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Haftungsrücklass

English translation: Guarantee retention

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Haftungsrücklass
English translation:Guarantee retention
Entered by: Chris Rowson
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03:10 Mar 19, 2002
German to English translations [PRO]
Bus/Financial
German term or phrase: Haftungsrücklass
this is some kind of collateral or guarantee payment - could u help me?

Context: among the terms of settlement (for deliveries): x% of the total invoice is kept by the customer and will be paid only when the guarantee period is over.
Eva Blanar
Hungary
Local time: 19:29
Guarantee retention
Explanation:
This appears to be an exclusively Austrian practice.

In English/American practice it is more usual (in my experience) to handle the requirement either with a performance bond, or by specifying staged payments in the contract, for which separate invoices are raised as amounts become due. Bank guarantee also comes into consideration.

So I´m not sure whether there is an established English equivalent. But it seems to me to be a retention. "Haftung" normally "liability" of course, but "liability retention" seems nonsense to me. The purpose is a guarantee, which Eve has mentioned, so I suggest "guarantee retention".

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Note added at 2002-03-21 04:56:19 (GMT) Post-grading
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I would not use \"bond\" for this. It is a bond in the general sense, but one can hardly use this general sense in a financial context, because of the very common practice of issuing bonds as separate security transactions.
Selected response from:

Chris Rowson
Local time: 19:29
Grading comment
Thanks a lot, yes, the idea is the same as the one of the performance bond, it is quite usual in Hungary as well, I only did not know the English equivalent. Thanks to all of you!
3 KudoZ points were awarded for this answer

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Summary of answers provided
5Warranty bond.xxxbrute
4 +1Guarantee retentionChris Rowson
4bond for warranty claims
Johanna Timm, PhD
4liability retention
GBChrista
4performance bondMichael Sebold
4warranty (or liability) reserve
Dr. Fred Thomson


Discussion entries: 1





  

Answers


8 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
performance bond


Explanation:
. . . is my first guess.

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Note added at 2002-03-19 03:23:53 (GMT)
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\"Bid bond\" is another that comes up - http://www.anz.com/business/international_trade/INT_bidperfb...

Many Google hits for both.


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Note added at 2002-03-19 03:29:50 (GMT)
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On second thought, it\'s probably just a \"hold-back.\"



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Note added at 2002-03-19 03:37:58 (GMT)
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A link for \"hold-back\"
http://www.ci.detroit.mi.us/consumeraffair/consumer_tips_hom... (see 8. under contracts)




Michael Sebold
Canada
Local time: 13:29
PRO pts in pair: 283
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Guarantee retention


Explanation:
This appears to be an exclusively Austrian practice.

In English/American practice it is more usual (in my experience) to handle the requirement either with a performance bond, or by specifying staged payments in the contract, for which separate invoices are raised as amounts become due. Bank guarantee also comes into consideration.

So I´m not sure whether there is an established English equivalent. But it seems to me to be a retention. "Haftung" normally "liability" of course, but "liability retention" seems nonsense to me. The purpose is a guarantee, which Eve has mentioned, so I suggest "guarantee retention".

--------------------------------------------------
Note added at 2002-03-21 04:56:19 (GMT) Post-grading
--------------------------------------------------

I would not use \"bond\" for this. It is a bond in the general sense, but one can hardly use this general sense in a financial context, because of the very common practice of issuing bonds as separate security transactions.

Chris Rowson
Local time: 19:29
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 768
Grading comment
Thanks a lot, yes, the idea is the same as the one of the performance bond, it is quite usual in Hungary as well, I only did not know the English equivalent. Thanks to all of you!

Peer comments on this answer (and responses from the answerer)
agree  Elvira Stoianov
1 hr
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5 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
liability retention


Explanation:
This is my guess, because Haftung is liability

GBChrista
Germany
Local time: 19:29
Native speaker of: Native in GermanGerman
PRO pts in pair: 69
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10 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
warranty (or liability) reserve


Explanation:
literal

Dr. Fred Thomson
United States
Local time: 11:29
Native speaker of: English
PRO pts in pair: 5861
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11 hrs   confidence: Answerer confidence 5/5
Warranty bond.


Explanation:
Implicit.

xxxbrute
PRO pts in pair: 255
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21 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
bond for warranty claims


Explanation:
Haft(ungs)rücklass
(A) bond for warranty claims
www.hartl.at/files/evh_lexicon.doc

I found this through a google search on Rücklass!


    Reference: http://www.hartl.at/files/evh_lexicon.doc
Johanna Timm, PhD
Canada
Local time: 10:29
Native speaker of: Native in GermanGerman
PRO pts in pair: 7258
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