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

The term that best describes a provision within a contract that makes performance conditional upon the occurrence of a stated event is "contingency." A contingency is a situation that must be met for the contract to be enforceable or for obligations to arise. It creates a condition where certain actions or outcomes depend on specific events occurring.

For instance, in a real estate contract, a buyer may agree to purchase a property, but the contract could include a contingency that states the sale is dependent on the buyer obtaining financing. Until that financing condition is satisfied, the contract does not obligate the buyer to complete the purchase.

This understanding of contingencies highlights their importance in contracts, allowing parties to manage risks and set clear terms for their agreement based on specified events.