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14:11 Apr 17, 2005
English to Arabic translations [PRO] Law/Patents - Law: Contract(s)
English term or phrase:Disruption fallback
The text is as follows:
"After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occuring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4("b")
Explanation: A fallback is an alternative that one "falls back" on when a problem occurs. For example, when I run out of money (which happens frequently), my fallback is to borrow from a friend. The term is also used for a redundant standby device that starts working when the primary device fails. For example, someone my have an electric generator at home that starts working automatically when there is a power outage. That would be a fallback.
In some contracts, specific measures are stated as "disruption fallback" measures that are to be given effect when any of a set of events of a particular type (called a "disruption") takes place. The nature of the disruption depends on the nature of the work specified in the contract.
Fuad Yahya Works in field Native speaker of: Arabic, English PRO pts in category: 51