Caveat is a noun.  From Latin.

It’s a warning, a red flag, an admonition, a caution, a forewarning (which is, I believe, darn similar to a warning).  Caveat communicates “beware.”

It is NOT a “condition” placed upon something, although it may be a warning regarding the “condition” of something:  “Watch out.  I don’t think that ladder is strong enough to support you.”  You know, it’s like “Let the buyer beware”:  That caveat emptor thing.

In other words, it’s not a requirement (see below).  It’s not something that must occur before something else occurs.

Here’s what I’m getting at.  Due to our great need to sound erudite, we like to use words that sound cool, apparently without regard to whether we are using the words correctly.  Like this:  “The EEC agreed to contribute to Cypress seven billion dollars, with the caveat that it must first institute economic austerity measures.”

Yeah, I heard a radio talk show host say that the other day.