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novate rights

Russian translation: передавать права

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:novate rights
Russian translation:передавать права
Entered by: Na Talka
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09:28 Jul 3, 2008
English to Russian translations [PRO]
Bus/Financial - Investment / Securities
English term or phrase: novate rights
XXX wishes from the Effective Date to be released and discharged from the Contract and novates and assigns all of its rights, obligations and liabilities under the Contract to YYY
Na Talka
передавать права
Explanation:
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Note added at 15 mins (2008-07-03 09:43:30 GMT)
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Новация обязательств (Бр. и Эфр.) - Новация обязательств – юридическая сделка, по которой, взамен старого обязательства; установляется новое.
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выполняется новация и передача прав, ...
Selected response from:

Natalya Zelikova
Ukraine
Local time: 05:02
Grading comment
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2передавать права
Natalya Zelikova
4новация и передача прав и обязательствKameliya


  

Answers


9 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
передавать права


Explanation:
.

--------------------------------------------------
Note added at 15 mins (2008-07-03 09:43:30 GMT)
--------------------------------------------------

Новация обязательств (Бр. и Эфр.) - Новация обязательств – юридическая сделка, по которой, взамен старого обязательства; установляется новое.
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выполняется новация и передача прав, ...

Natalya Zelikova
Ukraine
Local time: 05:02
Native speaker of: Native in RussianRussian, Native in UkrainianUkrainian
PRO pts in category: 8
4 corroborated select projects
in this pair and field What is ProZ.com Project History(SM)?

Peer comments on this answer (and responses from the answerer)
agree  Kameliya: не увидела ваш нижний вариант
15 mins
  -> Спасибо.

agree  Zoya Delerm-Shapkina
59 mins
Login to enter a peer comment (or grade)

22 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
новация и передача прав и обязательств


Explanation:
This is often due to a
misunderstanding as to the difference between
an ‘assignment’ and a ‘novation’.
What is an assignment?
When describing their desire to transfer their
rights and obligations under a construction
contract to another person, a party will usually
say that it wants to ‘assign’ the contract.
However, ‘assignment’ actually has quite a
limited meaning.
An ‘assignment’ refers to a party to a contract
transferring all or part of its rights (but not its
obligations or liabilities) under the contract
to a third party. In this situation the existing
contract remains valid, however, the third party
is now entitled to the benefit of the assignor’s
rights. The most common example of this is
where a contractor assigns a construction
contract to a third party. Strictly speaking, in
this situation, the new contractor will be entitled
to the original contractor’s benefits under the
contract (normally the right to payment) but the
original contractor will remain liable to discharge
its obligations under the contract (normally, the
obligation to construct the works).
What is novation?
When a party states that it wants to ‘assign’
its contract so that it no longer has any rights
or obligations under it, it usually really wants to
novate its interests under the contract.
Novation occurs where the parties to a contract
agree to rescind or extinguish (in other words,
terminate) their existing contract and for a new
contract to be entered into. For example, in the
situation where a contractor novates its interest
under a construction contract, the original
construction contract will be terminated and a
new contract on the same terms and conditions
will be entered into by the principal and the new
contractor.
It is important to note that, unlike an assignment,
the consent of the party who will remain a party
to the contract is always required before a
novation can be effective. (Whether the consent
of the other contracting party is required in an
assignment will depend upon the terms of the
contract).


Kameliya
Russian Federation
Local time: 07:02
Native speaker of: Russian
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