Common use of Failure of Conditions Precedent Clause in Contracts

Failure of Conditions Precedent. To the extent that any condition precedent to the obligations of CTI and Siemens hereunder is not met by Shareholder, CTI and Siemens may, at their option, either waive such condition and complete the transactions contemplated hereby on the terms and conditions otherwise contained herein, or decline to purchase or exchange the shares, whereupon this Agreement will terminate and CTI and Siemens shall be subject to no liability whatsoever to Shareholder. If the transactions contemplated this Agreement is not consummated for such reason, or for any other reason, neither party shall be liable to the other for loss, damage, or expense, and the only remedy to either party shall be to terminate this Agreement.