condition precedent


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condition precedent

n. 1) in a contract, an event which must take place before a party to a contract must perform or do their part. 2) in a deed to real property, an event which has to occur before the title (or other right) to the property will actually be in the name (vest) of the party receiving title. Examples: if the ship makes it to port, the buyer agrees to pay for the freight on the ship and unload it; when daughter Gracella marries she shall then have full title to the property. (See: condition)

References in periodicals archive ?
The court may have been influenced by the three-year delay, but it is worth noting both that the policy's notification clause was not described as a condition precedent and that other clauses in the policy were expressly described as conditions precedent.
However, the court recast the obligation as being subject to a condition precedent, stating that the obligation under the note "would not arise unless and until [Karns] materially breached" the supply agreement.
Femern A/S has now signed the Contract, including the terms relevant to the Condition Precedent, with the Preferred Bidder.
In these recent rulings however, the Service has made clear its view that the rule enunciated in General Dynamics does not make the filing and approval of a claim a condition precedent in all cases.
According to the Condition Precedent, the Contract does not come into full force and effect until the Owner serves a notice with a works commencement date following the German Plan Approval having been obtained (or the Danish Ministry of Transport and Building decides to start the works regardless), and the Contract will automatically lapse no later than 1 January 2022 (the Contract has several possibilities of lapsing earlier) if the Condition Precedent has not been fulfilled by then.
According to this condition precedent the contract does not come into full force and effect until the Owner serves a notice with a works commencement date following the German Plan Approval having been obtained (or the Danish Ministry of Transport and Building decides to start the works regardless) and the contract will automatically lapse no later than 1.