Condition Failure Clause Samples
The Condition Failure clause defines the consequences and procedures that apply when a specified condition in a contract is not met. Typically, this clause outlines what happens if a party fails to fulfill a prerequisite, such as obtaining regulatory approval or delivering required documentation by a certain date. For example, if a buyer does not secure financing by a deadline, the contract may allow the seller to terminate the agreement or seek remedies. The core function of this clause is to provide clarity and certainty about the rights and obligations of the parties when a condition is not satisfied, thereby reducing disputes and managing risk.
Condition Failure. Subject to any waiver of a Condition under clause 3.7 (in respect of a Condition which is capable of waiver), this Agreement may be terminated for non-satisfaction of a Condition in accordance with clauses 16.6 to 16.12 (inclusive).
Condition Failure. If one or more of the conditions set forth in this Section is not, or cannot be, timely and completely satisfied, then, as its sole and exclusive remedy, the applicable party either may elect to: (a) waive satisfaction of the conditions and proceed to Closing; or (b) terminate this Agreement by a written notice to the other party; provided that, with respect to breaches of this Agreement by a party, the other party shall have the rights and remedies set forth in Section 12. Notwithstanding anything to the contrary set forth herein, Developer and Owner shall work diligently and in good faith to satisfy the conditions set forth in this Section.
Condition Failure. If one or more of the conditions set forth in Section 2 is not, or cannot be, timely and completely satisfied, then, as its sole and exclusive remedy, the Sewer Board either may elect to: (i) waive satisfaction of the conditions and proceed to the public hearing; or (ii) terminate this Agreement by a written notice to Developer. Notwithstanding anything to the contrary set forth herein, Developer and the Sewer Board shall work diligently and in good faith to satisfy the conditions set forth in this Agreement.
Condition Failure. If one or more of the conditions set forth in this Section is not, or cannot be, timely and completely satisfied, then, as its sole and exclusive remedy, the applicable party either may elect to: (a) waive satisfaction of the conditions and proceed to Closing; or (b) terminate this Agreement by a written notice to the other party; provided that, with respect to breaches of this Agreement by a party, the other party shall have the rights and remedies set forth in Section 12. Notwithstanding anything to the contrary set forth herein, Developer and FRC shall work diligently and in good faith to satisfy the conditions set forth in this Section.
Condition Failure. If one or more of such conditions set forth in any of Sections 6, 7, or 8 is not, or cannot be, timely and completely satisfied, then, as its sole and exclusive remedy, YRC or Company, as applicable, may elect to: (a) waive satisfaction of such conditions and proceed to Closing; or (b) terminate this Agreement by a written notice to the other party; provided that the foregoing limitation shall not be deemed to affect: (a) the rights of the applicable party with respect to reimbursement of Incurred Costs pursuant to Subsection 4(b); or (b) the right of a non-defaulting party to exercise its rights under Section 15 during the continuance of an Event of Default.
Condition Failure. If Buyer timely disapproves any condition in Section 3.2 or Section 4 in writing, this Agreement shall automatically terminate, and thereafter the parties shall have no further obligation or liability under this Agreement, except as provided in this subsection. The Deposit shall be returned to Buyer. Buyer's failure to provide timely written notice of disapproval shall be deemed a waiver thereof. Any cancellation fee or other costs of the Escrow Holder shall be borne equally by Seller and Buyer and each party shall pay its own expenses.
Condition Failure. If one or more of the conditions set forth in Section 5 is not, or cannot be, timely and completely satisfied, then, as its sole and exclusive remedy, the applicable party either may elect to:
(a) waive satisfaction of the conditions and proceed to Closing; or (b) terminate this Agreement by a written notice to the other parties; provided that, with respect to breaches of this Agreement by a party, the non-defaulting parties shall have the rights and remedies set forth in Section 11. Notwithstanding anything to the contrary set forth herein, the parties shall work diligently and in good faith to satisfy the conditions set forth in this Section.