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Makes sense- I know that's how it works in the NBA. Just this past season, the Hornets tried to trade Tyson Chandler, and the whole deal got voided because he failed his physical.
Quick search turned up this precedent:
Indy.com | Post: Bills DT McCargo fails Colts physical, trade void | Indianapolis, Indiana
That article makes it seem like the requirements of passing a physical depend on what is specifically outlined in the trade itself (so not a CBA issue)- which means that it is possible that this requirement wouldn't have been included.
That said, I'd be willing to bet that it's a standard clause in all trades, as it prevents teams from screwing someone over by unloading players with undisclosed injuries. If that's the case, then the trade is likely contingent on Seymour taking (and passing) a physical.
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