Provision made for use in the event of unexpected circumstances, which could lead to an extension in time or costs. Bidders may include contingencies in their offers for acceptance of risk, for potential delays or for unforeseen events. Customers may also allocate resources to a reserve for subsequent use and distribution if unexpected events occur. See also Risk.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.