Simple English definitions for legal terms
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A contingent claim is a type of claim that is dependent on a future event that may or may not happen. It is not yet due for payment and may never be paid. For example, if someone buys a lottery ticket, they have a contingent claim to the prize money if they win. However, if they don't win, the claim is never paid. It is like having a promise that may or may not be kept.
A contingent claim is a type of claim that is dependent on a future event that may or may not happen. It has not yet accrued and is uncertain.
These examples illustrate how a contingent claim is dependent on a future event. The person with the life insurance policy may live past the age limit, and the company may not complete the project on time, so they may not receive payment.