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An inspection contingency is an addendum to a contract that gives buyers the right to have a professional house inspector or other third party examine the property within a certain period of time after the agreement to purchase has been signed.
A contingency plan is an outline of procedures to follow in case of a major event, such as a server crash or building fire. A contingency plan is a written way of saying, that should a problem arise, you have thought of ways to prevent the loss of vital information or reduce the impact to your business.Many quality driven organizations and companies have contingency plans not only for individual systems, but for whole departments. contingency plan is a written way of saying, that should a problem arise, you have thought of ways to prevent the loss of vital information or reduce the impact to your business.