Possible types for a given parameter are Limit, Accumulated and Condition. The Limit type parameter is used to specify a maximum and/or minimum value, e.g., an oil level which must be kept between a minimum and maximum point. The Accumulated type of parameter is used to specify a cumulative value, e.g., operation time. The Condition type parameter is used to specify an estimated condition of an equipment.

https://docs.ifs.com/ifsclouddocs/23r1/EquipmentAdministration/AboutAssetConditionRecording.htm?StandAlone=true

@r.zyszkiewicz parameters of value type Condition could be used when defining the Maintenance Triggers for PM Actions.

Once there is an object measurement of a parameter of type Condition, that measurement could create a WO based on the PM Action setup.

Yes, I know this explanation is in the specification, but what can we use a parameter “condition”? 

What could this condition be?

Condition Parameter is added as an addition to Accumulated and Limit parameters where the reported value is either without UoM or of an estimated type.

Examples,
Has this machine been used the last week: Yes / No
What is the general status (condition) of this machine: good / ok / bad
How much corrosion is there on this machine: Non / Some / Much
Is there a need for repair: Straight away / within a month / no

These can then be used in the same way as any other parameter. To be used as triggers, to capture KPI’s, follow trends, etc

Yes, I know this explanation is in the specification, but what can we use a parameter “condition”? 

What could this condition be?

Did you check the documentation linked to above? There is a table there showing one example setup with two condition parameters.