Glossary entry (derived from question below)
French term or phrase:
Contrat de promesse unilatérale de cession
English translation:
Preliminary, unilateral stock transfer (option) agreement
Added to glossary by
Adrian MM. (X)
Dec 3, 2015 14:25
8 yrs ago
26 viewers *
French term
France
Experienced, reliable, reasonably priced
Native in: English
Works in: French to English
Contrat de promesse unilatérale de cession
French to English
Law/Patents
Law: Contract(s)
This is the title of an agreement I am translating, between two parties (a husband and wife) whereby one is effectively granting the other a ten-year purchase option on shares in a jointly-owned company. It's rather like a share option agreement.
It's a thorny one, as a "unilateral" contract, as understood in French law, would presumably not even be considered a contract in English law, since there is no consideration involved.
NB: the translation is into British English.
It's a thorny one, as a "unilateral" contract, as understood in French law, would presumably not even be considered a contract in English law, since there is no consideration involved.
NB: the translation is into British English.
Proposed translations
(English)
Change log
Dec 6, 2015 11:47: Adrian MM. (X) Created KOG entry
Proposed translations
+1
2 hrs
Selected
Preliminary (unilateral) share or stock transfer agreement
In the sale of good, a prelim. agreement to sell implies unilaterally.
We British (and/or Irish) stalwarts do not usual give 'unilateral' promises, but unliateral covenants contained in a deed under seal or undertakings.
In the case of a conveyance on sale, this would be called a registrable 'estate contract' - nowt to do with selling manors or mansions as one translator on ProZ speculated.
We British (and/or Irish) stalwarts do not usual give 'unilateral' promises, but unliateral covenants contained in a deed under seal or undertakings.
In the case of a conveyance on sale, this would be called a registrable 'estate contract' - nowt to do with selling manors or mansions as one translator on ProZ speculated.
Example sentence:
Preliminary Agreement For Sale Of Shares - This Stock Purchase Agreement
Peer comment(s):
| agree |
AllegroTrans
: yes, and inappropriate to use "promise" since a mere promise cannot amount to a contract as every GCSE student of law should know
2 hrs
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Thanks.
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4 KudoZ points awarded for this answer.
Comment: "In the end, I went with this. Thanks everyone."
+2
8 mins
philgoddard
United States
United States
Native in English
United States
Six languages into flawless English
Native in: English
Works in: German to English, French to English, Spanish to English, and 4 more.
Related KudoZ points
:
317
contract concerning a unilateral promise to transfer shares
It's not the contract that's unilateral, it's the promise. Otherwise it would be "contrat unilatéral de promesse".
I think you have to say what's being transferred in English.
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Note added at 21 mins (2015-12-03 14:46:49 GMT)
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As you say, "share option agreement" is the meaning - I'm not sure why they say "unilateral", since a share option is by definition a unilateral promise, but you'd best stick to what the French says.
I think you have to say what's being transferred in English.
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Note added at 21 mins (2015-12-03 14:46:49 GMT)
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As you say, "share option agreement" is the meaning - I'm not sure why they say "unilateral", since a share option is by definition a unilateral promise, but you'd best stick to what the French says.
Peer comment(s):
| agree |
Chakib Roula
18 mins
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| neutral |
AllegroTrans
: "promise" is not a word used in contractual parlance
5 hrs
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Yes it is - see my discussion entry.
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| agree |
James A. Walsh
: I think "promise" works best here given the husband/wife scenario. "Promise to sell shares" maybe? http://www.notaires.fr/en/unilateral-and-bilateral-promise-s...
6 hrs
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57 mins
Savvas SEIMANIDIS
France
France
Native in French
Specializes in field
France
Engineering-Legal-Contracts-Finance
Native in: Greek 
, French
Works in: English to French, Greek to French, English to Greek, and 2 more.
a unilateral promise of stock transfer agreement
- a usual formulation
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Note added at 59 mins (2015-12-03 15:25:16 GMT)
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- Some reference :
1. "Stock Transfer Agreement and Other Business Contracts, Forms and Agreeements. Competitive Intelligence for Investors."
- http://contracts.onecle.com/type/228.shtml
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Note added at 1 hr (2015-12-03 15:41:02 GMT)
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To make things clear, if it is an option agreement, i.e. giving the right - but not the obligation - to the wife to buy the defined stock amount during this period of time, then, in my opinion, it must be a pre-emptive agreement, named "call option agreement". The opposit is "a put-option agreement", if it refers to the pre-emptive right to sell a defined stock amount.
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Note added at 1 hr (2015-12-03 15:49:38 GMT)
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- There are various types of "pre-emptive options". Most of the time, they are referring to broker managed pre-emptive option agreements, which are giving the right to buy (call option) or to sell (put option) a defined stock amount either at any moment within a defined period of time (american type option), or on the termination date only (european type option) at a defined price, called "strike". The investment object, called "the underlying instrument" can be a stock amount, a derivative product, even a raw material or an interest rate!
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Note added at 1 hr (2015-12-03 15:59:37 GMT)
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- Some reference:
2. "Le transfert d'un actif financier qui est uniquement soumis à une option de vente ou d'achat ou à un contrat de rachat à terme de gré à gré qui a un prix d'exercice ou de rachat..."
"A transfer of a financial asset that is subject only to a put or call option or a forward repurchase agreement that has an exercise or repurchase price equal to the [...]
- http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2...
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Note added at 1 hr (2015-12-03 16:03:35 GMT)
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3. "Le pacte prévoit une promesse de vente de la famille Amrouni au bénéfice de Maroc Telecom portant sur 16% du capital de..."
"The agreement provides for a call option granted by the Amrouni family in favor of Maroc Telecom with respect to 16% of ..."
- http://www.iam.ma/Lists/Tlchargement Finance/Attachments/143...
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Note added at 1 hr (2015-12-03 16:07:28 GMT)
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4. "Les options sont des ententes contractuelles en vertu desquelles le vendeur confère à l'acquéreur le droit, mais non l'obligation, soit d'acquérir (option d'achat), soit de vendre (option de vente) des valeurs mobilières, des [...]
"Options are contractual agreements under which the seller (writer) grants the purchaser the right, but not the obligation, either to buy (call option) or sell (put option), a security, exchange rate, interest rate, or other [...]"
- http://www.rbc.com/investorrelations/pdf/ar_2009_e.pdf
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Note added at 1 hr (2015-12-03 16:10:49 GMT)
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- Therefore, I would translate the French term by:
" A pre-emptive call option agreement on the underlying stock"
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Note added at 59 mins (2015-12-03 15:25:16 GMT)
--------------------------------------------------
- Some reference :
1. "Stock Transfer Agreement and Other Business Contracts, Forms and Agreeements. Competitive Intelligence for Investors."
- http://contracts.onecle.com/type/228.shtml
--------------------------------------------------
Note added at 1 hr (2015-12-03 15:41:02 GMT)
--------------------------------------------------
To make things clear, if it is an option agreement, i.e. giving the right - but not the obligation - to the wife to buy the defined stock amount during this period of time, then, in my opinion, it must be a pre-emptive agreement, named "call option agreement". The opposit is "a put-option agreement", if it refers to the pre-emptive right to sell a defined stock amount.
--------------------------------------------------
Note added at 1 hr (2015-12-03 15:49:38 GMT)
--------------------------------------------------
- There are various types of "pre-emptive options". Most of the time, they are referring to broker managed pre-emptive option agreements, which are giving the right to buy (call option) or to sell (put option) a defined stock amount either at any moment within a defined period of time (american type option), or on the termination date only (european type option) at a defined price, called "strike". The investment object, called "the underlying instrument" can be a stock amount, a derivative product, even a raw material or an interest rate!
--------------------------------------------------
Note added at 1 hr (2015-12-03 15:59:37 GMT)
--------------------------------------------------
- Some reference:
2. "Le transfert d'un actif financier qui est uniquement soumis à une option de vente ou d'achat ou à un contrat de rachat à terme de gré à gré qui a un prix d'exercice ou de rachat..."
"A transfer of a financial asset that is subject only to a put or call option or a forward repurchase agreement that has an exercise or repurchase price equal to the [...]
- http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2...
--------------------------------------------------
Note added at 1 hr (2015-12-03 16:03:35 GMT)
--------------------------------------------------
3. "Le pacte prévoit une promesse de vente de la famille Amrouni au bénéfice de Maroc Telecom portant sur 16% du capital de..."
"The agreement provides for a call option granted by the Amrouni family in favor of Maroc Telecom with respect to 16% of ..."
- http://www.iam.ma/Lists/Tlchargement Finance/Attachments/143...
--------------------------------------------------
Note added at 1 hr (2015-12-03 16:07:28 GMT)
--------------------------------------------------
4. "Les options sont des ententes contractuelles en vertu desquelles le vendeur confère à l'acquéreur le droit, mais non l'obligation, soit d'acquérir (option d'achat), soit de vendre (option de vente) des valeurs mobilières, des [...]
"Options are contractual agreements under which the seller (writer) grants the purchaser the right, but not the obligation, either to buy (call option) or sell (put option), a security, exchange rate, interest rate, or other [...]"
- http://www.rbc.com/investorrelations/pdf/ar_2009_e.pdf
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Note added at 1 hr (2015-12-03 16:10:49 GMT)
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- Therefore, I would translate the French term by:
" A pre-emptive call option agreement on the underlying stock"
Discussion
A firm agreement to perform an act, refrain from acting, or make a payment or delivery. In contract law, if the parties exchange promises, each promise is "consideration" (a valuable item) for the other promise. Failure to fulfill a promise in a contract is a breach of the contract, for which the other party may sue for performance and/or damages. 2) v. to make a firm agreement to act, refrain from acting, or make a payment or delivery.
http://legal-dictionary.thefreedictionary.com/promise