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

The term that describes a provision within a contract that makes performance conditional upon the occurrence of a stated event is "contingency." A contingency sets specific conditions that must be met for a contract to be executed or for a party to be obligated to fulfill their part of the agreement. For example, in real estate transactions, a buyer may include a contingency that states the purchase is dependent on the completion of a satisfactory home inspection. If the inspection reveals issues, the buyer may have the option to withdraw from the contract without penalty.

In contrast, the other terms do not convey the same meaning. A contract refers to the entire agreement itself, encompassing various terms and conditions. A counteroffer relates to a response to an initial offer that proposes different terms than the original, thereby altering the negotiation dynamic. Contribution pertains to the action of giving or providing something, typically in the context of shared responsibilities or financial input, and doesn't imply any conditional performance related to contract obligations. Thus, "contingency" is the correct term as it specifically addresses the notion of conditional performance.