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English to French translations [PRO]
Law/Patents - Law: Patents, Trademarks, Copyright | | English term or phrase: given be it again noted at his request | concerning an “on-demand” performance bond:
"The key characteristic of an “on-demand” performance bond is that the obligations under the performance bond are independent of the rights and obligations under the underlying contract...
The unique value of such a letter, bond or guarantee is that the beneficiary [in this case XXXX] can be completely satisfied that whatever disputes may thereafter arise between him and the bank’s customer [in this case, YYYYY] in relation to the performance or indeed existence of the underlying contract, the bank is personally undertaking to pay him provided that the specified conditions are met.
If, save in the most exceptional cases, he is to be allowed to derogate from the bank’s personal and irrevocable undertaking, given be it again noted at his request, by obtaining an injunction restraining the bank from honouring that undertaking, he will undermine what is the bank’s greatest asset, however large and rich it may be, namely its reputation for financial and contractual probity." |
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