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|German to English translations [PRO]|
Bus/Financial - Law: Contract(s)
|German term or phrase: Das Recht zur Hinterlegung|
|Context is provision of a bank guarantee - the guarantee must be with a German bank and various other requirements and 'Das Recht zur Hinterlegung muss in der Buergschaftsurkunde ausgeschlossen sein' The definitions I have for Hinterlegung don't seem to fit.|
|English translation:see below|
Hinterlegung (einer Sicherheit, Geld)=deposit, payment;
(eines Gutes)=bailment (which does not
fit the context here);
The right to deposit (?money for security?) has to be
excluded in the guarantee document.
Das Recht zur Hinterlegung means that
the party who gets the guarantee can ask
for a monetary amount or other assets to
guarantee payment. If a bank is the guarantee, this provision is usually
excluded, because the bank does not
want to put up money, they solely
guarantee the "Bonitaet" of their client, in essence that he is good for
a certain amount, and that he will fulfill his obligations. I.e. in the
export business this is pretty customery. An American company will not
ship out goods from the US to Europe without having a bank guarantee in their
hands before the goods leave the port.
On the other hand the bank who gives the
guarantee does not pay them or puts money in the amount of the goods shipped in escrow. They solely state that they
in essence know the purchaser, that they
do business with him for a number of years, that he pays his obligations on time and that he has the amount of money
to pay for the shipment when it arrives.
I hope this helps.
Selected response from:
Local time: 20:56
|This explains things perfectly. Many thaks for your help.|
4 KudoZ points were awarded for this answer
I'm not sure if this will be of much help, but this is what I found in Schäfer, Hyperbook Wirtschaftsenglisch:
(Re) deposit (or lodgment) with a public authority, §§ 372 ff BGB
Zahn, Bank- und Börsenwesen, gives
hinterlegen (auf einem Anderkonto) - put into an escrow account
als Sicherheit hinterlegen - deposit as collateral (security)
bei einer Bank hinterlegen - to deposit at a bank
Maybe one of these will fit in with your context?
Local time: 17:56
Native speaker of: German
PRO pts in category: 31
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|Dec 7, 2010 - Changes made by Steffen Walter:|
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