The Importance of the Term “Premise” in English Contract

Premise - Legal Translation

In today’s globalized business environment, many Korean companies engage in contracts with foreign buyers or vendors, and these contracts are often drafted in English. Understanding and accurately translating these English contracts is crucial. One term that frequently appears and requires careful attention is “Premise,” as its interpretation can vary depending on the context of the contract.

✅ Importance and Translation of the Term “Premise”

The term “Premise” is commonly used in English contracts to describe the foundational conditions of the agreement. It can be translated as “previously discussed matters” or “topics discussed earlier” and plays a critical role at the beginning of a contract.

For example, “In consideration of the foregoing premises” can be translated as “Taking into account the aforementioned conditions.” The term ‘Premise’ is used in the context of a contract as follows:

“In consideration of the premises”

  • “NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein”
  • “Accordingly, based on the premises and mutual agreements stated in this contract,”
  • Korean: 이에 따라, 본 계약에 명시된 전제 및 상호 약정을 약인으로 하여,

⛑️ Caution Needed When Translating Contracts

The term “Premise” in English contracts encompasses more than simple vocabulary; it carries significant legal implications. Unlike everyday document translation, legal documents require a deep understanding and accurate reflection of the legal nuances each term holds, necessitating a translator’s expertise and experience.

🧑‍🏫 Bering Lab’s Solution for English Contract Translation

To meet market demands, Bering Lab offers an AI legal translator developed in collaboration with legal experts. This translator combines Bering Lab’s specialized AI technology with the experience of legal professionals, providing performance far superior to standard generic translators. Users can perform initial translations using Bering Lab’s engine, which are then reviewed by professional lawyers to finalize the contracts. This process significantly reduces the time and cost involved in translations.

Bering Lab’s direct expert-reviewed service, BeringAI+, also offers substantial time and cost savings throughout the translation process. Currently, more than 130 law firms globally utilize our services, along with active usage by global corporations. Trusted by top-tier domestic law firms, Bering Lab provides translations that are 3 times faster and 40% cheaper than the competition through BeringAI and BeringAI+ services. Experience the high quality of our precise legal translations, including contract translations, vetted by lawyers.

Contact Bering Lab now to inquire about our expert-reviewed contract translation services!

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