Examlex
All of the following statements about the SmartBeam system are true, EXCEPT:
Condition Precedent
A legal term for an event or action that must occur or be completed before a contract becomes effective or before certain obligations are expected to be performed.
Insurance Policy
A contract between an individual or entity and an insurance company, outlining the terms for the insurance company to compensate the insured in the event of a loss.
Notification Requirement
A legal or regulatory condition that requires a party to inform another party or authority about certain information or changes, often within a specified time frame.
Third Party
An individual or group other than the two primarily involved in a transaction or legal situation.
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