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Additional time or money allocated to a construction project in order to mitigate risk related to specific items. For example, one may carry $10,000 in contingency to deal with concealed electrical devices on a project that cannot be identified by just looking at the space.

Merriam-Webster Online Dictionary
contingency (noun)
the quality or state of being - contingent
a event or condition as - contingent
a) an event (as an emergency) that may but is not certain to occur - trying to provide for every contingency
b) something liable to happen as an to or result of something else - adjunct juncture