Glossary entry (derived from question below)
French term or phrase:
indemnité de prise en exploitation
English translation:
scheme start-up payment
French term
indemnité de prise en exploitation
"Article 6 - Indemnité de prise en exploitation de la RÉSIDENCE (« IPB »)
6.1 En contrepartie de l’engagement ferme de l’EXPLOITANT de prendre en exploitation l’intégralité de la RÉSIDENCE, le dit engagement ayant permis au PROMOTEUR de réaliser l’opération objet des présentes et de conclure le Contrat de Promotion avec le Propriétaire, le PROMOTEUR s’engage à lui verser une indemnité dite « Indemnité de prise en exploitation » (« IPB »).
6.2 L’IPB versée à ce titre par PROMOTEUR correspondra 12 mois de loyer dus par l’EXPLOITANT au Propriétaire, au jour de l’entrée en vigueur du Multiple Services Agreement ;
le montant de ladite indemnité au jour de la signature de la Convention représente la somme totale de 0.000.000 € HT.
6.3 La présente IPB fera l’objet d’un versement unique, forfaitaire et définitif par le PROMOTEUR à l’EXPLOITANT au jour de la constatation d’achèvement de la RÉSIDENCE.
Dans la seule hypothèse où la trésorerie de l’opération ne permettrait pas, au jour de l’entrée en vigueur du Contrat de Multiple Services Agreement, de régler en globalité le montant de l’IPB, les Parties conviennent de régler 85% du montant global de l’indemnité au jour de l’entrée en vigueur du Contrat de Multiple Services Agreement et les 15% restants au plus tard dans les 8 (huit) mois suivant la date d’entrée en vigueur du Multiple Services Agreement."
Not complicated. A general guess might possibly be "initial operation compensation payment". Any better ideas?
Jun 28, 2021 18:15: Adrian MM. Created KOG entry
Proposed translations
start-up scheme payment
The question implies there is a Portuguese pedigree and amounts to a commission payment or payback.
L’IPB versée à ce titre par PROMOTEUR > DEVELOPER vs. PROMOTER correspondra à 12 mois de loyer : looks like a rent premium upfront, routinely taxable in the UK at least.
prise en exploitation: journalistically, bringing on stream
USA: How a Commission Split Works in Real Estate
SPRING Startup Enterprise Development Scheme (SPRING SEEDS)
http://www.bulletpoint.com.au/spring-seeds/
http://www.thebalancesmb.com/commission-split-defined-2866375
Thanks. I like this... or something like it. I have to deliver now, and I've changed it to "scheme start-up payment", which seems to be a little more what's involved to my sense... |
business operation fee
Of course that makes the abbreviation "BOF", which is quite funny...
It appears to be a fee and not some kind of security deposit.
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Note added at 1 hr (2021-06-13 19:59:34 GMT)
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No matches at all on the internet anyway, so you're looking at a one-off.
"Promoteur" is developer btw -- real estate developer.
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Note added at 1 hr (2021-06-13 20:08:30 GMT)
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Anyway, maybe "allowance", which is what "indemnité" often translates to in HR and social welfare (payslips, expenses, social welfare benefits), but not compensation, I would advise.
You could even flatten "indemnité" out to "payment", without losing any real meaning.
The Operator is basically getting some cash to get started, I would think, in return for making the whole deal possible.
Thanks. This *could* be right, but I think it's maybe a bit more specific: it's about the start of operation of the residence, i.e. getting the promoter to cough up a few bob because the operator has undertaken to take on the whole building... Shame to lose that nice acronym, true. |
disagree |
Daryo
: it can not be a fee - only the owner would pay a "management fee" to the managing company (for operating the finished building - this promoter is in charge until the building is finished - a different chapter in this story.
6 hrs
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agree |
philgoddard
: I don't understand what Daryo is on about, and I agree that it's not 'promoter'. And there are lots of things you could call this payment.
16 hrs
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Thanks very much Phil! The truth will out!
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new-build allowance
A Structures and Buildings Allowance (SBA) was introduced for qualifying expenditure incurred on or after 29 October 2018. The allowance is 3% of cost from April 2020 on a straight-line basis for 33 1/3 years, the allowance rate increased from 2% in April 2020.
Structures & Buildings Allowance (SBA): At a glance ...
start of (management) contract subvention
Other possibility that would make sense:
start of (management) contract incentive
neutral |
Nikki Scott-Despaigne
: "Subvention", like its cousin " subsisdy" generaly apply to grants and aid payments from a government. Unless I am mistaken, the context here is not public but private sector.
7 hrs
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you are right about "public funding" being the usual source of "subventions", but "incentives" can come from any type of funding.
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multiple services agreement entry fee
BTW, I wonder why the source text uses "contrat de multiple services agreement".
Thanks. I think some infelicitous expressions are probably due to the fact that there's a bit Portuguese element involved here. I've no reason to believe that it's actually been translated from Portuguese but the drafter may have been part-French part-Portuguese ... or something. |
neutral |
Daryo
: from the point of view of the payer (that being the promoter, **not the owner**) it can not be a "fee" as this "EXPLOITANT" is mandated by the owner => any "fees" for services provided by "l'EXPLOITANT" would be paid by the owner.
2 hrs
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agree |
Frank Foley
: I reckon this covers it, but I'd use "payment" or "indemnity" instead of entry fee.
7 hrs
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Discussion
@Conor - yup, agree that "Developer" makes more sense here, that's what I put
promoteur,
promotrice nm, nf (financier de l'immobilier) developer n
Only problem being that usually the tenant is the one paying a "premium" to the owner, while here the tenant (="l’EXPLOITANT") is the one being paid by a third party. Namely, as far as the contract between the owner and "l’EXPLOITANT" is concerned, the promoter is a third party.
One way or another, without knowing what's in the rest of this contract, this payment looks like a kind of "help to get the business of operating this residence started" a kind of "initial push".
In fact it reminds me of promoters promising to would-be buyers "we'll pay your stamp duty" - that used to be a quite frequent sales gimmick and there might be some usable parallels there. The variant (the "sale incentive") here being "buy this property and we'll help your managing agent to get started".
Also, No results found for "Indemnité de prise en exploitation" => "terme inventé de toutes pièces" / contract specific.