Condition precedent


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(Law) a condition which precede the vesting of an estate, or the accruing of a right.

See also: Precedent

References in periodicals archive ?
In the event that the Condition Precedent is not fulfilled, the amount corresponding to the initial price payment will be reimbursed to Pampa within a term of five days, plus an annual interest rate of 6% calculated from the initial payment until the date of reimbursement.
In the 2008 case Aspen Insurance v Pectel Ltd the notification clause of a policy was adjudged to be a condition precedent by the application of a catch-all policy clause that stated: "The liability of underwriters shall be conditional on the assured paying in full the premium demanded and observing the terms and conditions of this insurance.
In other words, it viewed the payment obligation as being subject to a condition precedent and, accordingly, held that there was no loan.
The proposed merger has now been cleared by competition authorities in all jurisdictions in which such clearance is a condition precedent to the transaction.
The only argument which could be made by the seller to require a trial of these issues is that the purchaser may not intentionally frustrate its contract with the seller by causing the failure of the condition precedent (the sale of the cooperative apartment) to take place.
The TAM further indicates that to defer income recognition for tax purposes, a condition precedent must exist that is more than a ministerial act.
With respect to condition precedent (i) above, the board of directors has received the verbal opinion from Paradigm Capital Inc.
Once again, the IRS concluded the submission and approval of claims was a ministerial act rather than a condition precedent to the taxpayer's liability to pay the promotional allowances.
A ("Cabovisao"), which refinancing is a condition precedent to the implementation of the Amended Plan.