Glossary entry (derived from question below)
German term or phrase:
Abrufe aus der Bankgarantie
English translation:
call(s)/recourse on the bank guarantee
Added to glossary by
Mary Burdman
Feb 6 22:38
3 mos ago
33 viewers *
German term
Abrufe aus der Bankgarantie
German to English
Bus/Financial
Real Estate
Austrian condominium purchase agreement
This is from an Austrian condominium purchase agreement.
Context: Festgehalten wird, dass die Übergabe nur dann erfolgen kann, wenn der gesamte Kaufpreis in diesem Zeitpunkt auf das vom Treuhänder XX einzurichtende Treuhand-Anderkonto bei der Bank XX, auf welches die *Abrufe* aus der Bankgarantie getätigt werden, zur Anweisung gebracht wurde.
Otherwise: Die vom Treuhänder aus der Bankgarantie *abgerufenen* Kaufpreisteilbeträge....
Die Käuferseite ermächtigt den TreuhänderXX einseitig unwiderruflich nachfolgende Zahlungstranchen aus der dem Treuhänder XX zu übergebenden Bankgarantie ... **abzurufen** (wobei die nachstehende Reihenfolge nicht zwingend chronologisch zu verstehen ist, sondern für die Auszahlungen das Erreichen der jeweiligen Baufortschrittstufe maßgeblich ist) ....
Is there a specific real estate term for this?
Context: Festgehalten wird, dass die Übergabe nur dann erfolgen kann, wenn der gesamte Kaufpreis in diesem Zeitpunkt auf das vom Treuhänder XX einzurichtende Treuhand-Anderkonto bei der Bank XX, auf welches die *Abrufe* aus der Bankgarantie getätigt werden, zur Anweisung gebracht wurde.
Otherwise: Die vom Treuhänder aus der Bankgarantie *abgerufenen* Kaufpreisteilbeträge....
Die Käuferseite ermächtigt den TreuhänderXX einseitig unwiderruflich nachfolgende Zahlungstranchen aus der dem Treuhänder XX zu übergebenden Bankgarantie ... **abzurufen** (wobei die nachstehende Reihenfolge nicht zwingend chronologisch zu verstehen ist, sondern für die Auszahlungen das Erreichen der jeweiligen Baufortschrittstufe maßgeblich ist) ....
Is there a specific real estate term for this?
Proposed translations
(English)
4 +2 | call(s)/recourse on the bank guarantee | AllegroTrans |
4 | call(s) made under the bank guarantee; bank guaranty drawdown(s) | Adrian MM. |
Proposed translations
+2
13 mins
Selected
call(s)/recourse on the bank guarantee
What happens when a bank guarantee is called?
If a bank issues a bank guarantee it will be at risk of having to make a payment under that guarantee and so it will require its customer to safeguard that risk, either by providing a cash deposit of an equivalent amount (this is called a 'cash backed bank guarantee') or some other form of security acceptable to the ...14 Oct 2022
https://www.hunthunt.com.au/services/property/bank-guarantee...
Bank Guarantees As Security: Part 2 - Calling On The ...
Calling on a bank guarantee (also known as 'having recourse') is a mechanism used by principals to recover amounts owing by a contractor or ...
https://www.linkedin.com/pulse/bank-guarantees-security-part...
If a bank issues a bank guarantee it will be at risk of having to make a payment under that guarantee and so it will require its customer to safeguard that risk, either by providing a cash deposit of an equivalent amount (this is called a 'cash backed bank guarantee') or some other form of security acceptable to the ...14 Oct 2022
https://www.hunthunt.com.au/services/property/bank-guarantee...
Bank Guarantees As Security: Part 2 - Calling On The ...
Calling on a bank guarantee (also known as 'having recourse') is a mechanism used by principals to recover amounts owing by a contractor or ...
https://www.linkedin.com/pulse/bank-guarantees-security-part...
Peer comment(s):
agree |
Marion Linssen
: with call. calling of funds = Abruf von Geldern according to Romain/Byrd/Thielecke.
11 hrs
|
thanks
|
|
agree |
philgoddard
: Or claim.
16 hrs
|
Thanks
|
4 KudoZ points awarded for this answer.
Comment: "Thank you!"
16 hrs
German term (edited):
Abruf(e) aus der Bankgarantie
call(s) made under the bank guarantee; bank guaranty drawdown(s)
Like a call made on company shares.
A similar ProZ question has been asked for, with (my Kirsty Mac C.) drawdown answer, whilst I can't fit a 'payment requisition' into the answer.
BTW, the first weblinked answer - prepositionally suspect - ought to read 'calling of' rather than 'under' the guarantee.
A similar ProZ question has been asked for, with (my Kirsty Mac C.) drawdown answer, whilst I can't fit a 'payment requisition' into the answer.
BTW, the first weblinked answer - prepositionally suspect - ought to read 'calling of' rather than 'under' the guarantee.
Example sentence:
Typically under any obligation to pay under a guarantee until a *call* has been made by the lender.
Reference:
http://www.proz.com/kudoz/german-to-english/law-contracts/2537150-abrufung-der-garantie.html
http://www.lawinsider.com/dictionary/guaranty-drawdown-notice
Peer comment(s):
neutral |
AllegroTrans
: How is your first suggestion an improvement on mine? Or have you simply "lifted" it, to use your own terminology?; surely "drawdown" is a term relating to loans?
3 hrs
|
Discussion
As mentioned in my since-deleted peer comment (removed because I wasn't as sure as last time about what would be the best fit here), a bank guarantee is often called on when someone fails to meet their contractual obligations (see Allegro's 2nd link, though the situation may be a bit different in the UK or AUS). I don't see what that has to do with the question as asked, unless there's vital context missing.
Also:
"U.S banks generally do not issue bank guarantees, but issue other types of promissory notes that are intended to fulfill the same function. Instead of bank guarantees, U.S banks issue standby letters of credit (SLOC), which are heavily used in international trade."
https://www.investopedia.com/ask/answers/10/us-banks-authori...
I don't mind being proven wrong and I'd be very interested in the outcome of this Q, but I assume Mary needs something else, considering she lives in the US.
Best
https://www.infina.at/ratgeber/treuhandschaft/#c26034
...and, possibly, in the US (at least parts of it):
https://www.investopedia.com/terms/t/trustdeed.asp
Just be aware that even an Austrian "Bankgarantie" is no longer what it used to be:
"Zum anderen sind Bankgarantien seit der Krise praktisch schwer zu bekommen. Die Banken sind häufig nur dann bereit, eine Garantie abzugeben, wenn der garantierte Betrag in voller Höhe in Cash besichert wird. Der Hauptvorteil der fehlenden Kapitalbindung besteht also in der Regel praktisch nicht mehr."
https://www.derstandard.at/story/1242316234286/wirtschaftskr...
This looks more like a cash bond for property held in trust, so maybe someone else can help untangle this.
Thank you all for your patience.
Best
https://www.straffordpub.com/products/letters-of-credit-in-r...
Best wishes
https://digital.sandiego.edu/cgi/viewcontent.cgi?article=118...
Cf. https://law.ch/lawinfo/bankgarantie/erscheinungsformen-nach-...