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Correct construction of sentence

Please correct the following sentence construction if it is not allright.
"Based on your assurance, this employment is offered on a condition that you would be sucessfully completing your V and VI Semister examination by July 2011, failing which, this employment would stand cancelled automatically"

Re: Correct construction of sentence

Here is one option:

This employment is offered on condition that you successfully complete your V- and VI-semester examination by July 2011, failing which, this offer for employment would be withdrawn.

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