Condition on Obligations Sample Clauses
A Condition on Obligations clause establishes that certain duties or responsibilities under a contract are only triggered if specific conditions are met. In practice, this means that a party is not required to perform its obligations—such as making payments, delivering goods, or providing services—until predefined events or requirements have occurred, like obtaining regulatory approval or receiving necessary documentation. This clause ensures that parties are protected from having to act prematurely and helps allocate risk by making performance contingent on clear, objective criteria being satisfied.
Condition on Obligations. Notwithstanding any provisions in this Agreement to the contrary, including any provisions contained in this Section 4(d)(4), the Company’s obligations, and the Executive’s rights, pursuant to Section 4(d)(3) shall cease and be rendered a nullity immediately should the Executive violate the provision of Section 5, or should the Executive violate the terms and conditions of the Executive’s previously executed Proprietary Information and Inventions Agreement, which shall continue to apply to Executive’s employment. Further, Executive covenants and agrees to notify the Company within five (5) business days of Executive’s acceptance of employment or consulting or receipt of benefits as set forth above respectively in Section 4(d)(3)(iii).
Condition on Obligations. The obligations of either Party hereunder, including without limitation the obligations to prepare and submit any proposal and to award or accept any subcontract, are subject to the following conditions:
12.1. There shall be no litigation or proceeding pending or threatened against the Party or any of its officers or employees (i) which is for the purpose of enjoining or otherwise restricting the activities contemplated by this Agreement, or otherwise claiming that any such activity is improper, (ii) which would adversely affect the rights and/or capabilities of the Party in respect of such activities, or (iii) which, in the judgment of an officer of either Party, would make the continuation of such activities inadvisable.
12.2. Prior to the submission of any proposal or the award of any subcontract, there shall have been no material adverse change in the financial condition or operational capabilities of either Party relating to the activities contemplated by this Agreement, and there shall not have been any occurrence, circumstance or combination thereof which might reasonably be expected to result in any material adverse change in the ability of either Party to perform the work covered by such proposal or contemplated subcontract.
12.3. In the event of any occurrence or circumstance as set forth in Articles 12.1 and 12.2 above, each Party shall provide written notice to the other within ten (10) working days of knowledge of such occurrence or circumstance.