Sign in | English | Terms of Use

Google | Forvo | +

Step-in rights

право вмешательства (proz.com V.Lomaev)

Переход прав при невыполнении обязательств (см. комментарий; In relation to construction and property development, a collateral warranty may include a right for the beneficiary of the collateral warranty to step in and take over the developer's rights as employer of a building contractor or a professional consultant, if the developer commits a serious and unremedied breach of the building contract or the professional appointment. Typically this means that, if the developer becomes insolvent halfway through a project and breaches the building contract and the professional appointments, the beneficiary may step in and effectively become the developer, pay any sums due to the building contractor and the professional consultants and complete the project. Valeri Imashev)

Add | Report an error | Get short URL