Definition for : Condition subsequent

Contrary to a "Condition precedent", a "condition subsequent" relates to a situation where the occurrence of a specified event would automatically trigger the termination of certain obligations or rights. For instance, a condition subsequent in a commercial contract between Party A and Party B can specify that a Bankruptcy event affecting Party A would automatically release Party B from all its commercial obligations with respect of the delivery of goods.
(See Chapter 43 Corporate governance of the Vernimmen)
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