Practical Law ANZ Glossary w-004-3753 (Approx. 3 pages)
Glossary
Condition precedent
A condition in a contract which provides that the agreement, or certain parts of the agreement, will only come into force if and when certain conditions are satisfied.
Conditions precedent are often used in share and asset purchase agreements to ensure that completion cannot occur until certain conditions are satisfied, for example the approval of any relevant regulatory bodies. For more information, see Practice notes, Share purchases and Asset purchases.