file existence checking

[john peter]

does anyone have a suggestion on simplest way to check for the existence of a file
  within the same directory where a python script was started without really opening it?
  i've seen some people use this as a mechanism for informing an application of
  an external event, signalling it for example to disable some functionalities,
  or perhaps a thread. Is such an approach a good one? Are there other "simple" approaches that  might be better (if so, why is it/are they better?)

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