GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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23:23 Mar 15, 2002 |
German to English translations [PRO] Bus/Financial - Insurance / insurance | |||||
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| Selected response from: Klaus Dorn (X) Local time: 13:15 | ||||
Grading comment
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Summary of answers provided | ||||
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4 +3 | right of succession or subrogation |
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3 -1 | entrance right |
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right of succession or subrogation Explanation: The Act provided for a right of succession (Eintrittsrecht) of near relatives (spouse, children and adoptive children, brothers and sisters) and other persons... Subrogation (1) Where one Contracting Party or its designated agency (hereinafter referred to as indemnifying Party) has made payments to its investor under an indemnity, guarantee or contract of insurance against non-commercial risks given in respect of an investment in the territory of the other Contracting Party, the host Contracting Party shall recognize (a) the assignment to the indemnifying Party of all rights and claims in respect of such investment of the investor under a law or pursuant to a legal transaction; and (b) the right of the indemnifying Party to exercise all such rights and enforce such claims by virtue of subrogation. (2) The indemnifying Party shall be entitled in all circumstances to the same treatment in respect of the rights and claims acquired by it by virtue of the assignment referred to in paragraph (1). (3) Without prejudice to paragraph (1), the right of the investor to refer an investment dispute to conciliation or arbitration shall, if the indemnifying party concurs to the extent of the subrogated rights, not be affected by the fact that the investor has received payments by virtue of an indemnity, guarantee or contract of insurance in respect of all or some of its losses. (4) The subrogated rights or claims shall not exceed the original rights or claims of such investors. |
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