employee
Moscow, Moscow, Russian Federation
811.11-112
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While translating lexical units from one language into another, several methods are used, including functional translation, in which a linguistic unit of the source language is conveyed by an equivalent unit in the target language that elicits a similar reaction from a foreign reader. This method of translation, alongside with descriptive translation, is a characteristic of professional terminology. In this article, we will discuss two common phrases widely used in the legal aspect of the English language: good faith and due diligence. These concepts emerged in the English language several centuries ago but became actively used in the legal domain of the language in the 20th century, leading to the need for their precise interpretation not only for lawyers but also for economists, businessmen, and politicians. The term \"due diligence\" originated in the 13th–14th centuries and came to denote the obligation to exercise attention and proper care on the part of an individual under certain circumstances. However, it was only in the Securities Act of 1933 (USA) that the modern understanding of the concept of due diligence was established. According to the provisions of the law, sellers of securities must provide investors with sufficient information to make an informed decision before purchase. From then on, the phrase began to be used in other areas, particularly in mergers and acquisitions. In Russian, the term \"observance of due diligence\" can be found, as mentioned in the Civil Code of the Russian Federation. Many Russian law firms offer a service called \"d'yu dilidzhens\" (Due Diligence), the scope of which is determined solely by the client; both the original English spelling within Russian text and its transliteration are commonly encountered. \"Good faith\" has been known for millennia, but initially, the expression was primarily used in narrow religious or family-law contexts. Over time, however, the concept began to permeate civil law, where it implied that contracts were concluded on the principle of good faith and were entered into force with respect to the free exercise of will and without coercion or deception. Today, according to the principle of good faith, each party to a contract is obligated to deal honestly and fairly with the other party, refraining from taking full advantage of the other\'s position. When discussing contractual terms, parties must disclose all necessary information so that the other party fully understands the conditions. Failure to disclose relevant information may result in legal liability for compensating any losses incurred by the other party who relied on the provided information. Nevertheless, the concept of good faith comes with a set of associated limitations and challenges. One major issue is that in practice it can be difficult to define and apply this concept. This is especially true in situations involving complex or transnational operations, where multiple legal systems and cultural norms might simultaneously be used. In Russian law, the principle of good faith can be found in the Civil Code (Articles 10, 307, 431, 432, 434, etc.) and in judicial decisions. The court has the right to apply this principle if, for example, it is necessary to protect the honest party or fill gaps in contractual relationships. Thus, we face the process of transferring concepts from one legal system to another, and for this, lawyers, as well as businessmen, need to accurately understand these concepts in order to use them more precisely and correctly in their work.
good faith, due diligence, good faith, due diligence, Civil Code
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17. Oxford English Dictionary
