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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.
Full Definition of CONTINGENCY. 1. : the quality or state of being contingent. 2. : a contingent event or condition: as b: something liable to happen as an adjunct to or result of something else.See contingency defined for English-language learners.See contingency defined for kids. ADVERTISEMENT.ull Definition of CONTINGENCY. 1. : the quality or state of being contingent. 2. : a contingent event or condition: as b: something liable to happen as an adjunct to or result of something else. See contingency defined for English-language learners. See contingency defined for kids. ADVERTISEMENT.