Abrufe aus der Bankgarantie

English translation: call(s)/recourse on the bank guarantee

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

German term or phrase:	Abrufe aus der Bankgarantie
English translation:	call(s)/recourse on the bank guarantee
Entered by:	Mary Burdman

22:38 Feb 6, 2024

German to English translations [PRO]
Bus/Financial - Real Estate / Austrian condominium purchase agreement

German term or phrase: Abrufe aus der Bankgarantie

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?

Mary Burdman KudoZ activity Questions: 121 (none open) (3 without valid answers) (3 closed without grading) Answers: 5 United States
Local time: 10:33

call(s)/recourse on the bank guarantee

Explanation:
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...

Selected response from:

AllegroTrans
United Kingdom
Local time: 15:33

Grading comment

Thank you!
4 KudoZ points were awarded for this answer

Summary of answers provided

4 +2

call(s)/recourse on the bank guarantee

AllegroTrans

call(s) made under the bank guarantee; bank guaranty drawdown(s)

Adrian MM.

Discussion entries: 5

Björn Vrooman

@Marion

11:33 Feb 7

I'm a bit confused now: The link you posted says "draw on" (as does my first post).

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

Marion Linssen

Look also here:

10:23 Feb 7

https://www.proz.com/kudoz/german-to-english/law-contracts/6...

Björn Vrooman

I'll...

00:24 Feb 7

...post these two links here if someone's interested, as they describe the process of buying property in Austria...
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

Björn Vrooman

23:31 Feb 6

After reading Allegro's Australian reference, I'm wondering whether there is some kind of UK-US divide here. Another US reference:
https://www.straffordpub.com/products/letters-of-credit-in-r...

Best wishes

Björn Vrooman

LOC

23:15 Feb 6

"To completely understand the implications of the Western Security Bank decision, it is helpful to first explore the manner in which letters of credit are currently used in financing real estate transactions. In such a transaction, a letter of credit is typically used as a readily accessible source of payment of a portion of the debt in addition to the security of the real property underlying a deed of trust. The basic letter of credit relationship involves three different parties and three contractual relationships. The three parties are referred to as the customer or borrower (the party obligated to reimburse the issuer if the letter of credit is drawn upon), the beneficiary or lender (the party with the right to draw on the letter of credit), and the issuer (typically a bank who issues the letter of credit)."
https://digital.sandiego.edu/cgi/viewcontent.cgi?article=118...

Cf. https://law.ch/lawinfo/bankgarantie/erscheinungsformen-nach-...

Answers

13 mins confidence:

peer agreement (net): +2

call(s)/recourse on the bank guarantee

AllegroTrans
United Kingdom
Local time: 15:33
Specializes in field
Native speaker of:

English
PRO pts in category: 83

Grading comment

Thank you!

16 hrs confidence:

Abruf(e) aus der Bankgarantie call(s) made under the bank guarantee; bank guaranty drawdown(s)

Explanation:
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.

Example sentence(s):

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/25...
Reference: http://www.lawinsider.com/dictionary/guaranty-drawdown-notic...

Adrian MM.
Austria
Specializes in field
Native speaker of:

English
PRO pts in category: 24

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English translation: call(s)/recourse on the bank guarantee

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