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No, there is no reason to capitalize 'precedent' (which should actually be the form 'precedence' as used here) in your sentence. The word precedent is a common noun; for it to be a proper noun and a need to capitalize it, it would have to be the name or title of someone or something specific. The term 'One on One Call' appears to be the name of a specific group and is therefor a proper noun and it should be capitalized. Your sentence should read:

If both of the meetings conflict, the sales meeting will take precedence over the One on One Call.

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