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  3. Law: Contract(s)

ضمان تنفيذ مصرفي

English translation: Performance Bond Guarantee / Performance Bank Guarantee

08:58 Aug 23, 2008
Arabic to English translations [PRO]
Law: Contract(s)
Arabic term or phrase: ضمان تنفيذ مصرفي
What is the English equivalent for "ضمان تنفيذ مصرفي" in contracts?
Freetrans
English translation:Performance Bond Guarantee / Performance Bank Guarantee
Explanation:

A performance bond guarantee is a bank guarantee which is issued by the seller and given to the buyer. If the seller fails to meet the terms of the contract, then the buyer is entitled to claim payment on the bank guarantee, which is normally around ten percent of the total value stipulated on the contract. It is standard practice for the seller to issue the buyer a performance bond guarantee.



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Note added at 53 mins (2008-08-23 09:52:01 GMT)
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performance bond
Definition
Written guaranty from a third party guarantor (usually a bank or an insurance company) submitted to a principal (client or customer) by a contractor on winning the bid. Performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract. These bonds usually cover 100 percent of the contract price and replace the bid bonds on award of the contract. Unlike a fidelity bond, a performance bond is not an insurance policy and (if cashed by the principal) the payment amount is recovered by the guarantor from the contractor. Also called standby letter of credit.


http://www.businessdictionary.com/definition/performance-bon...
Selected response from:

Fathy Shehatto
Egypt
Local time: 16:46
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +6Performance Bond Guarantee / Performance Bank Guarantee
Fathy Shehatto
5 +1Letter of credit/ bank guarantee
azmi jbeili
5Performance Bond
salloum3 (X)
5Bank Performance Guarantee
Hassan Al-Haifi (wordforword)
4bank letter of guarantee
Mohsin Alabdali
4performance bond
Mahmoud Basal
Summary of reference entries provided
Akram Darwish

  

Answers


31 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
Letter of credit/ bank guarantee


Explanation:
I am not sure about the context, but it seems as "letter of credit" or bank guarantee

azmi jbeili
United Kingdom
Local time: 14:46
Specializes in field
Native speaker of: Arabic
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
agree  Sajjad Hamadani
16 hrs
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32 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
bank letter of guarantee


Explanation:
.

Mohsin Alabdali
Saudi Arabia
Local time: 16:46
Specializes in field
Native speaker of: Native in ArabicArabic
PRO pts in category: 56
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46 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +6
Performance Bond Guarantee / Performance Bank Guarantee


Explanation:

A performance bond guarantee is a bank guarantee which is issued by the seller and given to the buyer. If the seller fails to meet the terms of the contract, then the buyer is entitled to claim payment on the bank guarantee, which is normally around ten percent of the total value stipulated on the contract. It is standard practice for the seller to issue the buyer a performance bond guarantee.



--------------------------------------------------
Note added at 53 mins (2008-08-23 09:52:01 GMT)
--------------------------------------------------

performance bond
Definition
Written guaranty from a third party guarantor (usually a bank or an insurance company) submitted to a principal (client or customer) by a contractor on winning the bid. Performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract. These bonds usually cover 100 percent of the contract price and replace the bid bonds on award of the contract. Unlike a fidelity bond, a performance bond is not an insurance policy and (if cashed by the principal) the payment amount is recovered by the guarantor from the contractor. Also called standby letter of credit.


http://www.businessdictionary.com/definition/performance-bon...


    Reference: http://www.icumsa45.com/bank-guarantee/
Fathy Shehatto
Egypt
Local time: 16:46
Specializes in field
Native speaker of: Native in ArabicArabic
PRO pts in category: 4
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  salloum3 (X): Sorry !,I did other business before submitting the answer,So, I found yours just after mine is submitted. Please do not feel bad about it.,
1 hr
  -> No bad feeling at all! Thank you very much
agree  Mohamed Mehenoun
2 hrs
  -> Many thanks Mohamed!
agree  zi_neb
3 hrs
  -> Many thanks Zineb!
agree  Akram Darwish: Definitely right http://www.investopedia.com/terms/p/performancebond.asp
4 hrs
agree  Mahy
5 hrs
agree  Haytham Abulela: another reference http://en.wikipedia.org/wiki/Performance_bond
4 days
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1 hr   confidence: Answerer confidence 5/5
Performance Bond


Explanation:
Project Contract term

salloum3 (X)
Local time: 16:46
Native speaker of: Native in ArabicArabic
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41 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
performance bond


Explanation:
2. Performance Bond

In most of tenders the contractor is required to submit a performance bond as soon as the job is awarded to him and a formal contract is signed. This guarantee is a percentage of the contract value, and remains valid during the contract period and is not reduced by the percentage of the executed works.



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Note added at 47 mins (2008-08-23 09:46:32 GMT)
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or performance guarantee

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Note added at 2 hrs (2008-08-23 11:17:25 GMT)
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Why do translators post similar answers?


    Reference: http://www.alrajhibank.com.sa/EN/SideNav/Small+Business+grou...
Mahmoud Basal
Local time: 16:46
Specializes in field
Native speaker of: Arabic
PRO pts in category: 4
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11 hrs   confidence: Answerer confidence 5/5
Bank Performance Guarantee


Explanation:
This would fit the Arabic equivalent like a glove. I have issued a number of these in my banking days.

The first link says under the title Chariotinternational:
" A BANK PERFORMANCE GUARANTEE is available"

The second link is a sample with with the term found in capital letters. If asked to download or save etc, it is only a page. (US Government Procurement Guidelines):
"We understand that you have entered into a Contract Number [insert contract number] with [insert details] of [insert details] for the [insert details] and that a condition of entering into the contract is the supply of a Bank Performance Guarantee for an amount of [insert amount] £[insert amount], being 10% of the value of the said Contract."

Here is the first paragraph anyway

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Note added at 11 hrs (2008-08-23 20:53:31 GMT)
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Actually the first paragraph cited is above where it says "Here ...."


    Reference: http://www.querycat.com/faq/279f224e27cdb81bfcf97d9b2847bc9a
    Reference: http://www.uvo.gov.sk/english/procurement/05-5486.DOC
Hassan Al-Haifi (wordforword)
Local time: 16:46
Specializes in field
Native speaker of: Arabic
PRO pts in category: 8
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Reference comments


5 hrs
Reference

Reference information:
Freetrans, please refer to the following link as it may help you http://www.investopedia.com/terms/p/performancebond.asp

Akram Darwish
United Arab Emirates
Specializes in field
Native speaker of: Native in ArabicArabic
PRO pts in category: 4
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