In the fields of real estate and investments, a contingency clause defines a condition or action that must be met for a real estate or investment contract to become binding. A contingency becomes part of a binding sales contract when both (all) parties agree to the terms and sign the contract. Benefiting everyone involved, these contingencies clearly mark the boundaries and specify the limits – describing the exact nature, scope, or meaning of the action that is to be taken in order to make the contract valid. Considered a type of escape clause, the inability of the responsible party to meet the requirements of the contingency clause releases the other parties from their obligations – allowing them (without penalty) to cancel the deal at their discretion.
Examining the wording of a contingency clause is the first step in reviewing a contract. In short, providing a time frame, a contingency clause clearly outlines what the conditions are, how those conditions are to be fulfilled and which party is responsible for fulfilling them; as well as, what happens if the conditions are not met.
Why is a contingency clause needed? A contingency is needed because it allows you to change your mind or cancel the contract without any repercussions in the event, after more detail inspections, things are not like they were represented. A contingency clause is a safety net that offers protection. And, then, there is a kick out clause which solely benefits the seller. It allows the seller to continue to marketing and showing the property, and if a better deal comes along, even though there is a signed contract with contingencies, you the previous buyer can get kicked out.
JUST BECAUSE YOU SIGNED THE CONTRACT, THAT DOES NOT MEAN THE DEAL IS SEALED – FOR YOU! IT IS NOT OVER, THERE ARE STILL SOME THINGS YOU HAVE TO DO TO FULFILL YOUR RESPONSIBILITIES TO SECURE YOUR POSITION, TAKE POSSESSION, AND CLAIM YOUR INHERITANCE.
II Chronicles 7:14’s Contingency Clause
“If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.”
There is a gulf, a gap that lies between our petitions (prayers) and the healing of our land. There are some conditions that must be met, some requirements we must fulfill in order for God to seal His obligation. He cannot and will not operate outside of the parameters of His Word. As I was preparing for this month’s Shelby County TN Prayer Breakfast Fellowship, the Spirit of Lord gave me the following to share:
I. The parties involved in the contractual agreement is God and His People Which are Called by His Name! When we give our lives to the Lord, we become His disciples, His followers, His People Carrying and Using His Name. In so doing, we are bound by the contingencies we find in His Word for His people – to govern ourselves accordingly. We are bound to Him, and He is bound to His Word!
II. The first requirement or contingency we find in this passage is that we must humble ourselves. In humbling ourselves, we are willing to confess when we are wrong, we are submissive to God’s authority and receptive to correction. We don’t push and fight – always wanting to be in the spot light. Let go of pride and self-glorification.
III. Second, now that we are submissive to God’s authority, comes our prayer life. We must talk to God, but not only should we talk to God, we should pray in the Spirit and with the understanding also. We must let the Spirit lead our prayers, make intercession for us – for we don’t know what to pray for all the time. We should also listen to what the Spirit of the Lord is saying to us during our prayers. We should not be doing all of the talking. We should be listening as well.
IV. The next condition, we should be seeking God’s face. Which means, we should be seeking for the presence of God. We should fix and focus our minds on finding His will for our lives. Our hearts should be set on being in God’s presence – not feelings.
V. Lastly, we have to turn from our wicked ways. Yes, we have to sanctify ourselves and obey God’s Word. We have to stop doing things that we know are not pleasing to Him and present our bodies a living sacrifice – holy and acceptable unto Him!
IF..THEN (HERE IS THE CONTINGENCY CLAUSE)! Then, after you have done your part and held up your end of the contract, I will HEAR, I will FORGIVE, and I will HEAL! I will listen and act upon your prayers!
What? Yes, I don’t care how much we pray, until we position ourselves and line up with God’s order, He is not going to be moved! That is why things remain the same, and we are not seeing the desired results. When we humble ourselves, start praying in the Spirit, start seeking God’s face instead of His hand, and start living like God wants us to live – THEN He will move on our behalf.
Why does the effectual fervent prayer of a righteous person avail much? Because he has positioned himself to be heard. God does not hear the prayers of sinners, but He hears those who do His will and worship Him. John 9:31.
The Contingency Clause ~~~ Yvonne James | https://www.yvonnejames.com | © Yvonne James (aka Elder Yvonne James) and Blogging with Yvonne, 2010-2017.