Core terms

Contingency Budget

Core terms · definition

A reserve (typically 10–15% of project cost) set aside for hidden conditions and surprises uncovered once work begins. The line clients most want to skip and most often need.

Source: Investopedia — Contingency

  • Lien

    A legal claim against your property for unpaid work or materials. A mechanic's lien filed by an unpaid subcontractor can cloud your title…

  • Contract

    The legally binding agreement between owner and contractor that defines scope, price, schedule, and responsibilities. A remodel should ne…

  • Concrete

    A mix of cement, aggregate, and water that cures into a hard structural material used for footings, slabs, and foundations. Curing time a…

  • Contract Documents

    The full set of papers that together form the agreement — the signed contract, drawings, specifications, scope of work, allowances, and a…

  • Compliance

    Meeting all applicable codes, permit conditions, and regulations for the work performed. Documented compliance is what protects you at re…

  • Cost-Plus vs. Fixed-Price

    Two contract structures: fixed-price (lump sum, contractor bears overrun risk) versus cost-plus (owner pays actual costs plus a fee, owne…

  • Change Order

    A written, signed amendment that adds, removes, or modifies work after the contract is signed, adjusting price and schedule accordingly.…

  • Crawl Space

    A shallow accessible void below the floor (instead of a basement or slab) housing structure, plumbing, and ducts. Its condition affects a…

Where this term fits in a remodel

The pillar guides set terms like this one in context — what the work involves, what drives its cost, and where it sits in the sequence of a project. Pricing a specific house takes a defined scope and an on-site assessment.

Remodeling guides → Contact the publisher →