A contingent contract is a type of contract in which the parties' obligations and the occurrence of certain events are dependent on a future uncertain event. In other words, the contract's performance is contingent upon the happening or non-happening of a specific event. Contingent contracts are commonly used in various business and legal scenarios. Here are some key characteristics of contingent contracts:

1. Uncertainty: Contingent contracts are characterized by uncertainty regarding the future event. The event may or may not occur, and its outcome is uncertain at the time of contract formation.

2. Condition Precedent: The uncertain event, often referred to as a condition precedent, must be explicitly specified in the contract. It serves as a trigger that determines when the contract's obligations become binding.

3. Performance Contingent on Event: The parties' obligations under the contract are contingent upon the occurrence or non-occurrence of the specified event. If the event happens as anticipated, the contract's terms come into effect; if not, the contract may be discharged or modified.