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Simple English definitions for legal terms

contingency reserve

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A quick definition of contingency reserve:

Contingency reserve is a special amount of money set aside for unexpected expenses. It's like having a piggy bank for emergencies. Sometimes, things happen that we didn't plan for, like a car breaking down or a pipe bursting in the house. That's when we can use the contingency reserve to pay for those unexpected costs. It's important to have a contingency reserve so we can be prepared for anything that comes our way.

A more thorough explanation:

A contingency reserve is a fund set aside for unexpected expenses or events that may occur in the future. It is a type of contingency plan that helps individuals or organizations prepare for unforeseen circumstances.

For example, a business may create a contingency reserve to cover unexpected expenses such as equipment repairs or legal fees. A municipality may also establish a contingency reserve to pay for expenses that cannot be classified under any specific purpose for which taxes are collected.

Another example is an executor fund, which is a contingency reserve established for an executor to pay an estate's final expenses.

Overall, a contingency reserve is a financial safety net that provides peace of mind and helps individuals and organizations manage unexpected expenses or events.

contingency beneficiary | contingency with a double aspect

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awman i was hopign to come home to a ucla wave
is it too late? its 2pm there
OMG U MEAN A NEW ALBUM OMGG NOW I CAN BE DISTRACTED AGAIN
shaquilleoatmeal
17:14
Nah not a Garmin, Apple watch
We not gonna see splitterus for 4 hrs
HAHAHAHHA
MRS CLITTERUS
JumpySubsequentDolphin
17:17
I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
wait but actually is there no wave today
i dont really like chromakopia that much i also havent gotten thru it
JumpySubsequentDolphin
17:18
idk splitty :(
if there's no gtown today that would be so cruel
surely gtown 12 minutes from now
I'm a chromokopia fan, but I don't like Tyler outside of that album
theres the spirit!!
JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
Kind of a controversial take. I like experimental albums a lot
babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
i think it is a controverisal take and i usually do too, i also think im giving an opinion too early cuz i habvent finished it at all
yeah seeing him live prob makes it a million times better
Thought I was dead is great raps
2024 such a great year for rap
JumpySubsequentDolphin
17:21
i like noid
even outside the beef. Noid is great too
JumpySubsequentDolphin
17:22
boogies album was the worst ever
JumpySubsequentDolphin
17:22
and i LOVE boogie
JumpySubsequentDolphin
17:23
like i would do anything for one chance w that man but better off alone and me vs myself were both not good
He's never really been my style tbh
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