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In a small business, the lack of certain separations of duties can best be overcome by
Condition Subsequent
A future event or circumstance that, upon occurring, will terminate obligations under a contract or legal agreement.
Obligations Cessation
Refers to the termination or discontinuation of legal duties or responsibilities, which can occur due to various reasons including the fulfillment, release, or expiration of the obligation.
Condition Precedent
A condition precedent is a contractual condition that must be fulfilled before a party's promise or obligation becomes binding.
Obligations Commencement
The starting point or effective date when obligations or duties under a contract or agreement begin.
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