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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.
Contingency Clause. Share. DEFINITION of 'Contingency Clause'. A contract provision that requires a specific event or action to take place in order for the contract to be considered valid. If the party that is to fulfill the requirements of the contingency clause is unable to do so, the other party is released from its obligations.