Contingencies in residential construction refer to the potential risks and uncertainties associated with a project's completion, such as changes in market conditions, delays in obtaining materials or permits, unexpected costs incurred during the building process, or even natural disasters. As such, they must be accounted for in order for a successful outcome to take place. Many builders include contingencies into their bids so that they are able to adjust when necessary and cover any additional expenses related to unforeseen events. Contingencies can also provide financial protection for homeowners if their projects exceed original estimates. By including contingencies into construction plans and budgets, builders are better able to manage expectations throughout the duration of a project and prepare for all eventualities.
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