The contingency approach to management allows managers to use elements from different schools of thought to respond to situations. It rejects the idea that there is a best way to manage and emphasizes fitting the chosen action to the situation at hand. The contingency approach is a form of business management in which the manager […]
A business contingency plan is a structured plan of action that allows a business to continue operating during an emergency. It can include plans for natural disasters, market changes, outsourcing, and customer considerations. Sometimes known as a backup plan, a business contingency plan is a structured plan of action that allows a business to continue […]
Contingency insurance covers unexpected risks not included in standard policies, such as political risk, natural disasters or contract breaches. It is important to avoid duplicating coverage and discuss specific risks with an insurance agent. The term “contingency insurance” is used to describe many different types of insurance products, all relating to unexpected contingencies that may […]
A business plan is a roadmap for starting a business, while a contingency plan ensures a business can continue after a disaster. Entrepreneurs use business plans, while established companies need contingency plans. Both plans can overlap, but they are usually separate documents. Contingency plans provide guidance during major disruptions and can be incorporated into a […]
A contingency contract outlines specific actions to be taken if a particular event occurs, serving as a backup plan. Companies use this approach to prepare for possible events that could threaten business operations, such as using a secondary supplier for raw materials. A contingency contract is a type of contract that provides for specific actions […]
A patent emergency fee is a fee structure where an attorney takes a case in exchange for a percentage of the proceeds if successful. This can provide access to legal remedies for patent infringement for those with limited resources. Attorneys take a risk and may only accept cases with a strong chance of winning. In […]
Contingent ownership is a type of future interest in land that only comes into effect if a certain condition occurs. It grants a conditional interest fee on the land, which can be sold or transferred. Contingent properties were once not alienable but are now freely alienable in most US jurisdictions and the UK. In the […]
A mortgage contingency allows a buyer to terminate a real estate contract without penalty if they cannot obtain a mortgage at a specified rate within a specified time. The clause covers financing percentage, interest rate, and time period. Buyers should be aware of the possibility of not closing on the mortgage and sellers may reject […]
Contingency fees are earned by attorneys only when they win a case, often used in personal injury lawsuits. The terms of the settlement vary, but generally, the attorney receives a percentage of the net income recovered. Attorneys only take cases they feel confident they will win. Clients should carefully review the contract and be aware […]
A contingency contract is an agreement that an action will be performed if certain circumstances exist. It is used in real estate transactions and legal services, and can have conditional clauses. It reserves rights and reduces risks for both parties, and may require third-party involvement or be regulated by law. The term contingency is used […]
Emergency recruiting is when external companies select and evaluate candidates for a position, with fees paid upon successful hiring. Services include personality and background checks, and commissions are usually 15-30% of the employee’s first-year salary. It’s best for hiring one employee, but can get expensive for multiple hires. Emergency recruiting is a type of hiring […]
Contingency funds are reserves set aside for unexpected expenses. Governments, companies, and households can establish them to cover unforeseen costs, such as natural disasters or loss of revenue. They provide a safety net for emergencies and help maintain key services. A contingency fund is simply a reserve fund set aside to handle unexpected debts that […]
The emergency leadership model suggests that good leadership depends on multiple factors, including the situation and other personnel. Fiedler’s contingency leadership model challenges traditional models by ranking different people as the best leader in different situations based on their leadership style and situational favorability. Changing the situation may be more efficient than changing leaders. An […]
Governments, businesses, individuals, and families establish contingency funds for emergencies and unexpected events. Governments offer social assistance funds to low-income families, while companies reserve funds for market changes and equipment malfunctions. Individuals and families can create their own emergency funds for unexpected expenses. The different types of contingency funds are assumed by governments, businesses, individuals […]
