Glossary entry

Italian term or phrase:

costituire fidejussione

English translation:

performance bond

Added to glossary by Vincenzo Di Maso
Dec 8, 2009 12:18
14 yrs ago
8 viewers *
Italian term

costituire fidejussione

Italian to English Law/Patents Law (general)
Tale nostra fideiussione, che la predetta Impresa è tenuta a costituire a favore di codesta Società, soggiacerà a tutti i vincoli e norme regolamentari e legislative che regolano i depositi cauzionali specie in materia di appalto, anche quando le inadempienze in genere dell’Impresa nei confronti delle obbligazioni da essa assunte venissero consensualmente e transattivamente definite tra l’Impresa stessa e X
L’Istituto sottoscritto nei nomi ed in rappresentanza come sopra, dichiara di voler prestare e costituire, come costituisce, la presente fideiussione, con formale rinuncia al beneficio della preventiva escussione di cui all’art. ..., volendo ed intendendo restare obbligata in solido con l’impresa debitrice fino alla comunicazione di svincolo da parte di codesta Società, che avverrà 90 giorni dopo l’emissione del “Certificato Y previa deduzione degli eventuali crediti maturati, e comunque non prima che siano state definite eventuali contestazioni inerenti l’esecuzione del contratto.
I know prestare una fidejussione means to grant a guarantee. About costituire I am not sure.
Proposed translations (English)
4 -1 performance bond
4 +2 establish surety
4 -1 stand surety

Proposed translations

-1
26 mins
Selected

performance bond

This is the term normally used in tender contracts and especially in civil construction and development as well as other large scale projects. It is issued by a third party (bank/insurer) and guarantees the client aginst insolvency of the contractor and that the latter fully performs all contractual duties and project specifications. Sometimes also known as payment and performance bond.

Alison

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Note added at 28 mins (2009-12-08 12:47:20 GMT)
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costituire = pledge or entering into a performance bond
ACK
Peer comment(s):

disagree ChrisJude : Perfomance bond is a noun I did miss the note! Sorry. In any event, the perfomance bond is a specific surety, often preceded by a Bid Bond and followed by a Maintenance Bond in contract works. These are standard forms and are referred to by name.
1 hr
so is surety! Please see my note
Something went wrong...
3 KudoZ points awarded for this answer. Comment: "thank you!"
-1
5 hrs

stand surety

If it's la presente fidejussione, then will have to be modified to 'does stand or furnish this surety'.
Peer comment(s):

disagree ChrisJude : Stand surety is to be guarantor not the guaranteed
50 mins
Yes. That's right. So don't understand your point or 'establish surety' answer.
Something went wrong...
+2
15 mins

establish surety

Granting surety would be done by the guaranteeing entity (bank/insurer)

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Note added at 10 hrs (2009-12-08 22:22:07 GMT)
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The opening clause requires to Enterprise to establish surety i.e. take out a bond with a banker etc.
The second paragraph comfirms that the bank has established surety. In this case stand is OK because here it is the action of the Bank and not of the Enterprise, which it is in the first
Peer comment(s):

agree simon tanner
1 hr
agree Peter Cox
13 hrs
Something went wrong...
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