This form provides a boilerplate contract clause authorizing each party's attorney to give notice on behalf of his or her client.
Virginia Notice Provisions - Giving of Notice as an Obligation or as a Condition Precedent
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How to fill out Notice Provisions - Giving Of Notice As An Obligation Or As A Condition Precedent?
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FAQ
In preparing any condition precedent clause, consideration should be given to (i) who is responsible for discharging the condition; (ii) by when must the condition be discharged (i.e., a "drop dead" date); and (iii) which party, if any, may be entitled to waive the condition (i.e., typically the beneficiary of the ...
Any notice required or permitted to be given under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be addressed to the appropriate Party at the address specified below or such other address as may be specified by such Party in writing in ance with this Section15.
In Real Estate, condition subsequents typically render the agreement void should notice be given. An example for a Condition Subsequent is: Upon receipt of the above notice, this Agreement shall be null and void and the deposit shall be returned to the Buyer in full without deduction.
In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer's home if it is destroyed by fire during the policy period.
For example, a clause stating that a buyer's offer is conditional on the buyer acquiring a neighbouring piece of property would be a true condition precedent, as the act of buying that neighbouring property is entirely dependent upon the will of a third party, in this case the owner of the neighbouring property.
If the town's trash grows by more than 5% any year over the course of the contract, the condition subsequent will take effect and the trash collection company will no longer have a duty to collect the town's trash.
In law, a condition subsequent is an event, or state of affairs, whose occurrence is automatically construed to terminate the obligation of one party to the other. One example is that, if a man agreed to pay a barber to shave his beard, the barber then failing to do so would terminate the man's obligation to pay.
Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached. Established by conditional language, these estates are followed by a right of entry. If the triggering event occurs, the holder must take steps to establish possession of the land.
