期限利益

English translation: benefit of the term

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Japanese term or phrase:	期限利益
English translation:	benefit of the term
Entered by:	Christine Schmitt

15:52 Jul 24, 2007

Japanese to English translations [PRO]
Bus/Financial - Law: Contract(s) / 運転免許

Japanese term or phrase: 期限利益

The term occurs in a contract between a Japanese and a German company. Here is the whole sentence:
第26条2項により契約の解除又は解約又は解約の自由が生じた場合、乙は有償支給材代金、貸与品の貸借料、その他乙の甲に対する一切の金銭債務は何らの手続きを要せず当然に期限の利益を失い、乙はこれを直ちに支払わなければならない。
I guess it means the gain of a certain period of time, but is there a specific word for it?

Christine Schmitt KudoZ activity Questions: 99 (1 open) (2 without valid answers) Answers: 0 Germany
Local time: 00:34

benefit of the term

Explanation:
I usually say "benefit of the term". Basically, if 乙 does something that causes the contract to be terminated according to Article 26 Clause 2, or if 乙 terminates the contract, etc., and this causes 甲 to lose the benefit that 甲 would have had if the contract had remained in force (benefit of the term), then 乙 has to compensate 甲 for it.

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Note added at 12 mins (2007-07-24 16:05:07 GMT)
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If you search http://trans.glova.jp/index.php for 期限の利益, it says benefit of the term several times.

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Note added at 6 hrs (2007-07-24 22:03:15 GMT)
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If the contract stays in force until the end, 甲 will receive a 'benefit of the term' (usually money). If it's 乙 fault that the contract is terminated, then 甲 will lose this benefit. And if that happens, then 乙 has to pay 甲 (compensate). Make sense? (It's not the debts.)

Selected response from:

conejo
United States
Local time: 17:34

Grading comment

4 KudoZ points were awarded for this answer

Summary of answers provided

4 +2

benefit of the term

conejo

benefit of term

Matthew Edwards

obligation becomes immediately due and payable

jbwlv2000

Answers

10 mins confidence:

peer agreement (net): +2

benefit of the term

conejo
United States
Local time: 17:34
Specializes in field
Native speaker of: English
PRO pts in category: 12

Notes to answerer

Asker: Conejo, thank you, but I still don't understand the structure of the sentence: 乙は…一切の金銭債務は…期限の利益を失い。。。乙looses the benefit of the term because of the financial debts??? It has to pay the debts or the benefit of the term immediately? Thank you.

19 hrs confidence:

benefit of term

Explanation:
"Benefit of term" is OK as a literal translation, but I don't think this sentence needs to be translated quite so literally. It should be enough to state that the monetary obligations of 乙 become immediately payable to 甲 in the event of cancellation of the contract pursuant to Art 26 Para 2, etc.

期限の利益喪失条項 is an "acceleration clause", i.e. what was originally due to be paid by one party to the other on the contract expiry date is accelerated (usually due to contract breach/default).

Reference: http://www.1cashingnoguide.com/2007/03/acceleration_clause.h...
Reference: http://en.wikipedia.org/wiki/Acceleration_clause

Matthew Edwards
United Kingdom
Local time: 23:34
Works in field
Native speaker of:

English

169 days confidence:

obligation becomes immediately due and payable

Explanation:
I do not necessarily agree that 'benefit of term' is the term to use here, especially since it is not used in any legal agreements in the US that I have come across. This is an example of the wordiness of Japanese, when it is implied in English. (Remember there are approx. 50% less English words to Japanese characters). If an obligation becomes 'immediately due and payable in full,' then of course one loses the benefit of the period where the obligation is not immediately due and payable in full. This terms has caused me quite a bit of grief, as some clients will insist on the direct translation, which an attorney will promptly change and charge accordingly for.

Example sentence(s):

甲は次の条項に該当する場合には乙からの催告がなくとも、期限の利益を失い、

jbwlv2000
United States
Local time: 15:34
Specializes in field
Native speaker of:

English

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期限利益

English translation: benefit of the term

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