Condition precedent definition

What does Condition precedent mean?

A condition which delays the vesting of a right until the beginning of an event.


A condition precedent in a commercial contract details an event which must take place before a contract, or a party's obligation(s) under a contract come into force. The contract, or the relevant obligation, does not become binding until the condition has been satisfied. In financing transactions, conditions precedent are the conditions that need to be fulfilled for funding to occur.

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Condition precedent is referenced 4 in Encyclopaedia of Forms and Precedents

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