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Contingency
Contingency is extra money and time set aside for unknowns, especially in remodels.
Why it matters
It keeps one surprise from wrecking the whole project plan.
Where people get this wrong
Contingency is not a slush fund. It is a safety buffer.
Real-world example
A wall opens up and you find old plumbing that needs replacement. A contingency turns that moment from panic into a plan.
Where this hits your build
This comes up early, before construction starts. It affects your contract, your budget, or both. Misunderstanding it can cost you money or leverage.
Most people do not just struggle with terms. They struggle with the decisions tied to them.
See how HouseChalk helps with the decisions behind terms like this