Contracts: conditions precedent
This practice note explains the function and drafting of condition precedent clauses in commercial contracts. It outlines how a condition precedent makes the performance of a contract, or specific contractual obligations, conditional upon a specified event occurring. The note clarifies the important distinction between conditions precedent and conditions subsequent, and explores the various types of conditions precedent commonly encountered, including those related to financial, regulatory, technical and transactional matters such as acquisitions and outsourcing. Key drafting considerations are examined as well as how courts identify a condition precedent.
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