An operating expense that exists as a result of an interruption or disaster which seriously affects the financial position of the organisation.
It is more or less similar to that extra little bit of savings that all mothers set aside in case of an emergency. Likewise, the government has created this fund to help it tide over difficult situations. The fund is at the disposal of the President to meet unforeseen and urgent expenditure, pending approval from Parliament. The amount that is withdrawn from the fund is recouped.
Cash held for emergencies or unexpected outflows of funds. Also known as "Precautionary Balances."
Any fund set apart by a government for the purpose of addressing a potential future occurrence. Contingency funds include, but are not limited to, budget stabilization funds, rainy day funds, natural disaster, and emergency relief funds.
An imprest placed at the disposal of the President and is used by the government to incur all it's urgent and unforeseen expenditure. Parliamentary approval for such expenditure and for withdrawal of an equivalent amount from the consolidated fund is subsequently obtained and the amount spent from the contingency fund is recouped to the fund.
It is more or less similar to that extra little bit of savings that all mothers set aside in case of an emergency. As the name itself suggests, this is the fund into which the government dips its hands in emergencies, to meet urgent, unforeseen expenditures and can't wait for authorisation by Parliament. The contingency fund is an impress placed at the disposal of the President for such financial exigencies. The government subsequently obtains Parliamentary approval for such expenditure and for the withdrawal of an equivalent amount from the consolidated fund. The amount spent from the contingency fund is recouped to the fund.
Money set aside for unexpected costs.
A percentage of the Total Project Budget that is “set aside†and utilized only to pay for work in addition to the original scope of work. Typically, there are several contingency funds on a project. One is specified for construction related issues, such as hidden conditions, and another is for Owner related expenses, such as additional equipment or added scope of work.
Money appropriated (to the governor in Kentucky) to meet expenses which are unforeseen at the time of budget preparation.
is the fund into which the Government utilises to meet emergencies or unforeseen expenditures, especially when it cannot wait for authorization by Parliament. The Contingency Fund is placed at the disposal of the President for such financial exigencies. The Government subsequently obtains Parliamentary approval for such expenditure and for the withdrawal of an equivalent amount from the Consolidated Fund. The amount spent from the Contingency Fund is recouped to the Fund.
monies put aside by a company in order to pay for unexpected losses.
