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Anonymous Posted 12 years ago
Legal Studies
Legal Understanding
Hello, dear forum members,
so here is the thing. I am trying to understand a clause in a document called "Consumer Protection Rules". Here is what is says, verbatim:
4.1.4. Unilateral changes in the economic conditions
Banks are allowed to change unilaterally the existing conditions, on permanent contractual relationships which:
• are provided for by contract at least with respect to the new contracts that have been concluded after the entry in force of these Group Rules;
My understanding is this (I am non-specialist): there is a signed contract between the parties, effective for an indefinite term. The bank can change its conditions unilaterally (without the client's consent, that is)... Here the trace drops. The bullet part is beyond my understanding. Would you please explain that part the way you understand it as native laymen who are native in English? Please help.
Best regards,
Milos
so here is the thing. I am trying to understand a clause in a document called "Consumer Protection Rules". Here is what is says, verbatim:
4.1.4. Unilateral changes in the economic conditions
Banks are allowed to change unilaterally the existing conditions, on permanent contractual relationships which:
• are provided for by contract at least with respect to the new contracts that have been concluded after the entry in force of these Group Rules;
My understanding is this (I am non-specialist): there is a signed contract between the parties, effective for an indefinite term. The bank can change its conditions unilaterally (without the client's consent, that is)... Here the trace drops. The bullet part is beyond my understanding. Would you please explain that part the way you understand it as native laymen who are native in English? Please help.
Best regards,
Milos
Top answer
Hi Milos, I don't understand it either. Here are just a couple of the things that puzzle me. I note they start by speaking of 'economic conditions'.
- Hi Milos, I don't understand it either.
- Here are just a couple of the things that puzzle me.
- I note they start by speaking of 'economic conditions'.
- Exactly what does the word 'economic' mean here?
- And why do they later just refer to 'conditions' without the adjective?
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3 Answers
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Hi Milos,
I don't understand it either. Here are just a couple of the things that puzzle me.
I note they start by speaking of 'economic conditions'. Exactly what does the word 'economic' mean here? And why do they later just refer to 'conditions' without the adjective?
I don't understand it either. Here are just a couple of the things that puzzle me.
I note they start by speaking of 'economic conditions'. Exactly what does the word 'economic' mean here? And why do they later just refer to 'conditions' without the adjective?
00
Hi
I would understand it in this way ...
- A set of rules, including 4.1.4, came into force on a particular date
- However, rule 4.1.4 only allows a unilateral change to a contract concluded after that date
- Therefore, contracts signed before that date cannot be unilaterally changed, at least not by reference to rule 4.1.4
Dave
I would understand it in this way ...
- A set of rules, including 4.1.4, came into force on a particular date
- However, rule 4.1.4 only allows a unilateral change to a contract concluded after that date
- Therefore, contracts signed before that date cannot be unilaterally changed, at least not by reference to rule 4.1.4
Dave
00
... but I agree with Clive that some of the fine detail isn't clear
Dave
Dave
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