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on a good until cancelled basis

Discussion in 'Legal Terminology' started by Gonz79, Apr 1, 2013.

  1. Gonz79 New Member

    Peruvian Spanish and Canadian English
    Hey guys!

    Got a weird little phrase here, hope you can help me out. I'm translating a "purchase contract and bill of sale" for some precious metals.

    In the "pricing mechanisms" section, under the "Spot Pricing" subsection, there is a paragraph/sentence that says:
    "Unless priced on a spot or other basis as outlined herein, Buyer will work Seller’s firm orders 24 hours a day on a good until cancelled basis."

    My shot so far:
    "Salvo que el precio sea fijado al contado o de algún otro modo explicado por la presente, Comprador procesará los pedidos en firme las 24 horas del día hasta que se cancele [????]."

    The phrase that gets me is "on a GOOD UNTIL CANCELLED basis". What I understand by the original text is that the basis for this type of pricing wiill remain the same until someone decides to cancel it and change the terms, therefore meaning it works on a "good until cancelled" basis (where "good until cancelled" defines the basis of the terms).

    So, effectively, it is agreed that the buyer has to continue working the firm orders 24 hours a day until someone decides to cancel that arrangement.

    But... how do I phrase it in spanish??

    Reference: using US english terms, translating into spanish in PERU (we all know the terminology changes from country to country).

    Thanks in advance for any help!!

    - Gonz
     
  2. litiga8or

    litiga8or Senior Member

    Oregon, USA
    Rainy Oregon! USA
    "good until cancelled" ??? how is that different from "good until no good"?
     
  3. Gonz79 New Member

    Peruvian Spanish and Canadian English
    Hi litiga8or! I think they just mean that the agreement to work orders that way is "in good standing" until it is cancelled. I ended up writing:

    Salvo que el precio sea fijado al contado o de algún otro modo aquí detallado, el Comprador procesará los pedidos en firme las 24 horas del día hasta que se cancele el acuerdo.

    I suppose that was enough to get the idea across :)

    - Gonz
     
  4. RicardoElAbogado Senior Member

    SF Bay Area, California
    American English
    In the US securities industry, a "good til canceled" order is one that can be fulfilled any time that the market price meets the terms of the order. If the order is not filled immediately or the same days as given, no matter. It remains an open order. So let's say that you were to place a GTC order for IBM stock at $50 per share when the price is $51. The order would not be executed. If the price goes to $100, it still would not be executed. But if the price then goes to $40, as it passes the $50 mark, the order would be executed.
     
  5. litiga8or

    litiga8or Senior Member

    Oregon, USA
    Rainy Oregon! USA
    Thanks Ricardo. I've bought stock that way, and didn't even know what it was called! It makes perfect sense.
     
  6. Gonz79 New Member

    Peruvian Spanish and Canadian English
    Thanks Ricardo! :)
     

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