The Conditional Contract is a sophisticated legal instrument used in the Philippines when parties wish to make their obligations contingent upon certain events or conditions. This document type is particularly relevant when dealing with complex transactions where certain prerequisites must be met before the main obligations take effect, or where future events might modify or terminate existing obligations. The contract must comply with the Philippine Civil Code, particularly Articles 1181-1192 regarding conditional obligations, and typically includes detailed provisions about condition fulfillment, verification procedures, and consequences. It's commonly used in business transactions, property deals, financing arrangements, and development projects where certainty about condition fulfillment is crucial before proceeding with major commitments.
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1. Parties: Identification and details of all contracting parties, including their legal capacity to contract
2. Background: Context of the agreement and the relationship between the parties
3. Definitions: Clear definitions of key terms used throughout the contract, including specific terms related to conditions
4. Conditions Precedent: Clearly stated suspensive conditions that must be fulfilled before the main obligations become effective
5. Principal Obligations: The main rights and obligations of the parties that are subject to the conditions
6. Performance Timeline: Specific timeframes for the fulfillment of conditions and subsequent obligations
7. Notification Requirements: Procedures for notifying parties about the fulfillment or non-fulfillment of conditions
8. Effects of Condition Fulfillment: Consequences and obligations that arise upon fulfillment of conditions
9. Effects of Condition Non-fulfillment: Consequences and procedures if conditions are not met within specified timeframes
10. Representations and Warranties: Statements of fact and guarantees by the parties
11. Term and Termination: Duration of the agreement and circumstances for early termination
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and formal execution requirements
1. Resolutory Conditions: Include when there are conditions that, when fulfilled, will terminate or modify existing obligations
2. Force Majeure: Include when parties want to address circumstances beyond their control that might affect condition fulfillment
3. Confidentiality: Include when the conditions or obligations involve sensitive information
4. Assignment: Include when parties need to address the transferability of rights and obligations
5. Insurance and Indemnity: Include when conditions involve risks that need to be insured against
6. Security Provisions: Include when conditions require collateral or security arrangements
7. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before court litigation
1. Schedule of Conditions: Detailed list and description of all conditions with specific criteria for fulfillment
2. Schedule of Deliverables: Detailed list of items or actions to be delivered or performed upon condition fulfillment
3. Schedule of Timelines: Detailed timeline for condition fulfillment and subsequent obligations
4. Schedule of Required Documents: List of documents required for condition fulfillment
5. Appendix A - Forms and Notices: Standard forms for notifications regarding condition fulfillment
6. Appendix B - Compliance Requirements: Specific regulatory or procedural requirements for condition fulfillment
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Manufacturing
International Trade
Infrastructure Development
Technology and Software
Energy
Mining
Agriculture
Telecommunications
Professional Services
Relevant Teams
Legal
Compliance
Finance
Operations
Commercial
Risk Management
Business Development
Project Management
Procurement
Corporate Secretariat
Investment
Property Management
Relevant Roles
Legal Counsel
Contract Manager
Business Development Manager
Project Manager
Compliance Officer
Risk Manager
Chief Legal Officer
Chief Financial Officer
Operations Director
Commercial Director
Corporate Secretary
Business Unit Head
Property Manager
Investment Manager
Procurement Manager
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