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A condition precedent is a stipulation that defines certain conditions that must either occur or be met by either party to ensure progress or execution of a contract. Condition precedents are...
A condition precedent is a condition or an event that must occur before a right, claim, duty, or interests arises. A condition precedent is contrasted with a condition subsequent. In a contract, a condition precedent is an event that must occur before the parties are obligated to perform.
A condition precedent is an event that must occur, or a state of affairs that must exist, before something else will occur. In contracts that refer to a condition precedent it is entirely possible that one party will never have to fulfill his duties, because the condition was not met.
Definition of "condition precedent". An event that has to happen before the obligations of a contract are required to be fulfilled. How to use "condition precedent" in a sentence. The sale of the old house was a condition precedent for buying the new one.
A condition precedent is an explicit or implicit clause within a contract that says the other party must accomplish its duty before the contract can move forward.
In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty exists.
A condition precedent is a specific event or action that must happen before a contract becomes effective or before a party is required to perform their part of the agreement. Think of it as a "must-do" step that needs to be completed first.
Basically, a condition precedent is a specific event that is listed in a contract. Before this event takes place, the contract is not in effect, and the parties are not obligated in any way. However, after the event, the requirements of the contract must be performed.
CONDITION PRECEDENT meaning: something that must be done before an official agreement can become law: . Learn more.
A “condition precedent” is a requirement that must be met before a party’s promises in a contract becomes enforceable—like a checkpoint that activates duties once it’s cleared. Here’s why it matters in business contracts and how it can impact your deals.