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Step-in rights
stresses
fin.
право вмешательства
(
proz.com
V.Lomaev
)
law
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
)
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