Answer: Procedures

**Explanation:** In an Investment Policy Statement (IPS), the **Procedures** section typically outlines how to respond to various contingencies, such as changes in market conditions, client circumstances, or other unexpected events. This section provides the operational framework for implementing the investment strategy and handling deviations from the plan. **Key Points:** - **Procedures**: This section details the operational aspects, including how to handle contingencies, rebalancing procedures, and implementation guidelines. - **Investment guidelines**: This section specifies the constraints, restrictions, and permitted investments (e.g., asset allocation ranges, prohibited securities). - **Evaluation and review**: This section outlines how performance will be measured, reported, and reviewed against benchmarks and objectives. **Correct Answer:** A (Procedures)

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