A legal stipulation in some contracts that one event must precede the other for the second to take place For example, in an insurance policy, the insurer is not liable unless and until the insured pays a premium At law, it is a provision in a contract stipulating that rights and duties shall arise only after the happening of an event The happening of the event is the condition precedent
Clause in a contract that requires some event to occur before the contract becomes effective
A contractual condition that is required to be met before a contract can be completed
A contractual condition that suspends the coming into effect of a contract unless or until a certain event takes place Many house purchase contracts have a condition precedent which states that the contract is not binding until and unless the property is subjected to a surveyor's inspection, the results of which are satisfactory to the purchaser Compare with "condition subsequent "
A condition in a contract which calls for the happening of some event, or performance of some act, before the agreement become binding on the parties
A contractual condition that suspends the coming into effect of a contract unless or until a certain event takes place Many residential real estate contracts have a condition precedent which states that the contract is not binding until and unless the property is subjected to an professional inspection, the results of which are satisfactory to the purchaser Compare with "condition subsequent"
A condition which requires something to occur before a duty becomes absolute and enforceable
A condition in a contract which calls for the happenings of some event, or performance of some act, before the agreement becomes binding on the parties