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ordenante

English translation: principal


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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:ordenante
English translation:principal
Entered by: Guiri
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07:57 Jun 26, 2002
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / banking
Spanish term or phrase: ordenante
hemos sido informados de que XXXXX (en adelante "el ordenante")ha firmado con esa entidad el contrato nº xxx con fecha dd/mm/yy for the supply of......
It's the wording of a peformance bond to be issued by a successful tenderer but I've been unable to find any specimens on line
Guiri
Principal
Explanation:
When talking about Performance bonds, there are three parties involved. Here are the definitions:

PRINCIPAL:

The bonded contractor, who has the primary responsibility for completing the obligations of a contract (the successful.

SURETY:

The third party (usually an insurance company) who promises to pay if the Principal fails to fulfill its obligations under a contract.

OBLIGEE:

The named person to whom, under a bond, the promises of the Principal and the Surety run. For a prime contract performance bond, the Obligee is usually the owner.

So in this case, the ordenante (the party requesting the bond) is clearly the PRINCIPAL. This is a generic term which can be used for a variety of performance bonds.

Below I am listing a couple of references for confirmation of this language.

--------------------------------------------------
Note added at 2002-06-26 12:20:12 (GMT)
--------------------------------------------------

Under Principal, I did not finish the definition. In parenthesis it should say (the successful tenderer).
Selected response from:

Russell Gillis
Local time: 12:43
Grading comment
Sorry for the delay and thanks for the help. Seeing the similarity between the bond and letter of credit wording and that the purchaser was the beneficiary, I'd been tempted to use "applicant" as well.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1Principal
Russell Gillis
4Contractor
Maria Luisa Duarte


Discussion entries: 1





  

Answers


55 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Contractor


Explanation:
Performance bond An insurer/surety, paid for by the Contractor, to guarantee the completion of a construction project. If the project is not completed in accordance with the construction contract, the surety must complete the job, or pay the expenses of completing the job.



Maria Luisa Duarte
Spain
Local time: 20:43
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in category: 75
Login to enter a peer comment (or grade)

4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Principal


Explanation:
When talking about Performance bonds, there are three parties involved. Here are the definitions:

PRINCIPAL:

The bonded contractor, who has the primary responsibility for completing the obligations of a contract (the successful.

SURETY:

The third party (usually an insurance company) who promises to pay if the Principal fails to fulfill its obligations under a contract.

OBLIGEE:

The named person to whom, under a bond, the promises of the Principal and the Surety run. For a prime contract performance bond, the Obligee is usually the owner.

So in this case, the ordenante (the party requesting the bond) is clearly the PRINCIPAL. This is a generic term which can be used for a variety of performance bonds.

Below I am listing a couple of references for confirmation of this language.

--------------------------------------------------
Note added at 2002-06-26 12:20:12 (GMT)
--------------------------------------------------

Under Principal, I did not finish the definition. In parenthesis it should say (the successful tenderer).


    Reference: http://www.ific.com/products.htm#Contract
    Reference: http://www.mhbt.com/const/glossary.htm
Russell Gillis
Local time: 12:43
Native speaker of: English
PRO pts in category: 12
Grading comment
Sorry for the delay and thanks for the help. Seeing the similarity between the bond and letter of credit wording and that the purchaser was the beneficiary, I'd been tempted to use "applicant" as well.

Peer comments on this answer (and responses from the answerer)
agree  Paul Slocomb: The "ordenante" is the one who orders (applies for) the bond. In the context, "principal" is right.
2 hrs
  -> Thanks a million Paul - I value your opinion!
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