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  3. Law: Contract(s)

retenues de bonne exécution

English translation: performance retentions

16:26 Aug 27, 2012
French to English translations [PRO]
Bus/Financial - Law: Contract(s) / Algeria
French term or phrase: retenues de bonne exécution
Lorsque le cahier des charges de l'appel d'offres le prévoit, des retenues de bonne exécution peuvent être substituées à la caution de bonne exécution, pour les marchés d'études et de services visés à l'alinéa 2 de l'article ci-dessus.

Lorsqu'un délai de garantie est précu dans les marchés d'étude ou de services visés à l'alinéa ci-dessus, la provision constituée par l'ensemble des retenues est transformée, à la réception provisoire, en retenue de garantie.

I understand "holdback" is used for retenue de garantie; what term should be used then, for retenue de bonne exécution? MTIA
NancyLynn
Canada
Local time: 00:58
English translation:performance retentions
Explanation:
CA Codes (hsc:38070-38081.1) - Official California ...
Failure to include these provisions in bid and contract documents shall void any provisions for performance retentions in an affected contract.
www.leginfo.ca.gov/cgi-bin/displaycode?section=hsc&group=..... - Cached
[PDF]
NOTICE TO CONTRACTORS (Advertisement) NOTICE IS HEREBY GIVEN ...
Adobe PDF
withheld under this Contract, subject to the provisions found in Section 22, "Performance Retentions - Provisions for Substitution of Securities", of the General ...
www.marin.edu/MeasureC/files/AE/CDAPAE_BID302A&303A...
Selected response from:

AllegroTrans
United Kingdom
Local time: 05:58
Grading comment
Thank you!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +2performance retentions
AllegroTrans
4 +1Holdback performance guarantee (bond)
Manoj Chauhan
3Performance Guarantee /Retention money for performance
pooja_chic
Summary of reference entries provided
Canadian ref for holdback
writeaway

  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Holdback performance guarantee (bond)


Explanation:
Holdback is a description of the process where the general contractor of a construction / renovation project invoices the client for the portion of the work they have performed to the date, less a "holdback" amount of, say, 10%. In other words, we may says - holdback guarantee for finishing work

Manoj Chauhan
India
Local time: 06:58
Works in field
Native speaker of: English
PRO pts in category: 12

Peer comments on this answer (and responses from the answerer)
agree  Jessica Noyes
19 mins
agree  Nikki Scott-Despaigne: The correct term is "performance bond". In France, in construction, it is generally 10%.http://en.wikipedia.org/wiki/Performance_bond
32 mins
disagree  B D Finch: A performance guarantee bond is something absolutely different as it is a bond the contractor has to get from a bank as a condition of being awarded the contract. It enables a step-in contractor to be paid in the event of insolvency.
1 day 15 hrs
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
performance retentions


Explanation:
CA Codes (hsc:38070-38081.1) - Official California ...
Failure to include these provisions in bid and contract documents shall void any provisions for performance retentions in an affected contract.
www.leginfo.ca.gov/cgi-bin/displaycode?section=hsc&group=..... - Cached
[PDF]
NOTICE TO CONTRACTORS (Advertisement) NOTICE IS HEREBY GIVEN ...
Adobe PDF
withheld under this Contract, subject to the provisions found in Section 22, "Performance Retentions - Provisions for Substitution of Securities", of the General ...
www.marin.edu/MeasureC/files/AE/CDAPAE_BID302A&303A...

AllegroTrans
United Kingdom
Local time: 05:58
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 527
Grading comment
Thank you!

Peer comments on this answer (and responses from the answerer)
agree  John ANTHONY
20 hrs
  -> thanks
agree  B D Finch
1 day 13 hrs
  -> thanks
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1 day 22 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5




Reference comments


3 hrs
Reference: Canadian ref for holdback

Reference information:
Holdbacks

Construction Lien Act


Holdback is a description of the process where the general contractor of a construction / renovation project invoices the University for the portion of the work they have performed to the date, less a "holdback" amount of, say, 10%. This is mandated by the Construction Lien Act. Although the general contractor may have completed the work, they can only bill for 90%. There are three reasons why the University records a holdback for this remaining 10% from the general contractor:

To protect the client (U of T) should the company go bankrupt
As a guarantee that the sub-contractors get paid, and
As a performance guarantee.

At the University of Toronto, even though we are invoiced for the 90%, we recognize 100% of the liability at the time the invoice is received. Most holdbacks occur in relation to capital projects, and thus are handled separately by the Capital Accounting section of the Financial Services Department.

In those situations where departments are entering invoices into FIS that include holdback, please call the Supervisor, Capital Accounting for assistance.
http://www.finance.utoronto.ca/services/capital/hb.htm

writeaway
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 375
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