|
⇒ closing conditions (Conditions Precedent (CP) – Often used synonymously with ► Closing Conditions in sale and purchase agreements; in some cases, the term "condition precedent" is only used for genuine conditions precedent (within the meaning of section 158 (1) of the German Civil Code (BGB)) where the corresponding effect occurs when the condition is fulfilled, without any further legal act being required. By contrast, in some cases the fulfilment of a closing condition only gives rise to a requirement under the law of obligations for the relevant party to honour its commitments.
) |
