Conditioned Upon the Undersigned Receiving Collected Funds in the Amount of Form

What is the Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of

The phrase "Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of" refers to a legal stipulation often found in contracts and agreements. This clause indicates that the obligations of one party are contingent upon the other party receiving a specified amount of money. It serves to protect the interests of the party expecting payment by ensuring that their responsibilities are only activated once the funds are confirmed as collected. This clause is particularly relevant in financial transactions, where the timing of payment can significantly impact the execution of contractual duties.

How to use the Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of

Using the conditioned upon clause effectively requires clear documentation and communication between the parties involved. When drafting a contract that includes this clause, it is essential to specify the amount of funds required and the conditions under which the obligations will be fulfilled. Ensure that both parties understand the implications of this clause and agree on the terms. It is advisable to consult with a legal professional to ensure that the clause is appropriately integrated into the contract and complies with relevant laws.

Steps to complete the Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of

To complete a document containing the conditioned upon clause, follow these steps:

1. Clearly define the amount of collected funds required.
2. Outline the specific obligations that are contingent on receiving these funds.
3. Ensure both parties sign the document, indicating their understanding and agreement to the terms.
4. Consider using a digital signature platform to streamline the signing process and maintain a secure record.

Legal use of the Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of

The legal use of this clause is significant in various fields, including real estate, finance, and service agreements. It is essential to ensure that the clause is enforceable under state laws. The clause must be clear and unambiguous to avoid disputes regarding its interpretation. Courts generally uphold such clauses when they are well-defined and agreed upon by all parties. It is advisable to consult legal counsel to confirm that the clause meets all legal requirements and is appropriately included in any agreement.

Key elements of the Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of

Key elements of this clause include:

• Clarity of Amount: The specific amount of funds that must be collected must be clearly stated.
• Conditions of Payment: The circumstances under which the obligations will be activated should be detailed.
• Signatures: All parties involved must sign the document to validate the agreement.
• Legal Compliance: The clause must comply with applicable laws to be enforceable.

Examples of using the Conditioned Upon The Undersigned Receiving Collected Funds In The Amount Of

Examples of this clause in use include:

• A real estate purchase agreement where the seller's obligation to transfer the property is conditioned upon receiving the full purchase price.
• A service contract where the service provider's obligation to begin work is contingent upon receiving a deposit or payment upfront.
• A loan agreement where the disbursement of funds is dependent on the borrower meeting specific conditions.