When developing a contract, what might also be needed?

A contract contingency clause is an essential component when developing a contract because it outlines specific conditions that must be met for the contract to be executed or for certain obligations to be fulfilled. This clause offers protection by allowing for predefined scenarios in which the parties can withdraw from the contract or modify the terms without penalty if certain conditions are not met. It also helps manage risk and ensures that both parties are clear about the expectations and potential outcomes of the agreement.

In the context of contract development, having a contingency clause can be vital in situations such as project delays, unforeseen circumstances, or changes in regulatory requirements. This foresight helps guide the parties involved in making informed decisions and maintaining a collaborative relationship throughout the duration of the contract.