What does Suspensive condition mean? In contract law and property practice, a suspensive condition is a term that delays the creation or enforceability of an obligation until a specified future event (which may or may not occur) happens. If the event does not occur by any agreed longstop, the obligation never arises. Typical uses include making completion, payment, performance or transfer conditional on merger control or other regulatory clearance, planning permission, financing, shareholder or landlord consent in corporate, real estate and finance transactions. Key legal features: the obligation remains in suspense until the condition is satisfied (purified in Scots law); parties may provide for satisfaction mechanics, notice,...
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A suspensive condition places the parties’ duties to perform a Contract on hold until that Condition has been purified (or, where the terms allow, waived), see Practice Note: Suspensive conditions in missives transferring Scottish property. Precision is essential; poor wording can trigger unforeseen and unwelcome outcomes. For further information, see: Suspensive conditions in missives: Stair Memorial Encyclopaedia [27]. Aside from dealing with title matters, most suspensive conditions concern non-conveyancing issues, for example:
This Practice Note outlines universal considerations for drafting any suspensive condition and then addresses particular points relevant to commonly used suspensive conditions.
Who is to benefit from the suspensive condition? The condition must make clear which party is intended to benefit, otherwise it may operate to the disadvantage of the party who introduced the condition into...
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...