...Countertrade At times, standard goods-for-cash payment structures do not work, are cumbersome, expensive, or simply impossible. In these cases, companies can adopt countertrade. Countertrade involves the exchange of goods in barters or other ways in place of money. For example, if a nation’s currency is not exchangeable or no good overseas, they may offer a commodity or other product in place of cash. Countertrade was common in the USSR in the 1960s when its currency was nonconvertible. It was their only means of purchasing foreign goods. Countertrade grew in the 1980s as many other nations did not have the foreign reserves required to make imports. Countertrade increased yet again during the Asian financial crisis in 1997, as many currencies became devalued and had severely limited buying power. One example of countertrade was when the USSR paid Coca-Cola in vodka. Poland did the same with Coca-Cola but paid in beer. Countertrade can be separated into five variants: 1. Barter 2. Counter purchase 3. Offset 4. Buyback or compensation 5. Switch trading Barter is simply the direct trading of goods and or services between two parties with not monetary exchange. It is normally used in one-off deals with trading partners that are not trustworthy or that lack any credit. Barter is the simplest and most restrictive type of countertrade. Counter purchase is a mutual buying agreement which involves one party agreeing to buy a pre-specified amount of goods or services from a nation...
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...| SALE OF GOODS ACT, 1930 | | | master of finance and control (Part 1) September 30, 2011 Submitted by: Nishtha Tewari-2506 Aditi Rao-2560 Jasmeet Kaur-2562 SALE OF GOODS ACT, 1930 ACKNOWLEDGEMENT We would like to extend our gratitude towards Dr. Nidhi Jain for her guidance and constant supervision as well as for providing necessary information regarding the project & also for her support in completing the project. SALE OF GOODS ACT, 1930 CONTENTS I. Contract of Sale of Goods II. Overview III. Characteristics of a Contract of Sale of Goods IV. Sale v/s Agreement to sell V. Sale v/s Hire Purchase VI. Sale v/s Contract for Work and Labor VII. Kinds of Goods VIII. Perishing of Goods IX. The Price X. Modes of Price fixing XI. Agreement to sell at Valuation XII. Earnest or Deposit XIII. Stipulations as to Time XIV. Document of Title of goods XV. Conditions and Warranties XVI. Misrepresentation and Stipulation XVII. Conditions v/s warranties XVIII. When condition can be treated as warranty XIX. Implied Conditions XX. Warranties XXI. Implied Warranties XXII. Doctrine of Caveat Emptor XXIII. Exceptions to Doctrine of Caveat Emptor HISTORY BEHIND THE ACT * Sale of Goods act is a very old mercantile law. The Contracts of Sale of Goods was initially covered in Indian Contract Act, 1872 (Chapter V11) * Since the Indian Contract Act itself was a part...
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...IMPORTANT GUIDELINES FOR PURCHASE OF GOODS BASED ON REVISED GENERAL FINANCIAL RULES. 1. DEFINITION OF GOODS (Refer Rule136 of GFR) The term ‘goods’ includes all articles, material, commodities, livestock, furniture, fixtures, raw material, spares, instruments, machinery, equipment, industrial plant, etc., purchased or otherwise acquired for the use of the Institute but excludes books, publications, periodicals, etc. for a library. 2. Every purchase case should be initiated on receipt of a written requirement/requisition, with detailed specification. 3. PURCHASE OF GOODS WITHOUT QUOTATION (Refer Rule 145 of GFR). Goods up to a value of Rs.15000/‐ on each occasion with a certificate from the HOD ‘I am personally satisfied that the goods purchased are of requisite quality and specification and have been purchased from a reliable supplier at reasonable price’. 4. PURCHASE OF GOODS BY PURCHASE COMMITTEE (Refer Rule 146 of GFR) Goods up to a value of Rs.1.00 lac may be purchased on recommendation of a local purchase committee consisting of 3 faculty and one Finance member. The committee will survey the market to ascertain the reasonableness of rate, quality and specifications and identify the appropriate supplier. Before recommending placement of purchase order, the members of the committee will jointly record the following certificate:‐ ‘ Certifie...
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...person who wants to buy goods but does not have the money to pay, may nevertheless enter into an agreement with their owner whereby he will hire the goods with a view to ultimately purchasing them. Such an agreement is legally known as a Hire-Purchase agreement. In Kenya Hire Purchase agreements are governed by the Hire Purchase Act, Cap 507, (the Act), which is mainly based on English Hire Purchase Acts A Hire Purchase agreement may be defined as an agreement whereby the owner of the goods hires them out to the hirer and gives him the option to purchase the goods. This option may or may not be exercised and there is no contract unless the option is exercised. Hire Purchase agreements in Kenya are governed either by the common law or the Hire Purchase Act. Although not all Hire Purchase Agreements are covered by the Act, they nevertheless share many characteristics. That is why it is important to study the basic principles of the Act. NATURE OF THE HIRE-PURCHASE AGREEMENT The main aspect of a hire purchase agreement is that the goods are on hire only. Property in the goods does not pass to the customer (hirer) until the final instalment has been paid, all conditions have been complied with and the option to purchase has been exercised. That is, in order to effect the transfer of ownership to the hirer, the owner has to sell the goods to him. He does this by making an offer to sell at a nominal consideration of 20/-. Thus, the Hire Purchase Agreement has two elements:...
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...methods for acquiring goods or services, which include, negotiations, sealed bids, and simplified acquisitions. Simplified acquisition procedures are methods sited in the Federal Acquisition Regulations (FAR) Part 13 for purchasing goods and services under a certain dollar threshold. In October 1994, the FAR established the Federal Acquisition Streamline Act (FASA) as a simplified means for the government to acquire goods and services. Simplified acquisition was created into the government procurement process to streamline the contracting process through the elimination of certain rules and actions, and allowing a relatively low administrative cost associated with procurement and provides the easiest form of federal contracts to small business and disadvantage businesses. Agencies are instructed to use simplified acquisition procedures for all purchases of supplies or services below the threshold of $5 million. Whenever the government seeks to obtain goods or services between the amount of $2,500 and $100,000 the agency can usually set aside these acquisitions for small businesses if there are at least three competitive offers. Simplified acquisition between $2,500 and $25,000 can obtain either an oral or written quotations from businesses in an effort to promote competition. For contracts over $25,000, an oral quotation may not be realistic; therefore the use of electronic commerce would be used. Purchases under $2,500 are considered “micro-purchases” and do not need to go...
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...Executive Summary: This report focuses on the importance of contract between two parties before commencing final deal. It will discuss the major outlines required in a commercial contract, the essential terms and conditions which both parties agree to and the clauses upon which the deal is finalized. Since the case is based on sale of good it will therefore include terms and conditions on which the contract is formed and the desired actions from both parties. The terms on which the sale of good is made and the clauses which make the contract null and void. The report will discuss the contract from seller perspective including the processes involved and stages throughout the selling process through a commercial contract. However, the report will also consider the buyer perspective as no contract is formed without the consent of two independent bodies therefore the terms and conditions laid down by buyer on which the sale is to be made will also be highlighted. The contract serves as a purpose to cushion both the parties against any foreseeable losses and provide a guideline to perform a profitable deal which provides a mean to conduct business. Therefore contracts cover every concerned authority involved with definite understood terms upon which they agree and sign contract. Upon finalizing, the contract serves as a mean to seek the guideline for desired actions and basis of deal and as and when necessary might be used as a measure to prevent from any loses with the help of...
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...Wood to Germany This contract of Sale of Good made and effective this 24.12.2012, by and between Germany as buyer and Awesome Ltd as a seller. (CISG Article 1) Awesome Ltd desires to sell to Germany, and Germany desires to purchase directly from Awesome Ltd, certain personal property. Therefore, in consideration of the mutual promises herein contained, the parties hereto agree as follows: 1. Sale. Awesome Ltd agrees to sell, transfer and convey to Germany, and Germany agrees to purchase the following personal property: 1. 1500m3 of Finnish pinewood in form of logs. Awesome Ltd will not be liable of the goods after the delivery, if Germany decides to sell forward / transfers goods to a third party company. 2. Price. Buyer shall pay Seller for the Goods €510/m3. Germany will make payment of the full purchase price by 14 days before delivery of the Goods. Germany’s right of inspection as set forth in Section 4 below. In the event that the purchase price is not timely paid, in addition to its other remedies, Awesome Ltd may impose, and Buyer shall pay, a late payment charge equal to thirteen (13%) of the overdue balance amount each beginning week (weeks begin from Mondays). 3. Shipping. Germany shall purchase goods according to Incoterms FOB Awesome Ltd.’s location and be responsible for all expenses associated with shipping. The risk of loss from any casualty to the Goods, regardless of the cause, shall be upon Germany upon the delivery of the Goods to Germany’s shipper...
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...1.0 INTRODUCTION Hire purchase agreement or contract is an agreement of buying where the goods or assets are let out on hire by the seller or finance company to the user of goods or assets which is hire purchase customer (Hirer). The hirer payments at consistent intervals in the form of consideration and gets the proprietorship of the benefit after paying the last instalment. Hire purchase is a contract between two parties where a buyer decides to pay for goods in parts. The hire purchase agreement was first started in the United Kingdom for circumstances where the buyer could not afford to pay the required price for an item as a lump sum but could afford to pay at regular intermissions small amounts. The broker asks for a sum equal to the...
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...which prohibits investing money in financial firms tied to events of a uncertain. It is reasonable, therefore, to think that many Western financial institutions, are evaluating new and alternative financial instruments such as "Islamic Observant”, even in the face of an increasingly pressing need for a new system Financial more "ethical" and linked to the real economy. In truth, many banks already (in the United Kingdom, for example), even before this crisis, evaluated and then, later, successfully implement systems of Islamic finance within their organizational structures, through the creation of Islamic Windows. The contractual figures that represent the realization of legal technique PLS are the murabaha 'igara the 'Istisna (contract) and the salam,...
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...UCC articles 7-2 through 7-4 speak to contract modifications. Article 7-2 stipulates that modifications are acceptable and normal in the course of business. Article 7-3 establishes the definition of acceptable modifications where offer, acceptance and consideration are met, indicating mutual assent between the parties. Article 7-4 provides that mutual assent need not be proven solely by verbal or written means but also by the conduct of the parties, if that conduct indicates a meeting of the minds. In this scenario, GCI tendered an offer to Armstrong by sending a purchase order that specified payment of a specific amount of money GCI in return for the delivery and assembly of specific equipment by a specified date. Armstrong’s added an addendum to the offer and sent it back to the offeror. However, the addendum did not constitute a counter-offer, because it did not change any of the terms of the original offer, but rather provided additional specificity to the terms implied by the offeror. GCI’s wording implied Armstrong to be responsible for delivery and responsible for assembly of the equipment. Armstrong’s addendum of a destination contract is consistent with GCI’s wording. Armstrong’s other addition did reference a different date of completion, but it was not inconsistent with GCI’s requirements for completion of the assembly. Since Armstrong’s addendum did not change the essential elements, the signature and return of the purchase order to GCI constituted acceptance of...
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...scenario that will show how the Statute of Frauds and Parole Evidence Rule under UCC Article 2 can come into play. Article 2 of the UCC governs sales contracts, or contracts for the sale of goods. The rule is that when a UCC provision addresses a certain issue, the UCC governs; when the UCC is silent, the common law governs. Sales contracts are not governed exclusively by Article 2 of the UCC but are also governed by general contract law whenever it is relevant and has not been modified by the UCC. A sales contract is a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. Article 2 deals with sale of goods; it does not deal with real property such as real estate, services, or intangible property such as stocks and bonds. If a dispute involves real estate or services, the common law applies. In some situations, the rules under the UCC can vary quite a bit, depending on whether the buyer or the seller is a merchant. A sale is the passing of title to property from the seller to the buyer for a price. To be characterized as a good, the item of property must be tangible, and it must be moveable. Tangible property has physical existence; it can be touched or seen. Intangible property is such as corporate stocks and bonds, patents and copyrights, and ordinary contract rights, has only conceptual existence and thus does not come under Article 2. A moveable item can be carried from place to place. Tangible property is...
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... COMMERCIAL CONTESTS (TENDERS) TOPIC 6. EXPORT OF INDUSTRIAL OBJECTIVES (PROJECTS) TOPIC 7. CONSULTING AND ENGINEERING ACTIVITY TOPIC 8. SHORT, MEDIUM AND LONG-TERM FINANCING TECHNIQUES TOPIC 9. SPECIAL FINANCING TECHNIQUES TOPIC 10. EUROMARKET FINANCING TECHNIQUES TOPIC 1. COMBINED COMMERCIAL OPERATIONS 1.1. Countertrade: genesis and determinant factors 1.2. Barter and offsets: specifics of carrying and contracting 1.3. Counter-purchase: participants and the mechanism of carrying. 1.4. Buy-back. 1.5. Re-export: reasons and the mechanism of carrying. 1.6. Re-import operation. Combined commercial operations – international affaires that combine elements of import, export, service rendering etc. in a single transactional mechanism, designed and applied by the foreign trade departments or firms specialized in this domain. Combined commercial operations - more complex character; - Increased transactional value; - more complex juridical basis - usually, they consist of two or more contracts signed, among which there is a certain link; - increased risk; - its realization requires an increased level of professionalism. Forms of combined commercial operations: I. Countertrade: Barter q Offsets (Compensations) Enlarged compensations ...
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...search-advanced-form-portlet 1 of 7 https://www.lawnet.sg/lawnet/group/lawnet/legal-research/advanced-se... UNFAIR CONTRACT TERMS ACT (CHAPTER 396) (Original Enactment: U.K. 1977, c. 50) REVISED EDITION 1994 (20th May 1994) An Act to impose further limits on the extent to which civil liability for breach of contract, or for negligence or other breach of duty, can be avoided by means of contract terms and otherwise. [12th November 1993 *] * Date when this Act was made applicable by the Application of English Law Act (Cap. 7A). PART I Introductory Scope of this Part 1. —(1) For the purposes of this Part, “negligence” means the breach — ( a) of any obligation, arising from the express or implied terms of a contract, to take reasonable care or exercise reasonable skill in the performance of the contract; or ( b) of any common law duty to take reasonable care or exercise reasonable skill (but not any stricter duty) (2) This Part is subject to Part III; and in relation to contracts, the operation of sections 2 to 4 and 7 is subject to the exceptions made by the First Schedule. (3) In the case of both contract and tort, sections 2 to 7 apply (except where the contrary is stated in section 6(4)) only to business liability, that is liability for breach of obligations or duties arising from things done or to be done by a person in the course of a business (whether his own business or another’s), and references to liability are to be read accordingly...
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...Contents THE HOSPITAL PURCHASING POLICY 1 GOVERNANCE 4 PROCUREMENT REQUIREMENTS 6 PROCESSES 27 Appendices Glossary of terms Products and services Templates Mandatory Requirements Associated Policies THE HOSPITAL PURCHASING POLICY Objective To maximize value for money in the acquisition of goods and services through fair, open and transparent purchasing practices which comply with all applicable federal and provincial legislation and trade agreements, resulting in the highest quality service delivery. Policies 1. All purchases made by the Hospital will be compliant with the hospital’s policies and procedures. These policies and procedures will be aligned with the Ontario Supply Chain Guideline. All purchase orders and contracts will be executed according to this policy and the Hospital’s Signing Authority Policy ( insert link). Single/sole sourced purchases are acceptable only under circumstances defined in the associated purchasing procedures, and must be executed in accordance with the Agreement on Internal Trade. Vendors of Record (VOR), or preferred supplier arrangements, may be established for the supply of a certain category of goods, services or construction where strategic relationships with a small group of suppliers will result in greater value for the hospital. VOR’s must be set up through an open and competitive purchasing process. All purchasing related activities will be transacted in compliance with the Supply Chain Code of Ethics...
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...Term Paper on What is investment and debt/trade financing modes followed by Islamic Banks in Bangladesh. Do they conform to shariah rules. If so, how and if not, why not. Give your own conclusion/concluding remarks / recommendation. Course code: Fin-5502 Subject: Submission of Term Paper Dear Sir, I am very much delighted that I am submitting herewith my term paper titled “what is investment and debt/trade financing modes followed by Islamic Banks in Bangladesh. Do they conform to shariah rules. If so, how and if not, why not ” under the reference of my term paper for partial fulfillment of MBA Program on the Comparative Banking. As of the requirement, I have closely studied the topic and tried my best to make this paper meaningful. I believe and hope that you will find this report informative and insightful. Your valued assessment of my assignment would help me in the enhancement of my skill, knowledge and efficiency. Any further clarification, if needed, regarding the paper will be instantly responded. Regards. ___________________ Saima Sultana Acknowledgement In preparing this report, I am beholden to the most venerable teacher Mr.x, Faculty, Department of Business Administration, IIUC for his guidance and supervision for furnishing this term paper. I am very much pleased on him for his continuous encourage to undertake the term paper, to collect, analyze data and finally editing, presentation of...
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