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Vorhandrecht und Vorkaufsrecht

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04:14 Aug 24, 2010
This question was closed without grading. Reason: No acceptable answer

German to English translations [PRO]
Law/Patents - Law: Contract(s) / Business and Finance
German term or phrase: Vorhandrecht und Vorkaufsrecht
.....finden die Bestimmungen bezüglich Vorhand- und Vorkaufsrecht keine Anwendung." ( I cannot provide more text, for reasons of confidentiality). This phrase comes from an Aktionaersbindungsvertrag - a contract widely used in Switzerland, of which I have translated several rather complex versions.

After extensive research, I have found conflicting explanations of the terms. In one instance, Vorhandrecht is given as the exclusive right of preemption, in another as the right of first refusal. In other sources, Vorkaufsrecht is defined as the right of preemption and the right of first refusal and I have used these previously and considered them as interchangeable. It appears that the term Vorhandrecht is primarily Swiss usage, not widely used in Germany, and is not even listed in the EU listing of terms.
So please, if anyone is an expert with this Swiss legal terminology, I'd appreciate clarification.
Local time: 13:47

Summary of answers provided
3right of first offer and right of first refusal
David Wheatley
3pre-negotiated buy-out and pre-emption (first refusal) right
xxxAdrian MM.
Summary of reference entries provided



10 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
pre-negotiated buy-out and pre-emption (first refusal) right

Buy-out & pre-emption are the usual couplet in most lingos cf. derecho de retracto y tanteo in ES, but with a specific Swiss spin on the first term which would fit in with a partnership or company share buy-out scenario.

Prepackaged as precontracted or prenegotiated. Still fits in with Lisa23's first weblink, plus first-offer idea and the web ref. below.

Example sentence(s):
  • Also, with a lease, you could potentially ... monthly payments are lower but you have a pre-negotiated buy out in the end.

    Reference: http://forum.wordreference.com/showthread.php?t=1573012
xxxAdrian MM.
Local time: 19:47
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 572
Notes to answerer
Asker: Thanks Tom, but this doesn't really fit the context. It's not about a share buyout, but about super-privileges of first offer Sorry for delay in responding. I didn't see this response till late last night, as it landed in my spam.

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287 days   confidence: Answerer confidence 3/5Answerer confidence 3/5
right of first offer and right of first refusal

I, too, have been struggling to get my head around the difference between these terms. Following some research, I think I have hit upon the distinction:

Vorhand- und Vorkaufsrechte
These individual rights are both types of pre-emptive (spv. pre-emption) rights.

"Pre-emptive right refers to the right of shareholders to maintain a proportional ownership by purchasing newly issued shares of common stock from the company before they are offered to the public." (Investopedia.com)

Das Vorhandrecht – auch bezeichnet als Option, unechte Vorkaufsrechte oder Anbietungs- bzw. Andienungspflichten – ist eine rechtsgeschäftliche Vereinbarung, die dem Berechtigten gegenüber dem Verpflichteten die Befugnis einräumt, durch einseitige Willenserklärung ein Vorrecht geltend zu machen, sofern der Verpflichtete dieses veräussern will oder eine bestimmte, vertraglich definierte Situation eintritt. (Der Schweizer Treunhänder, 6-7 (2007), p.477, note 7)

Based on the above definition, the corresponding English term would seem to be right of first refusal.

"In general, the right of a person or company to purchase something before the offering is made available to others." (Investopedia.com)

Das Vorkaufsrecht ist eine rechtsgeschäftliche Vereinbarung, die dem Berechtigten die Befugnis gegenüber dem Verpflichteten verleiht, durch einseitige Willenserklärung eine bestimmte Sache kaufrechtlich zu erwerben, sofern der Verpflichtete die Sache einem Dritten verkauft oder so veräussert, dass dies einem Verkauf gleichkommt. (Der Schweizer Treunhänder, 6-7 (2007), p.477, note 6)

Again, taking the definition above as a starting point, the equivalent English term would appear to be right of first offer.

Note added at 287 days (2011-06-07 11:02:59 GMT)

Definition of right of first offer: "A contractual obligation by the owner of an asset to a rights holder to negotiate the sale of an asset with the rights holder before offering the asset for sale to third parties." (Investopedia.com)

Note added at 287 days (2011-06-07 16:33:44 GMT)

Oops! Reading back over my post, I notice I got the translations muddled up. It should be as follows:

Vohandrecht - Right of first offer
Vorkaufsrecht - Right of first refusal

Sorry for any confusion!

    Reference: http://www.treuhaender.ch/getAttachment.axd?attaName=1757a07...
    Reference: http://www.investopedia.com/terms/r/
David Wheatley
Local time: 18:47
Native speaker of: English
Notes to answerer
Asker: thanks David. I don't know why I got this note now - but I appreciate the effort.

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Reference comments

3 hrs

Reference information:
Erläuterungen zum Aktionärsbindungvertrag und zu diesen beiden Begriffe nach Schweizer Obligationenrecht finden sich in der ersten PDF, Seite 4 (477) links unten, Punkt 6) und 7).

In der zweiten findet sich "right of first offer" für Vorhandrecht und "right of first refusal" für Vorkaufsrecht.

Vielleicht hilft es ja bei der Begriffsfindung.

    Reference: http://www.froriep.com/download/Der_Schweizer_Treuhander_200...
    Reference: http://www.venture.ch/temp/2010/Venture_2010_-_Founder_Knowl...
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 47
Note to reference poster
Asker: Ganz herzlichen Dank fuer die Hilfe. Ich kenne mich im Schweizer Recht relativ gut aus. Habe gem. meinem Post auch schon des Oefteren diese Vertraege gesehen bzw bearbeitet. Mir geht es primaer um eine "offizielle" englische Bezeichnung.

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