Meaning of “contingency plan” in the English Dictionary

"contingency plan" in Business English

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contingency plannoun [ C ]

uk us

a plan that is made for dealing with an emergency, or with something that might possibly happen and cause problems in the future:

a contingency plan for sth/doing sth Companies wishing to apply for a hazardous waste transporter license must submit a contingency plan for responding to any type of incident.
a contingency plan to do sth This is part of a three-month contingency plan to bring a year-long unofficial strike by maintenance staff to an end.
The management stated that a contingency plan was in place for dealing with such emergencies.
to make/draw up a contingency plan
contingency planning
noun [ U ]

The report says there was a lack of contingency planning for a crisis in London's markets.

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