Conditioned Approval Clause Samples
A Conditioned Approval clause allows one party to grant approval or consent to another party, but only if certain specified conditions are met. In practice, this means that the approval is not absolute; it becomes effective only when the other party fulfills the outlined requirements, such as providing additional documentation, meeting regulatory standards, or completing certain actions. This clause ensures that approvals are not given unconditionally, thereby protecting the approving party from unforeseen risks or incomplete compliance.
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Conditioned Approval. Notwithstanding any provision to the contrary herein, this Agreement shall not be considered effective, consummated, nor binding upon the parties until the Licensed Property Owner has granted its written approval. Written approval of this Agreement by the Licensed Property Owner shall be considered a condition precedent to the consummation of this Agreement. The Parties shall use their best efforts to obtain Licensed Property Owner written approval in as short of time as practicable. However, in the event that Licensed Property Owner has not supplied its written approval of this Agreement within forty-five (45) days of the Effective Date, this Agreement shall be considered null & void and shall have no further effect upon the parties.