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  3. Law: Contract(s)

Rücklassversicherung

English translation: back-to-back indemnity insurance

14:33 Mar 27, 2020
German to English translations [PRO]
Law/Patents - Law: Contract(s) / outsourcing agreement
German term or phrase: Rücklassversicherung
Sie kann nach Wahl des Auftragnehmer durch eine entsprechende Rücklassversicherung ersetzt werden.

Seems to be mainly prevalent in the construction industry in Austria (which does not fit the context of the outsourcing agreement I am examining). It is an outsourcing agreement in relation to an IT service that is being outsourced further to a subcontractor.
Michael Bailey
Austria
Local time: 15:53
English translation:back-to-back indemnity insurance
Explanation:
Sie / Bankgarantie - see also the 2nd weblink.

A chain of outsourcers suggests a back-to-back insurance arrangement down the 'contractual chain'.

Selected response from:

Adrian MM.
Austria
Grading comment
Went for indemnity insurance. thanks
4 KudoZ points were awarded for this answer



Summary of answers provided
4insurance bond (surety bond)
Pallavi Shah
4 -1retention amount
Cillie Swart
3back-to-back indemnity insurance
Adrian MM.


Discussion entries: 3





  

Answers


12 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
retention amount


Explanation:
Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract.
- https://www.google.com/search?q=retention insurance&oq=reten...


    https://www.google.com/search?q=google+translate&oq=go&aqs=chrome.1.69i60j69i59j0j69i57j69i60l4.1276j0j7&sourceid=chrome&ie=UTF-8
    https://www.google.com/search?q=retention+insurance&oq=retention+insurance&aqs=chrome..69i57j0l7.3889j0j9&sourceid=chrome&ie=UTF-8
Cillie Swart
South Africa
Local time: 15:53
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 12

Peer comments on this answer (and responses from the answerer)
disagree  Kim Metzger: It's an insurance, not an amount.
9 mins
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38 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
insurance bond (surety bond)


Explanation:
Please refer to the link below:
https://www.turtons.com/blog/9-types-of-security-under-a-con...

Pallavi Shah
India
Works in field
Native speaker of: English

Peer comments on this answer (and responses from the answerer)
neutral  philgoddard: Could be, but we need German references.
1 hr
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
(AUT: Haft-/ Deckungs-)Rücklassversicherung
back-to-back indemnity insurance


Explanation:
Sie / Bankgarantie - see also the 2nd weblink.

A chain of outsourcers suggests a back-to-back insurance arrangement down the 'contractual chain'.



Example sentence(s):
  • Der Deckungsrücklass (DRL) ist im österreichischen Recht die Sicherstellung gegen Überzahlung bei Abschlagszahlung (max. 10 %, ÖNORM 5 %) bei Bauvorhaben.
  • There will usually be a multiplicity of parties .... that may not be in a direct contractual relationship with the operator. Back to back indemnities aim to address this problem by ensuring that risks fall in the right place along the contractual chain.

    Reference: http://www.vav.at/firmen/bau/bauruecklassversicherung
    Reference: http://eng.proz.com/kudoz/german-to-english/construction-civ...
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 42
Grading comment
Went for indemnity insurance. thanks
Notes to answerer
Asker: I left out "back-to-back" and went with indemnity insurance.


Peer comments on this answer (and responses from the answerer)
neutral  philgoddard: I don't see where you get "back-to-back" from (though Rück can mean back), or what it means.
1 hr
  -> inductively from the asker's multiple-outsourcer context, rather than strictly deductively from the literal German of a (Haftungsrücklaß) retention-sum insurance.
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