English translation: joint and several guarantee/bond
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Spanish to English translations [PRO] Law/Patents - Insurance
Spanish term or phrase:fianza solidaria
Hello everyone. I'm having a bit of trouble with this phrase - is it a joint-collateral bond? The context regards an insurance company whose client has been found found civilly liable and has been ordered to pay this. There are two other insurance companies implicated in this judgement, which should shed some light on the "solidaria". The language pair is ES-Spain to EN-GB.
"...ha sido dictado Auto en el que se declara la Responsabilidad Civil Directa de XXX y se requiere la prestación de fianza solidaria por importe de XXXXXX Euros.
Here is my rendition in English:
"...upon which a Procedural Decision has been made on 12 March 2008, in which it finds XXX to be Directly Liable and calls for the payment of a joint collateral bond in the amount of EUR XXXXXX.
Any ideas would be greatly appreciated! Thanks in advance.
Explanation: A surety bond is a contract among at least three parties:
The principal - the primary party who will be performing a contractual obligation
The obligee - the party who is the recipient of the obligation, and
The surety - who ensures that the principal's obligations will be performed.
Through this agreement, the surety agrees to uphold - for the benefit of the obligee - the contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement. http://en.wikipedia.org/wiki/Surety_bond
En la legislación española, el aval es una fianza solidaria, aunque la > fianza ... Creo que la > figura que mejor se ajusta en inglés es el "surety bond". ... email@example.com/msg03387.html" rel="nofollow" target="_blank">firstname.lastname@example.org/msg03387.htm... -
Rocio Barrientos Bolivia Local time: 14:09 Works in field Native speaker of: Spanish PRO pts in category: 12
1 hr confidence: peer agreement (net): -1
joint and several bail bond//surety bond
Explanation: Una opción más...
Creo que esta podria ser un tanto más acertada.
Perdón por los disagreements!