deductible. Before deducting these fees, talk to a tax specialist to determine if the fees are deductible based on the details of your case.
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contingent liability Contingent Liability. A liability that a company may have to pay, but only if a certain future event occurs. Usually, a contingent liability refers to the outcome of a lawsuit: that is, the company may have to pay a significant amount of money if it loses the lawsuit.ontingent liability. An obligation that may result, but is not likely to result because the event causing the obligation is improbable.
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Search Legal Terms and Definitions Ex parte matters are usually temporary orders (like a restraining order or temporary custody) pending a formal hearing or an emergency request for a continuance. Most jurisdictions require at least a diligent attempt to contact the other party's lawyer of the time and place of any ex parte hearing.
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Definition of contingent pay Definition of contingent pay contingent paycompensation that is dependent on the achievement of some performance objective Related Terms: Accounts payableMoney owed to suppliers.n obligation that is dependent on the occurrence or nonoccurrence of. one or more future events to confirm the existence of an obligation, the amount owed, the pay ee, or the date pay able.
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Ask an Agent: What Does âContingent w/No Kick-Outâ Mean? Answer: When the status on a property is listed as “Contingent w/no kick-out” it means that an offer has been presented to the seller with contingencies, and if those contingencies are not satisfied, then the seller may take another offer.