CONDITION PRECEDENT (AUFSCHIEBENDE BEDINGUNG) Clause Samples
A condition precedent (aufschiebende Bedingung) is a contractual provision that makes the effectiveness or enforceability of the agreement, or certain obligations within it, dependent on the occurrence of a specified future event. In practice, this means that the parties are not bound to perform their contractual duties until the condition is fulfilled, such as obtaining regulatory approval or securing financing. The core function of this clause is to protect parties from being obligated under the contract until essential prerequisites are satisfied, thereby managing risk and ensuring that key requirements are met before the contract takes effect.
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CONDITION PRECEDENT (AUFSCHIEBENDE BEDINGUNG). This Agreement is entered into under the condition precedent that Novosom receives joint notice from ProNAi and Marina that (i) an amendment to the Marina License Agreement has been executed by both ProNAi and Marina and has become effective; and (ii) that such amendment (A) provides ProNAi with rights to sell Licensed Products equivalent to the Grant of Rights (as defined in the License Agreement) and affirms the terms of ProNAi’s payment obligations to Novosom as set forth in this Agreement.