Common use of Condition Precedents Clause in Contracts

Condition Precedents. The present contract goes into effect between the parties upon signature. It is accepted and signed by the contracting parties subject to the explicit condition precedent of obtaining all required authorizations from the Tunisian authorities, particularly the gambling authorization. The owner shall make every effort to help the lessee obtain the legal authorizations required before January 1, 1997. If the said approvals and authorizations are not obtained within the indicated periods, the undersigned parties shall meet to take all useful steps. In case the lessee does not obtain, within a reasonable period, from the Tunisian authorities, the gambling authorization required for operation of the Casino and its surroundings, all amounts advanced by it as rental for the first year shall be returned to it within thirty days starting with the date of a warning with a definite date.