Condition 5 Clause Samples
Condition 5 typically sets out specific requirements or prerequisites that must be satisfied before certain obligations or actions under a contract become enforceable. In practice, this clause might require a party to obtain regulatory approval, deliver certain documents, or fulfill payment terms before the other party is required to perform. By clearly outlining these conditions, the clause ensures that both parties understand what must occur before their contractual duties are triggered, thereby reducing the risk of disputes and providing a clear framework for performance.
Condition 5. The escalation of a particular material is significant. The term “significant” herein shall mean when the price of an item increases by 3% or more from the later of the following: (i) the date Judicial Council Accepts the GMP; or (ii) the date that Design Build Entity enters a subcontract with a Subcontractor purchasing the material or a contract with a supplier to furnish that material.
Condition 5. 1.1 shall be supplemented by the addition of the following wording to be inserted in line 4 after the words "Margin (if any)": "together with any amounts of Further Interest (if any)".