Definition of Condition precedent:
An explicit or implied stipulation in the agreement that (1) the party must play its part before asking the other, or (2) an event must occur before either party is entitled to a claim for compensation or breach Be See also the situation and the following at the same time.
A precedent is a legal term that describes the conditions or events that must occur before a particular agreement can take effect or before it is deemed to have taken place before the actions of either party.
There may also be a requirement in everyday life for the contract to state that when condition X occurs, event Y occurs. Condition X requires it.
How to use Condition precedent in a sentence?
- The company and its employees have set an example that if they want to produce fifty games a day together, otherwise the promised bonuses will not be paid.
- The condition is that two-thirds of the order has been completed before the payment of the company's order is approved.
- General requirements in wills and trusts.
- In trade agreements, the pre-existing conditions are those that govern the management of various activities.
- The foundation is laid and we are all ready to go, which adds energy to the room.
- Prerequisites are terms that specify certain terms that must be offered by one party or another to guarantee the development or performance of an agreement.
Meaning of Condition precedent & Condition precedent Definition