A conditions precedent checklist tracks everything that must be delivered or satisfied before a deal can sign, complete or fund. It's one of the most heavily used trackers on any transaction, and one of the hardest to keep up to date.

Conditions precedent checklists are usually maintained in Word by a junior lawyer and circulated to the other side once a week. By the time the latest version lands in anyone's inbox, it's already out of date. Approvals arrive by email and have to be copied in by hand, and progress calls often mean working through every open condition line by line. As the funding or completion date gets closer, the volume of changes makes the checklist harder and harder to manage.

Rather than retyping the schedule, you can import the conditions precedent wording directly from the agreement. Legatics turns the legal text into rows, keeping the numbering and structure of the original schedule. Where a condition applies to several parties, such as "a board resolution from each Obligor", it can be split into a separate row for each one, so every party's deliverable is tracked on its own.

Each condition has a status, an owner and a due date. The Awaiting counterpart status separates the items your team still needs to deal with from the ones you're waiting on from the other side, which makes it easy to see where the delay really sits.

Upload the supporting document directly against each condition. Each new version is kept, so you always have the latest document alongside the history of earlier drafts.

Add a checkbox column for each approver, such as each lender or lender's counsel, and approvals can be given directly in Legatics rather than by email. If a document changes after it's been approved, a warning flags that the approval may need to be reconfirmed. You can also set the status to update automatically once every approval is in.

Column visibility lets you hide columns from particular parties. For example, you can hide individual lender approvals from the borrower while still showing everyone the overall status of each condition.

Filter by party, status or owner to focus on what's outstanding, and export a branded report whenever you need to share progress outside Legatics.

Project finance deals can have hundreds of conditions precedent and a syndicate of lenders, each with their own approval rights. Importing the schedule from the Common Terms Agreement and splitting each lender's deliverables into separate rows gives every lender a clear view of what they need to approve. Lenders tick off conditions directly in Legatics, while the borrower only sees whether each condition is approved overall. Weekly calls can then focus on the handful of items that genuinely need discussion.

On an acquisition financing, the facility has to be ready to fund on the same day the acquisition completes. Grouping conditions by category and obligor gives the team a reliable view of what's left, so there are no surprises on completion day.

Lenders need confirmation that conditions covering corporate authority, title, valuation, insurance and tenancy are satisfied before they release funds. A live checklist lets the lender check progress for themselves, rather than waiting for the next update.

Many acquisitions sign first and complete later, once regulatory clearances and shareholder approvals are in place. A conditions precedent checklist tracks each condition from signing through to completion, with the evidence for each one stored alongside it.

Explore the Lists collection on the knowledge base to set up your first checklist.

💬 If you need any further assistance, reach out to customer.success@legatics.com.