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Karenzentschädigung

English translation: compensation for observing competitive restriction

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Karenzentschädigung
English translation:compensation for observing competitive restriction
Entered by: zhdim
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05:30 Mar 28, 2004
German to English translations [PRO]
Law/Patents - Finance (general) / joint venture
German term or phrase: Karenzentschädigung
More of the same Letter of Intent (next sentence, in fact!). Help with the entire phrase in *** ***, if possible.

*?? the legally required ??* They are promising not to engage in competition with the new company, and they will pay compensation for violation of the non-competition clause, but how can I word this better, and what exactly is meant by Karenz here (waiting period, I know, but "waiting period compensation"? - not good here).

Die Herren Podpolya und Vazov verpflichten sich ***gegen die gesetzlich erforderliche Karenzentschädigung***, für einen Zeitraum von drei Jahren nach Beendigung seines Anstellungs- oder Beratungsverhältnisses mit der Gesellschaft weder unmittelbar noch mittelbar mit der Gesellschaft oder ihren Tochtergesellschaften in Wettbewerb zu treten.
zhdim
compensation for observing competitive restriction
Explanation:
Messrs. Podyla and Vazov shall be obliged not to engage in competition with the new company...and shall in return receive compensation for observing competitive restriction as required by law...
- is how I read it
Selected response from:

Robert Schlarb
Local time: 21:27
Grading comment
Many thanks to all!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1compensation for observing competitive restriction
Robert Schlarb
4undertake in consideration of payment required by statute for the restrictive covenantxxxKirstyMacC
4perhapsgangels


  

Answers


2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
compensation for observing competitive restriction


Explanation:
Messrs. Podyla and Vazov shall be obliged not to engage in competition with the new company...and shall in return receive compensation for observing competitive restriction as required by law...
- is how I read it


    Dietl/Lorenz
Robert Schlarb
Local time: 21:27
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in category: 43
Grading comment
Many thanks to all!

Peer comments on this answer (and responses from the answerer)
agree  Steffen Walter: or "compensation for observing/adhering to this non-compete covenant"
23 hrs
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9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
perhaps


Explanation:
In exchange for a legally mandated indemnity payment under the noncompete clause, Mssrs. Podpolya and Vazov herewith pledge to abstain for a period of 3 years – following expiration of their employment and/or consultancy status with the company – from entering into direct or indirect competition against the company or its subsidiaries

gangels
Local time: 13:27
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in category: 259
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1 day5 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
undertake in consideration of payment required by statute for the restrictive covenant


Explanation:
This a res. cov. on employment. They also exist in development planning and leases.

They are usually enforceable, whereas restraints of trade are not.

The way the payments are taxed in the UK has to be watched: see the revenue law case of Higgins (Tax Inspector) v. the late actor Sir (Lord)Lawrence Olivier, paid for a res. cov. NOT to act for a certain time.


'Similarly, *restrictive covenants* will usually be deemed validly ... as stock in the practice or *payment for the res. cov.* interest in exchange for *entering into the covenant* ...'








    Reference: http://www.physiciansnews.com/law/697wyatt.html
xxxKirstyMacC
Local time: 20:27
Native speaker of: Native in EnglishEnglish
PRO pts in category: 42
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