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Aval Bancario Abstracto

English translation: Demand Guarantee/First-Demand Guarantee

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Aval Bancario Abstracto
English translation:Demand Guarantee/First-Demand Guarantee
Entered by: Cinnamon Nolan
Options:
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21:52 Mar 25, 2007
Spanish to English translations [PRO]
Law/Patents - Law: Contract(s)
Spanish term or phrase: Aval Bancario Abstracto
debiendo entregar previamente el Contractor un ***Aval Bancario Abstracto**** a Primer Requerimiento, por the mismo importe, con validez de dos meses.

"A bank guarantee payable at first demand" ?
But what about "abstracto"?
Cinnamon Nolan
Spain
Local time: 15:03
Demand Guarantee/First-Demand Guarantee
Explanation:
A type of L/C. I believe "bank" is redundant in English because banks are the ones who provide such guarantees. "Abstract" suspiciously seems only to shows up in translated documents for Swiss, Austrian, Italian, Belgian, Spanish companies. However, this type of guarantee (relating essentially to trade payments) is universal and follows an international convention.

See the following:
http://www.bradynet.com/bbs/newdeals/104649-0.html

"A Demand Guarantee (also called an independent, autonomous or first demand guarantee) is an irrevocable undertaking issued by the guarantor, upon instructions or request of the principal to pay the beneficiary any sum that may be demanded by that beneficiary up to a maximum amount determined in the guarantee, upon presentation of a demand conforming with the terms of the guarantee.

Demand Guarantees are primarily used for raising funds by securing the payment of the underlying client by the bank guaranteeing payment...."
Selected response from:

xxxDCypher
Local time: 15:03
Grading comment
Thanks to all of you for your help.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2abstract bank guarantee...
Xenia Wong
5 +1Demand Guarantee/First-Demand GuaranteexxxDCypher
3Free-Standing Bank Guarantee (unsupported by consideration)xxxAdrian MM.


  

Answers


3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
abstract bank guarantee...


Explanation:
sug...

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Note added at 3 minutos (2007-03-25 21:56:08 GMT)
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[PDF]
SALES CONDITIONS
File Format: PDF/Adobe Acrobat - View as HTML
payment before delivery of all orders accepted, unless the buyer supplies an abstract bank guarantee as a security for. all these payments. ...
www.sappi.com/NR/rdonlyres/FFD521B2-FC6F-4353-BA6F-51FB93E5... - Similar pages
FIDEJUSSIONE BANCARIA - bank guarantee (Italian to English ...
to honour a conforming demand lodged under an abstract bank guarantee on the ... guaranteed obligation has been fulfilled in conformity with the contract or ...
www.proz.com/kudoz/422210 - 38k - Cached - Similar pages
EU-25 PLUS Loan
... Bank Austria Creditanstalt in Austria or HypoVereinsbank in Germany will issue an abstract bank guarantee in favour of our banking subsidiary in CEE. ...
www.ba-ca.com/en/17849.html - 12k - Cached - Similar pages
SEC Info - Ugi Corp/PA - 10-K405 - For 9/30/01 - EX-10.34(A)
... million (United States Dollar ten million) or in form of a letter of credit (abstract bank guarantee under Austrian law) in the amount of USD 10 million ...
www.secinfo.com/dr89b.4F994.d.htm - 40k - Cached - Similar pages

Xenia Wong
Local time: 08:03
Works in field
Native speaker of: Native in SpanishSpanish, Native in EnglishEnglish
PRO pts in category: 400

Peer comments on this answer (and responses from the answerer)
agree  Rosene Zaros
3 hrs
  -> Rosene, many thanks....xen :)

agree  Ed Wilcox
1 day15 hrs
  -> Ed, thank bunches...xen :)
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +1
Demand Guarantee/First-Demand Guarantee


Explanation:
A type of L/C. I believe "bank" is redundant in English because banks are the ones who provide such guarantees. "Abstract" suspiciously seems only to shows up in translated documents for Swiss, Austrian, Italian, Belgian, Spanish companies. However, this type of guarantee (relating essentially to trade payments) is universal and follows an international convention.

See the following:
http://www.bradynet.com/bbs/newdeals/104649-0.html

"A Demand Guarantee (also called an independent, autonomous or first demand guarantee) is an irrevocable undertaking issued by the guarantor, upon instructions or request of the principal to pay the beneficiary any sum that may be demanded by that beneficiary up to a maximum amount determined in the guarantee, upon presentation of a demand conforming with the terms of the guarantee.

Demand Guarantees are primarily used for raising funds by securing the payment of the underlying client by the bank guaranteeing payment...."

xxxDCypher
Local time: 15:03
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 56
Grading comment
Thanks to all of you for your help.

Peer comments on this answer (and responses from the answerer)
agree  MikeGarcia
12 hrs
Login to enter a peer comment (or grade)

22 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Free-Standing Bank Guarantee (unsupported by consideration)


Explanation:
Surmising that enforceability on demand is a dictionary-driven guess, I tried to answer 1 hour ago the same question in German.




Example sentence(s):
  • de deuda el carácter de negocio abstracto *sin expresión de causa*. Presentada dicha escritura en el Registro de la Propiedad de Durango ...

    Reference: http://www.boe.es/boe/dias/2003/04/10/pdfs/A14136-14137.pdf
    Reference: http://www.proz.com/kudoz/1839310
xxxAdrian MM.
Local time: 15:03
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 547
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