Meaning of “contingency allowance” in the English Dictionary

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"contingency allowance" in Business English

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contingency allowancenoun [ C ]

uk us

ACCOUNTING an amount of money that is added to a calculation of costs to cover things that are not known about now but that may have to be paid for in the future:

Another £13.4m has been provided for professional fees and as a contingency allowance.

(Definition of “contingency allowance” from the Cambridge Business English Dictionary © Cambridge University Press)