There's nothing wrong with putting implications in a definition, and in this case, it's quite necessary. If the implication is true for a given ordered set $S$, then the set has the least upper bound property, and otherwise, it does not have the least upper bound property.
For example, if $S=\mathbb{Q}$ is the ordered set of rational numbers, then the implication fails: The set $E=\{x \in \mathbb{Q}: x^2<2\}$ is nonempty and bounded above, but $\sup E$ does not exist. Therefore, $\mathbb{Q}$ does not have the least upper bound property.
On the other hand, consider the ordered set $S=\mathbb{Z}$, the integers. Any subset of integers $E \subset \mathbb{Z}$ which is nonempty and bounded above must have a maximum element, and this maximum element is $\sup E$. Therefore , $\mathbb{Z}$ does have the least upper bound property.
Later, you will prove that the set of real numbers $\mathbb{R}$ has the least upper bound property, which is the characteristic property that distinguishes it from sets like $\mathbb{Q}$.