When checking a contract, a key feature to look out for is a clause containing something called a "condition precedent". More often than not, this takes away your right to do something if you don't do it within a certain period of time. For example, if you do not claim for an extension of time within, say, 21 days of becoming aware that you are entitled to claim, you will lose your right to claim entirely. These clauses have to be drafted in clear terms because they take away a party's contractual rights. To put this into context, consider the following scenario. After the submission of a final account, an adjudicator makes an award in a dispute between the two parties. The losing party now wishes to have that dispute determined in court. In the contract between the parties, there is a clause that states that in such circumstances either party "may commence arbitration or legal proceedings within 28 days of the date on which the adjudicator gives his decision".
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