condition precedent
A 'condition precedent' is a legal term that describes a specific requirement which must be met before certain contractual obligations or rights come into effect.
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Definition
C1Contract Law
(technical, legal)A specific event or condition that must occur before a contract becomes effective or binding.
Example
- The sale will be finalized once the condition precedent of securing financing is met.
C1Legal Obligations
(technical, legal)An event or requirement that must be fulfilled before a legal duty or obligation arises.
Example
- The insurance policy includes a condition precedent that the damage must be reported within 30 days.
Similar
Terms that have similar or relatively close meanings to "condition precedent":
on conditionconditional sentencein conditionlegal consequence