istituto cessionario

English translation: the assignee factoring house; the 'institutional' assignee

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:istituto cessionario
English translation:the assignee factoring house; the 'institutional' assignee
Entered by: Adrian MM.

13:31 May 7, 2019
Italian to English translations [PRO]
Bus/Financial - Law: Contract(s)
Italian term or phrase: istituto cessionario
Section in a Supply Contract that regards the transfer of receivables. I am not sure if this is the "factoring institution" as the term is later shown in the same section. Please see below.
Thank you!
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In ogni caso di cessione dei crediti secondo quanto previsto dal presente articolo o secondo le ulteriori indicazioni eventualmente contenute nel Disciplinare Tecnico e/o nel Contratto Quadro e/o nell'Ordine di Acquisto, qualora operi il pagamento diretto dei subappaltatori, l'Appaltatore si impegna a:
disporre nei confronti %%%%dell'istituto cessionario%%%, contestualmente alla cessione di ciascun credito ai sensi del punto precedente - quale condizione per l'accettazione della cessione stessa da parte della Committente - una delegazione di pagamento con istruzioni a versare a ciascuno dei subappaltatori, senza eccezioni e con gli stessi termini e modalità previsti per il versamento a favore dell'Appaltatore, una parte del credito ceduto corrispondente all'importo fatturato da ciascuno dei subappaltatori stessi all'Appaltatore.
A tal fine l'Appaltatore dovrà specificare per ciascun credito oggetto di cessione l'importo da corrispondere a ciascun subappaltatore da parte dell'istituto di factoring in esecuzione della delegazione di pagamento; e
dare idonea evidenza alla Committente del conferimento della delegazione di pagamento di cui alla precedente lettera a) contestualmente alla notifica della cessione di ogni singolo credito quale condizione per l'accettazione della cessione della stessa da parte della Committente.
Vincent Lemma
Italy
Local time: 19:33
the assignee factoring house; the 'institutional' assignee
Explanation:
Yes, it is. The factoring company or house is assigned ('delegated') collection of the receivables that can be subject to assignment, rather than to transfer (usually of tangibles, like land and company share certificates as a physical thing, but see below).

There can also be an 'assignment' of book debts as intangibles - like copyright and company shares, the latter abstractly as underlying 'choses in action' (Norman French) that can be enforced only by (legal) action and as opposed to 'choses in possession' like physical objects.

No more law (or legal bunkum) for now. I'm off tomorrow for a week.

Selected response from:

Adrian MM.
United Kingdom
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4transferee
imane stanton
3Assignee
Posted via ProZ.com Mobile
Luigi Argentino
3the assignee factoring house; the 'institutional' assignee
Adrian MM.


  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
transferee


Explanation:
I believe that factoring institution or not, its legal position in this sentence is that of a transferee

imane stanton
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in FrenchFrench
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
the assignee factoring house; the 'institutional' assignee


Explanation:
Yes, it is. The factoring company or house is assigned ('delegated') collection of the receivables that can be subject to assignment, rather than to transfer (usually of tangibles, like land and company share certificates as a physical thing, but see below).

There can also be an 'assignment' of book debts as intangibles - like copyright and company shares, the latter abstractly as underlying 'choses in action' (Norman French) that can be enforced only by (legal) action and as opposed to 'choses in possession' like physical objects.

No more law (or legal bunkum) for now. I'm off tomorrow for a week.




    Reference: http://www.proz.com/personal-glossaries/entry/10168495-cessi...
Adrian MM.
United Kingdom
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 48
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19 days   confidence: Answerer confidence 3/5Answerer confidence 3/5
Assignee


Explanation:
I think that in this case there's no need to translate the word "istituto"

Luigi Argentino
Italy
Local time: 19:33
Specializes in field
Native speaker of: Native in ItalianItalian
PRO pts in category: 8
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