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építtetői fedezetkezelő

English translation: construction trustee

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Hungarian term or phrase:építtetői fedezetkezelő
English translation:construction trustee
Entered by: Péter Tófalvi

11:10 Mar 22, 2010
Hungarian to English translations [PRO]
Tech/Engineering - Construction / Civil Engineering
Hungarian term or phrase: építtetői fedezetkezelő
egy jogszabály hatálya kiterjed:
- az építőipari kivitelezési tevékenység megvalósításában részt vevő építtető, beruházáslebonyolító, tervező, tervellenőr, kivitelező, felelős műszaki vezető, tervezői művezető, építési műszaki ellenőr és az építtetői fedezetkezelő feladataira...
Péter Tófalvi
Hungary
Local time: 18:10
construction trustee
Explanation:
Újságcikkek 'biztos kéz' (safe hand) program néven írták le ezt az új építőipari szereplőt, hivatalosan 'construction trustee', ill. 'external payment manager'.

" The proposed trustee programme, aimed at establishing confidence and reducing risk was revisited as a solution to the issue of chain debts in the construction industry. The key element of the proposed system is a trustee to manage the funds covering the contractual amount. The trustee, inter alia, would have the task to manage the deposit provided by the client and the collateral provided by the contractor, in accordance with the relevant contract, make payments from the deposit provided by the client against certificates of performance, and carry out final settlements on completion of the project.
The proper codification of the institution of construction trustee is important, given that it would be a new service and, as financiers, it is in the best interest of banks to ensure that the funds committed to the project are managed by the trustee under strict prudential and liability rules. Using a trustee implies that the investor loses the right to dispose of the funds provided for the project, these will be assigned to the trustee."

www.bankszovetseg.hu/bankszovetseg.cgi?...
Selected response from:

Zsuzsanna Lőrincz
Hungary
Local time: 18:10
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Summary of answers provided
5construction trustee
Zsuzsanna Lőrincz


  

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construction trustee


Explanation:
Újságcikkek 'biztos kéz' (safe hand) program néven írták le ezt az új építőipari szereplőt, hivatalosan 'construction trustee', ill. 'external payment manager'.

" The proposed trustee programme, aimed at establishing confidence and reducing risk was revisited as a solution to the issue of chain debts in the construction industry. The key element of the proposed system is a trustee to manage the funds covering the contractual amount. The trustee, inter alia, would have the task to manage the deposit provided by the client and the collateral provided by the contractor, in accordance with the relevant contract, make payments from the deposit provided by the client against certificates of performance, and carry out final settlements on completion of the project.
The proper codification of the institution of construction trustee is important, given that it would be a new service and, as financiers, it is in the best interest of banks to ensure that the funds committed to the project are managed by the trustee under strict prudential and liability rules. Using a trustee implies that the investor loses the right to dispose of the funds provided for the project, these will be assigned to the trustee."

www.bankszovetseg.hu/bankszovetseg.cgi?...

Zsuzsanna Lőrincz
Hungary
Local time: 18:10
Native speaker of: Native in HungarianHungarian
PRO pts in category: 8
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