Contingency
An amount of money held in reserve to pay for accidental or additional unforeseen costs during a construction project.
Contingency refers to funds set aside to cover unexpected costs or changes in a project. It provides a financial buffer to manage risks and uncertainties, helping to prevent budget overruns and ensure project stability.
Used in a sentence
The project budget includes a contingency to cover unforeseen expenses.
Stay updated on what’s happening in construction.
Subscribe to Blueprint, Procore’s free construction newsletter, to get content from industry experts delivered straight to your inbox.
Learn MoreLearn more about Contingency
How Close Are We to Bridging the Design-Build Divide?
For decades, construction decisions have often been made based on gut instinct. But what if the real barrier to transformation isn’t technology—it’s the divide between design and construction? In episode 18, we explore whether the industry is finally ready to bridge this fundamental gap with Paul Hedgepath, Director of Virtual Construction at MJ Harris Construction, […]
Retrofitting Aging Infrastructure: 5 Essentials for Managing MEP Risk
MEP contractors help preserve aging infrastructure by bringing systems to contemporary standards in sustainability, comfort and accessibility. Although the opportunities are unique, retrofits of existing buildings present known obstacles and unknown surprises that heighten risk and strain efficiencies. This article explores the challenges of retrofitting aging infrastructure — and five essentials for MEP contractors to […]
The S#*! That Can Kill You: Rethinking Safety on the Jobsite
Construction sites are full of risk — but not all risks are equal. The industry has long celebrated falling recordable injury rates, yet fatality numbers haven’t budged since around 2007. The real threats? The “S#*! That Can Kill You” — those hazards that turn everyday tasks into life-or-death situations. Falls from height. Uncontrolled energy. Heavy […]
BIM’s Role in Risk Mitigation: Strategies for Success
Building information modeling (BIM), has been touted as a way to deliver a broad range of wins on any construction project. It supports stronger planning and smoother collaboration. It provides a valuable tool teams can handover to owners to support the building through its lifecycle. It also serves as a way to proactively manage risk. […]
How can we improve this glossary entry?
By clicking this button, you agree to our Privacy Notice and Terms of Service.