Understanding Contracts: Key Elements and Translation Considerations
Learn about the fundamentals of contracts including their elements, duration, legal provisions, and the importance of accurate translation for effective communication in legal settings. Discover how identifying essential elements can improve contract comprehension and translation accuracy in legal practice.
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Presentation Transcript
What is a contract? Elements of a contract: What is a contract? Contract title Contract parties Legal capacity Preamble Mutual Obligations
Duration of contract General provisions Law and court Jurisdiction in case of contractual dispute Date of signing the contract Signature
Identifying these elements will help you understand the contract. Thus enabling to translate accurately. In actual practice of legal translation, the criteria guiding the translator s choices are prevalently functional, in that account is mainly taken of the function that the translated text will have to perform in the target culture.
This Agreement is made and entered into this Saturday, the 8thday of August in the year 2003 by and between: 1- 2- : 2003 8 1 - 2 -
: Both parties hereto declare that they are legally competent (have legal capacity) to enter to this contract and hereby agree as follows:
In witness whereof the said parties have hereunto set their hands and seals the day and year first above written. First party second party ( . )
Any dispute arising out of or in connection to this Agreement shall be settled without recourse to the courts, in accordance with the Rules and Arbitration of the International Chamber of Commerce, the award being final and binding. The arbitrator(s) shall have power to rule on his or their own competence and on the validity of the Agreement to submit to the arbitration. . .
Force Majeure: shall mean any event or circumstance beyond the reasonable control of the party affected which prevents, obstructs or delays the performance by that party of its obligation under this Contract. : .
The translation of banking terms that appeared in the (POA): Bond A bond is a certificate that represents an interest bearing debt, where the issuer is required to pay a sum of money periodically till the maturity, and then receive back the accumulated amount. as a guarantee to the repayment of a loan a document which can be exchanged for goods or services as a token of payment or a document establishing the payment of money etc Security Voucher /
Draft A written order signed by one party (the drawer) requesting a second party (the drawee) to pay a specified amount of money to a third party (the payee) at some future time. A check is a draft voucher given to person supplying goods to government office entitling him to payment A financial instrument that gives the holder the right to purchase ordinary shares Debenture Warrant
