What contingency means
A contingency is money held in a budget for unknowns, such as rot behind a wall or bad soil, rather than for a specific item.
Where it matters on a general contracting job
Remodels of older homes almost always need it. Being open that it exists, and how it is drawn, builds trust; burying it in the line items does the opposite.
Work it out
- Licensing: General contractor license rules by state
- Tools, templates and guides: Free general contracting resources