Condition 7 Clause Samples
Condition 7 typically sets out specific requirements or circumstances that must be met for certain obligations or rights under a contract to take effect. In practice, this clause might outline prerequisites such as obtaining regulatory approvals, delivering particular documents, or achieving certain milestones before a party is required to perform. By clearly defining these conditions, the clause helps ensure that both parties understand when their duties become enforceable, thereby reducing the risk of disputes and providing a structured framework for the progression of contractual obligations.
Condition 7. An actual price increase has occurred and can be substantiated by the Engineering News-Record 20-City Average Material Cost Index for the material at issue that demonstrates the increase in price of the material during the period of the delay; and
Condition 7. 1.1 is varied to read, "If any plan or statement in the contract or in written replies which the seller's conveyancer has given to the buyer's conveyancer before the date of the contract is or was misleading or inaccurate due to any error or omission, the remedies available are as follows."
Condition 7. 4.2 is varied by the addition of the following at the end: “The Seller shall not be required to include any matter in the statutory declaration which is not after reasonable enquiry within its personal knowledge”.