Glossary entry

Greek term or phrase:

Εικονική σύμβαση

English translation:

fictitious contract (or fictitious agreement)

Added to glossary by Ioanna Karamitsa
Nov 17, 2022 19:49
1 yr ago
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Greek term

Proposed translations

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9 hrs
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12 hrs

simulated contract

'Under a ‘simulated agreement’ the parties can agree to exclude the typical legal effects of the simulated transaction (‘simulazione assoluta’) or to bind themselves to a different legal transaction (‘simulazione relativa’).'

https://disputeresolution.pavia-ansaldo.it/en/the-forced-hei...
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'Simulation is the situation in which the parties, with the aim of concealing their real
intentions, have made two agreements: an overt one (the sham transaction) and another
which is intended to remain secret. This covert agreement is sometimes embodied in a
document (variously called a back-letter, counter-letter or side-letter). '

https://www.ccbe.eu/fileadmin/speciality_distribution/public...
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'A simulated contract is one in which the parties imitate the appearance of a genuine agreement or transaction but in reality do not wish it to have any effect, or at least, not to have the effects that would normally flow from an agreement of the type which they appear to have concluded. Their aim is to achieve some oblique purpose through making use of the outward forms of a particular contract.'

https://www.scotlawcom.gov.uk/files/4112/7892/6638/cm37.pdf
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'An agreement is considered simulated when two parties agree to execute an agreement that does not reflect their true intent with the purpose of deceiving a third party. '

https://thelawreviews.co.uk/title/the-complex-commercial-lit...

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12 hrs

Nominal contract value

https://www.lawinsider.com/dictionary/nominal-contract-value
If the Facility has not achieved Commercial Operation by the Effective Date, Seller shall post and thereafter maintain development security equal to two percent (2%) of the Nominal Contract Value upon execution of this Agreement.
https://www.investopedia.com/terms/n/notionalvalue.asp
https://www.upcounsel.com/nominal-consideration
https://en.wikipedia.org/wiki/Nominal_fee
https://incorporated.zone/nominal-consideration/
Mary sells her car to John for $1 although the value of her car is ... As a rule of thumb, a contract, even with nominal consideration, ...
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