In core, only 1 contingency can happen on both sides.
When talking about the spell, yes. However, contingencies in the classic sense can range into the hundreds, if not thousands.
For instance, a wizard with a raven familiar can wear a
shrink item'd hat which, when expanded, is actually a wooden cone large enough for him to fit in. He puts lots of ranks into Spellcraft, and his familiar readies the command word to expand it any time someone (or -thing) does something aggressive toward him (spell, spell-like, psi, psi-like, supernatural, extraordinary, natural, or other), which blocks 99% of everything out there. The last 1% is basically Chained
disintegrates, Burrowing Powers and Spells, and
dominated commoner/
love's pain combos.
And even if those work, he's got a
contingent teleport, astral projection (which he got for free by
binding a nightmare) and a few dozen spare
clones. The best part is, that's if you can actually find
him. He could very well be a
simulacrum that is telepathically linked to the actual him, which controls it in a puppet-like manner.
Among other things.
Hell, I came up with a way that a first-level wizard could get armies of solars riding around on tarrasques, each equipped with armies of efreet casting
wishes out of ring gates an infinite number of times per round, and all without leaving home (or Core) for that matter.
Wizards are stupid-powerful. Why did WotC consider them worse than 3.5 psionics, again?