What term refers to a provision within a contract that makes performance conditional upon the occurrence of a stated event?

The term that refers to a provision within a contract making performance conditional upon the occurrence of a stated event is "contingency." In legal and contractual contexts, a contingency is a specific condition or event that must occur for the obligations of the parties involved in the contract to be fulfilled. If the stated event does not occur, the performance obligations are not triggered, which may lead to the termination of the contract without penalties or further obligations.

Understanding contingencies is important because they help parties manage risks associated with uncertain events that may affect contract performance. For example, in real estate contracts, a buyer’s obligation to purchase a property might be contingent on the passing of a home inspection or approval of financing. This ensures that the buyer is not bound to complete the purchase under unfavorable circumstances.

Other terms such as "contract," "conveyance," and "counteroffer" pertain to broader concepts in contract law but do not specifically signify a conditional provision. A contract is the overarching agreement itself, a conveyance relates to the transfer of property rights, and a counteroffer represents a new proposal made in response to an initial offer. While these terms are essential in understanding contractual relationships, they do not define the conditional nature of performance that a contingency specifically addresses.