👉 In legal terminology, a stipulation is a statement made by one party to another in a contract or agreement that does not include any conditions beyond what is necessary for the transaction to be carried out. It is an essential element of contracts and serves as a condition precedent to ensure that the terms of the agreement are fulfilled. For example, if a contract states: "Subject to the delivery of certain goods by [the other party], this contract shall become effective upon their receipt." In this stipulation,
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What is the definition of Stipulations? 🙋
👉 In the context of legal and administrative terms, a stipulation is an agreement between two or more parties that are binding on them. It typically outlines conditions under which one party must comply with another's demands or obligations. A stipulation may include specific requirements, deadlines, or other conditions set forth in advance by both parties.
For example:
1.
Contractual Obligation
: When a company signs an agreement to pay a supplier for goods that are due within a specified period, the contract stipulates
