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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 is an estimated assessment of risk within the process of design and construction that may result in increased cost beyond that estimated within project budget. This risk is assessed for each component at the start of the budgeting process and is evaluated at major milestones.