novate rights

Russian translation: передавать права

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

English term or phrase:	novate rights
Russian translation:	передавать права
Entered by:	Na Talka

09:28 Jul 3, 2008

English to Russian translations [PRO]
Bus/Financial - Investment / Securities

English term or phrase: novate rights

XXX wishes from the Effective Date to be released and discharged from the Contract and novates and assigns all of its rights, obligations and liabilities under the Contract to YYY

Na Talka

передавать права

Explanation:
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Note added at 15 mins (2008-07-03 09:43:30 GMT)
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Новация обязательств (Бр. и Эфр.) - Новация обязательств – юридическая сделка, по которой, взамен старого обязательства; установляется новое.
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выполняется новация и передача прав, ...

Selected response from:

Natalya Zelikova
Poland
Local time: 04:23

Grading comment

4 KudoZ points were awarded for this answer

Summary of answers provided

4 +2

передавать права

Natalya Zelikova

новация и передача прав и обязательств

Kameliya

Answers

9 mins confidence:

peer agreement (net): +2

передавать права

Natalya Zelikova
Poland
Local time: 04:23
Specializes in field
Native speaker of:

Russian,

Ukrainian
PRO pts in category: 8

22 mins confidence:

новация и передача прав и обязательств

Explanation:
This is often due to a
misunderstanding as to the difference between
an ‘assignment’ and a ‘novation’.
What is an assignment?
When describing their desire to transfer their
rights and obligations under a construction
contract to another person, a party will usually
say that it wants to ‘assign’ the contract.
However, ‘assignment’ actually has quite a
limited meaning.
An ‘assignment’ refers to a party to a contract
transferring all or part of its rights (but not its
obligations or liabilities) under the contract
to a third party. In this situation the existing
contract remains valid, however, the third party
is now entitled to the benefit of the assignor’s
rights. The most common example of this is
where a contractor assigns a construction
contract to a third party. Strictly speaking, in
this situation, the new contractor will be entitled
to the original contractor’s benefits under the
contract (normally the right to payment) but the
original contractor will remain liable to discharge
its obligations under the contract (normally, the
obligation to construct the works).
What is novation?
When a party states that it wants to ‘assign’
its contract so that it no longer has any rights
or obligations under it, it usually really wants to
novate its interests under the contract.
Novation occurs where the parties to a contract
agree to rescind or extinguish (in other words,
terminate) their existing contract and for a new
contract to be entered into. For example, in the
situation where a contractor novates its interest
under a construction contract, the original
construction contract will be terminated and a
new contract on the same terms and conditions
will be entered into by the principal and the new
contractor.
It is important to note that, unlike an assignment,
the consent of the party who will remain a party
to the contract is always required before a
novation can be effective. (Whether the consent
of the other contracting party is required in an
assignment will depend upon the terms of the
contract).

Kameliya
Russian Federation
Local time: 07:23
Native speaker of: Russian

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