provisie

19:56 Oct 16, 2015
Flemish to English translations [PRO]
Law/Patents - Law (general)
Flemish term or phrase: provisie
In a summary of the various lawsuits a Belgian bank has been involved in over the years, each case description begins with "Vordering tegen (or "van") de bank: (amount)" and then "Provisie: (amount)". There are many different legal terms for "provisie" in English in my dictionaries but I'm not sure which one is meant here. Is it simply "provision"?

Another context, same document:
De Rechtbank bevestigde dat er een schade zou zijn en stelde een actuaris aan om de schade te berekenen. De bank van haar kant heeft haar advocaat gecontacteerd om de provisie te actualiseren.

(UK English term preferred.)
Elizabeth Blount
United States
Local time: 11:20


Summary of answers provided
4(attorney's / solicitor's) fee
Bryan Crumpler
Summary of reference entries provided
retainer
Roy vd Heijden

Discussion entries: 1





  

Answers


393 days   confidence: Answerer confidence 4/5Answerer confidence 4/5
(attorney's / solicitor's) fee


Explanation:
"Provisie" is usually just the attorney's fee / solicitor's fee.

It's not necessarily a retainer. The retainer is something you pay in advance, even if you don't need their services, but the provisie can also be agreed as a flat-fee or a cut/percentage of whatever they collect on your behalf, if a monetary award is sought. In firms that operate on a no-win no-fee basis, for example, that is often the case, but that limits you in scope (i.e. attys will usually only take on cases they are confident they can win or cases where some form of payout can be guaranteed in some other way). In collection attempts (on bills, invoices) or non-performance of payment --- for anything (like a translation contract) --- it's often just a fee they take off the top once they acquire the funds in escrow or in whatever intermediary business account is used to transfer funds between winning/losing parties.

I'd just call it the "fee", because sometimes the fee includes legal costs that they will front for you. A retainer, however, is just to keep the attorney available to work for you whenever you need them to, and make sure they don't work for someone else, especially someone you might be suing.

Bryan Crumpler
United States
Local time: 13:20
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
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Reference comments


1 hr
Reference: retainer

Reference information:
« En principe un avocat demandera dès l'ouverture du dossier des provisions. Une provision est un montant forfaitaire payé à titre d'avance sur frais et honoraires. Les provisions payées seront portées en compte lors de la rédaction de l'état définitif des frais et d'honoraires. »
(http://www.bjga.be/fr/fees/)

"The lawyer will normally demand payment of a retainer fee when opening the file and during the procedure. A retainer fee is a fixed amount of money that the client pays in advance to cover the fees and costs. The paid retainer fees will be deducted from the statement of fees and costs."
(http://www.bjga.be/en/fees/)

Roy vd Heijden
Belgium
Native speaker of: Native in DutchDutch
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