GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
---|---|---|---|---|---|---|
|
09:55 Mar 26, 2003 |
Dutch to English translations [Non-PRO] Bus/Financial / Vlaams | |||||||
---|---|---|---|---|---|---|---|
|
| ||||||
| Selected response from: Adam Smith United Kingdom Local time: 09:24 | ||||||
Grading comment
|
Summary of answers provided | ||||
---|---|---|---|---|
5 +3 | Principal or additional sums |
| ||
2 | principal sum or interest |
|
Principal or additional sums Explanation: Principal or additional sums, e.g. "If you cannot pay the entire amount due, negotiate a compromise. Some creditors will reduce the principal sum to a more modest amount; others stick to the principal sums due, but will work with you on accrued interest or penalties. (Yes, even then Internal Revenue Service has been known to waive additional sums, in the interest of getting paid.)" ref. http://www.pridesenior.org/Networker/Summer_2001/Legalities.... Where additional sums could be interest, penalty payments, fees, etc. A more formal reference (loan agreement): "If any event of default shall occur, the whole of the principal sum then remaining unpaid on all notes and other obligations to Bank, together with the interest thereon, shall become immediately due and payable at the election of Bank. If suit is instituted to collect the notes and other obligations, Borrower promises to pay, in addition to the costs and disbursements allowed by law, such additional sums as the court may award as attorney's fees." ref. http://contracts.corporate.findlaw.com/agreements/schuff/ban... |
| |
Grading comment
| ||