What Is A Precedent Agreement

The opposite of the previous condition is the condition below, defining the conditions that must be met for each party to exit the contract. In the law of the estate and trust, it is a provision of a will or trust that prevents the donation of a gift or bequest until something happens or does not happen. B for example, the realization of a certain age or the death of another person. By way of comparison, a subsequent condition terminates an obligation, while a precedent introduces an obligation. On December 21, 2017, the new President of FERC, Kevin McIntyre, announced plans to re-evaluate the Agency`s policy to determine whether a project meets public comfort standards and necessity. The current policy, introduced in 1999, highlights market needs when evaluating proposed projects, which are balanced against possible negative effects. The FERC analysis relies largely on benchmark agreements as an indicator of market needs. These are private contracts between the pipeline project and a potential customer. They usually require the customer to sign binding transport contracts at a later date, often for several years, once FERC has approved the project.

Pipelines, on the other hand, rely on commitments in previous contracts executed to justify cost losses, obtain loan financing and obtain administrative approvals for the start of construction. It is customary for these contracts to be governed by Texas law. Merger and acquisition transactions may have preconditions that govern payment terms. A company acquired as a subsidiary may be called upon to produce results for a new product or to generate a specified revenue within a specified time frame. Once these conditions are met, the next tranche of acquisition payments is made. Business contracts can have many preconditions that dictate the processing of different activities. The contract could contain a clause requiring the parties to seek arbitration in the event of a dispute before a dispute can be sought in court. Leases may contain preconditions that set the guidelines for compensation and discharge for new recruitment. This may be the case for executives and executives. An executive`s contract could contain conditions that will be specified for the collection of annual bonuses and salary increases. The CEO can only receive bonuses if the company meets the revenue or profit targets set out in the contract.

FERC`s October 5 order on re-coution to Equitrans, L.P. reminds operators that commitments made in a previous agreement may be rejected by FERC at a later date if the negotiated fare transport contract is subject to Commission approval. Equitrans, L.P. (Equitrans) submitted a non-compliant negotiated rate transportation contract with EQT Energy, LLC (EQT Energy) for a new service in the Ohio Valley Equitrans project. The agreement included three non-compliant provisions for service and notification: there may also be cases of default in the current life of a contract, which stipulate that if condition X occurs, event Y will occur. Condition X is the precedent for the state. To the extent that the revolving credit contract, in effect at the time of the implementation of this previous contract, is replaced or replaced by revised financial pacts that differ in the new revolving credit contract from those of the current revolving credit contract, such revised financial alliances are included in this reference agreement. For example, a mortgage agreement in real estate will have a precondition for the need for an inspection to assess the condition and value of the property. This assessment must be agreed upon by both the buyer and the lender before the mortgage agreement comes into effect. Complex provisions can be the condition of an estate or contract. For example, an estate`s assets may be held in trust, with some disbursements granted only at certain stages.

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