...INTRODUCTION After millennia of unchallenged success, businesses and governments around the world are entering a new era of unprecedented openness. The movement to hold corporate officers and politicians accountable is spurred by three powerful forces: economics, technology, and zeitgeist. The entire world is experiencing a deep recession. The Internet, meanwhile, has revolutionized the speed and power of data analysis and dissemination. And financial institutions are being held responsible. In certain industries, Asian manufacturers dominate the United States’ consumer market. Third-world nations in Central and South America, Southeast Asia, and China continue to attract U.S. manufacturers seeking low wages for laborious tasks. And, in the midst of everything, the United States is a giant consumer base with an enormous command of technology but steadily losing the infrastructure needed to create jobs. In addition to significant events that have impacted the world’s business environment, individual firms have had to change radically in response to burgeoning technologies. Historically, the management of materials and component parts was the most neglected element in the production process. Only when the cost of materials and subassemblies increased did management attempt to investigate alternative methods to the planning and control of the acquisition and transformation functions in the organization. Instead, most firms emphasized minimizing the cost of capital and labor. The...
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...Counter Trade: Unquestionably, currency is the preferred payment medium for any export or import transaction—it is easy, fast, and straightforward to transact. Sometimes, though, compa¬nies must adapt to the reality that buyers in many countries cannot do so, whether due to the fact that their home country's currency is nonconvertible, the country doesn't have enough cash, or it doesn't have sufficient lines of credit. Sometimes companies and coun¬tries find it practically impossible to generate enough foreign exchange to pay for imports. In recourse, they devise creative ways to buy products. For example, Indonesia traded 40,000 tons of palm oil, worth about US$15 million, with Russia in exchange for Russian Sukhoi fighter aircraft. This trade, like others that fall under the umbrella term countertrade, illustrates that buyers and sellers often find creative ways of settling pay¬ment for imports and exports. Countertrade refers to any one of several different arrangements that parties negoti¬ate so that they can trade goods and services with limited or no use of currency. Technically, countertrade can be divided into two basic types: barter, based on clearing arrangements used to avoid money-based exchange; and buybacks, offsets, and counter purchase, which are used to impose reciprocal commitments. Countertrade is an inefficient way of doing business. By default, companies prefer the straightforward efficiency of cash or credit. In the case of countertrade, rather than...
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...MANUAL OF PROCUREMENT POLICIES AND STANDARD OPERATING PROCEDURES for THE NHF PROGRAMMES of THE MINISTRY OF HEALTH And THE MINISTRY OF POPULATION WELFARE GOVERNMENT OF PAKISTAN TABLE OF CONTENTS ACRONYMS AND ABBREVIATIONS DEFINITIONS SECTION ONE GUIDELINES AND POLICIES 1. PURPOSE OF THIS MANUAL 2. INTRODUCTION 2.1 Application of this Manual 2.2 Public Procurement in Pakistan 2.3 No Application in the Provinces 3. USE OF STANDARD PROCUREMENT FORMS 4. STANDARD BIDDING DOCUMENTS 5. COMMUNICATION AND RECORDS MANAGEMENT 5.1 Authority for Correspondence and Communications 5.2 Documentary Records 5.3 Responsibility and Accountability 6. PROCUREMENT POLICY GUIDELINES 7. CODE OF ETHICS SECTION TWO 1-49 STANDARD OPERATING PROCEDURES (See List in Section Two) SECTION THREE 1-17 STANDARD PROCUREMENT FORMS (See List in Section Three) SECTION FOUR ADDITIONAL NOTES TO THE STANDARD OPERATING PROCEDURES (See List in Section Four) ACRONYMS AND ABBREVIATIONS ADB Asian Development Bank AG Auditor General AGPR Accountant General Pakistan Revenue BOC Bid Opening Committee EOI Expression of Interest EPI Expanded Programme of Immunization FPC Federal Procurement Cell GFR General Financial Rules, 1951 GoP Government of Pakistan ICB International Competitive Bidding IFI International Financial Institution ITB Instruction to Bidders LC Letter of Credit LCS Least Cost...
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...(completely knocked down) condition from General Motors, Detroit, after establishing import letters of credit through its main bankers, Global Bank, Pune Branch. M/S Auto India approached Global Bank, Pune for opening of import letter of credit as per UCP ICC 600 for USD 100,000, on sight basis, in favour of General Motors, Detroit. Type of credit Application Applicant Beneficiary Issuing Bank Advising Bank Negotiating Bank Reimbursing Bank Availability Expiry Amount Merchandise Quantity and price - Irrevocable negotiable - UCP ICC 600 - M/S Auto India, Pune, India - M/S General Motors, Detroit, USA - Global Bank, Pune, India - The American Bank, New York - The American Bank, New York - International Bank, New York - Negotiable at sight - At the counters of The American Bank, New York - USD 100,000 - Car engine parts - 50 units @ USD 2000 per unit Circumstances Issuing Bank Global Bank, Pune issued its irrevocable negotiable credit through its head office in Pune since Global Bank co-ordinated all...
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...(completely knocked down) condition from General Motors, Detroit, after establishing import letters of credit through its main bankers, Global Bank, Pune Branch. M/S Auto India approached Global Bank, Pune for opening of import letter of credit as per UCP ICC 600 for USD 100,000, on sight basis, in favour of General Motors, Detroit. Type of credit Application Applicant Beneficiary Issuing Bank Advising Bank Negotiating Bank Reimbursing Bank Availability Expiry Amount Merchandise Quantity and price - Irrevocable negotiable - UCP ICC 600 - M/S Auto India, Pune, India - M/S General Motors, Detroit, USA - Global Bank, Pune, India - The American Bank, New York - The American Bank, New York - International Bank, New York - Negotiable at sight - At the counters of The American Bank, New York - USD 100,000 - Car engine parts - 50 units @ USD 2000 per unit Circumstances Issuing Bank Global Bank, Pune issued its irrevocable negotiable credit through its head office in Pune since Global Bank co-ordinated all...
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...VOLUME 2 Manual of Procedures for the Procurement of Goods and Services Page i MANUAL OF PROCEDURES FOR THE PROCUREMENT OF GOODS AND SERVICES.................................................................................................... 1 ABBREVIATIONS AND ACRONYMS ............................................................ VI INTRODUCTION .......................................................................................... 1 SCOPE OF VOLUME 2...................................................................................... 3 PREPARING FOR THE PROCUREMENT OF GOODS AND SERVICES ................. 5 PREPARING FOR THE PROCUREMENT OF GOODS AND SERVICES ................................. 7 PROCUREMENT PLANNING ............................................................................... 8 What are the factors to be considered in planning for the procurement of Goods? ............ 8 What are “Technical Specifications”? ........................................................................ 10 What are the considerations in setting the technical specifications of the goods to be procured? ......................................................................................................... 10 What is the “Approved Budget for the Contract” or the ABC? ....................................... 11 What are the factors that should be considered in determining the ABC? ...................... 11 PREPARING THE BIDDING DOCUMENTS ..........................................
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...MA Special Module 2012 ExamREADINESS 170 Intensive Review Questions Ed. The Number One Source of Exam and OntheJob Information STUDY INFORM ATION FOR EX AM CANDIDATES Special Module ExamREADINESS 170 Review Questions Covering Federal Contract Administration ã ExamREVIEW PRO & ExamREVIEW PRESS 2012 All rights reserved. No part of the contents of this book may be reproduced or transmitted in any form or by any means without the written permission of the publisher. Important – Please Read Due to the variety of fonts installed on the users' systems, Acrobat may prompt you to download an additional language component (which is FREE from Adobe anyway). If you receive a message saying that a Traditional Chinese language pack has to be downloaded in order to load this eBook, please click YES to have Acrobat download the update. The size of the update is about 7M. Don’t worry, this download is safe. Table of Contents PRACTICE TEST MODULE 1................................................................................................4 PRACTICE TEST MODULE 2..............................................................................................45 PRACTICE TEST MODULE 3............................................................................................106 PRACTICE TEST MODULE 4............................................................................................167 PRACTICE TEST MODULE 5..........................
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... |13 | |Recommendations and Conclusion |14 | Introduction A guarantor issues a guarantee usually a bank on behalf of an exporter. It is a guarantee to the buyer that the exporter will fulfill the contractual obligations. If these obligations are not fulfilled, the guarantor undertakes to pay a sum of money to the buyer in compensation. This sum of money can be anything from 1% to 100% of the contract value. Bank guarantee is one of the security instruments which can be utilized to reduce the risks or to recover the losses or damages involve in many business transactions to buyer and seller since it's a guarantee from a bank, where it agrees to pay if the client, on whose behalf the guarantee has been issued fails to pay. Many genuine requirements of the business can be fulfilled with bank guarantee like purchase of machinery, obtaining goods, buy equipments or draw down loans, even when money is not available in the business, on the assurance of the bank in the form of bank guarantee....
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...cannot take account of all jargon used but will attempt to achieve clarity where possible; this document does not replace ‘The Official Dictionary of Purchasing & Supply (Terminology for Buyers and Suppliers) by Professor Jessop and H.K Compton. Jargon affects all procurement professionals and non-professionals and this product is formulated for use by the whole of the P&SM profession and everyone who interacts with it. P&SM Jargon Buster V1 A ABC – Activity Based Costing An approach to the costing and monitoring of activities that involves tracing resource consumption and costing final outputs. (Source: Accounting for Non Accounting Students 4th Edition J.R Dyson, Pitman Publishing) ABC Management Application of Pareto’s Law of the 80/20 rule: ABC classifications are determined in ascending rank order of all products according to the product classification as a percentage of the total purchasing spend. Ranking can also be by volume, value, weight etc. ACH – Automatic Clearing House Electronic method of making routine payments, replacing traditional cheques. (Source: www.cips.org) Acquisition Often interchangeably with Purchasing. Acquisition involves all the processes from confirming the contract/order to the payment of the invoice. Act of God An extraordinary circumstance which could not have been foreseen and which could not have been guarded against....
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...Core WTO Agreements: Trade in Goods and Services and Intellectual Property Arvind Panagariya Contents 1. Introduction 1 2. Trade in Goods 2 2.1 The Most favored Nation Principle 5 2.2 National Treatment 7 2.3 Tariffs 9 2.4 Customs Procedures 10 2.5 Quantitative Restrictions 11 2.6 Subsidies 13 2.7 Anti-dumping 16 2.8 Safeguards: Emergency Protection 20 2.9 Trade Related Investment Measures 22 2.10 State Trading 23 2.11 Preferential Trade Areas 25 2.12 Non-application of the Agreement and Security and Environmental Exceptions 26 2.13 Government Procurement 28 3. Trade in Services 30 3.1 Scope and Definition 31 3.2 The MFN Provision 32 3.3 Market Access, National treatment and the Schedule of Specific Commitments 32 3.4 Preferential Trade Areas 34 3.5 Mutual Recognition of Qualifications 36 3.6 Transparency, Domestic Regulation and the Status of Monopolies and Exclusive Service Suppliers 37 3.7 Restrictions to Safeguard the Balance of Payments 39 3.8 General and Security Exceptions 39 3.9 Issues for Future Negotiations: Emergency Safeguards, Subsidies and Government Procurement 40 3.10 Developing-Country-Specific Provisions 40 3.10 Other Provisions 41 3.11 Annexes 42 4. Intellectual Property Rights 43 4.1 General Obligations and Basic Principles 44 4.2 IP Standards 44 4.3 Enforcement 46 4.4 Dispute Settlement and Transition Arrangements 46 1. Introduction Prior to...
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...Contracts and Procurement Management Notes: E-PROCUREMENT E-Procurement is the business to business (B2B) purchasing of goods and services through the Internet. These days, E-procurement is an invaluable tool for streamlining the procurement process. There are several varieties of e-Procurement, each of which can offers benefits to manufacturing enterprises in ensuring both that materials are delivered in time to meet production schedules and that they are at the best price to maximize profit margins. The state of Kentucky uses two methods to manage their contracts. These processes are: the competitive sealed bidding where by the bid is opened publicly at the time and place of solicitation and the competitive negotiation by RFP of which they are not opened publicly. E-Procurement.gov. helps the government and the citizens realize the vision of growth via profitable B2B e-commerce. The proven platform used by the largest companies in India and the world, it enables trade between companies of different sizes, platforms and locations.To this end,eProcurement.gov.in will provide services like eProcurement, eTendering, eSelling and eAuctions. E-procurement Auction Services offers government departments easy-to-use, web-based solutions for conducting dynamic exchanges in an on-line environment. It provides real-time bidding solutions for buyers and sellers as control, and simplicity to corporate procurement and liquidation processes. The state of Kentucky uses two methods to...
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...Imposing of tariffs can result in retaliation that is harmful rather than helpful for a country and its well-being: In 1920, American farmers lobbied congress for tariff protection on its agricultural products. Overtime more domestic producers joined with agricultural interests, seeking their own protection from foreign competitors. The resulting legislative proposal increased tariffs for more than 20,000 items across a broad range of industries. In 1929, the Smoot-Hawley Tariff Act established some of the highest levels of tariffs ever imposed by US. That day stock market crashed, falling 12%. Despite protest from 34 foreign countries, the act was signed in 1930. The result was a retaliatory trade war, characterized by tit-for-tat tariffs and protectionism between trading nations. World trade fell from $5.7 billion to $1.9 billion, industrial efficiency and the effects of comparative advantage were sharply reduced, unemployment increased dramatically and the world was pushed into decade-long economic depression. Ad Valorem, Specific and Compound Duties. Import duties are three types; 1) Ad Valorem, 2) Specific, or 3) a combination of two called compound. An Ad Valorem Duty is stated as a percentage of the invoice value of the product. Example: US tariff schedule states that flavoring extracts and fruit flavors not containing alcohol are subjected to a 6% Ad Valorem Duty. When a shipment of flavoring extracts invoiced at $10,000 arrives at USA, the importer is required to pay...
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...of the car engine in a CKD (completely knocked down) condition from General Motors, Detroit, after establishing import letters of credit through its main bankers, Global Bank, Pune Branch. M/S Auto India approached Global Bank, Pune for opening of import letter of credit as per UCP ICC 600 for USD 100,000, on sight basis, in favour of General Motors, Detroit. Type of credit - Irrevocable negotiable Application - UCP ICC 600 Applicant - M/S Auto India, Pune, India Beneficiary - M/S General Motors, Detroit, USA. Issuing Bank - Global Bank, Pune, India Advising Bank - The American Bank, New York Negotiating Bank - The American Bank, New York Reimbursing Bank - International Bank, New York Availability - Negotiable at sight Expiry - At the counters of The American Bank, New York Amount - USD 100,000 Merchandise - Car engine parts Quantity and price - 50 units @ USD 2000 per unit Circumstances Issuing Bank Global Bank, Pune issued its irrevocable negotiable credit through its head office in Pune since Global Bank co-ordinated all its accounting and communication functions at its...
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...FOREIGN EXCHANGE POLICY EXIM BANK LIMITED A CRITICLE EVALUATION (Internship Report) Supervisor Mr. Bazlur Rahman Lecturer Department of Marketing Studies & International marketing University of Chittagong Prepared By Md Sarwar kamal Roll: R 143042 Department of Marketing Studies & International marketing University of Chittagong March 2008 LETTER OF SUBMISSION Date: February 08, 2008 To Chairman Department of Marketing Studies &International Marketing University of Chittagong. Through, Supervisor Department of Marketing Studies &International Marketing University of Chittagong. Sub : Submission of Internship Report. Dear Sir, Here is my report on “Foreign Exchange policy of EXIM BANK Limited : A Critical Evaluation ” submitted to your honor. A methodological research was conducted to prepare the report for fulfillment of the requirement of Internship Program, an integral part to the academic curriculum for MBA. This report has been prepared on the basis of the findings out of the research work with practical knowledge, which includes collection of primary and secondary data, discussion with the executives and study on relevant books and publications. I have studied on relevant issues and tried to highlight the pros and cons of it accordingly in this regard. I have also tried to reflect all the findings of my study in this report to the point to make it a rich one. I would like to express...
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...0 Evaluation & Certification process Annexures Annexure‐I : Risks of eProcurement Systems and related ISO 27001 controls Annexure‐II : Checklist for eSecurity Compliance (including CVC Guidelines) Annexure‐III : Checklist for compliance to GOI procurement procedures (GFR) Annexure‐IV : Checklist for legal compliance (IT Act – Amendment 2008) Annexure‐V : Definitions and Reference Documents Reference documents: 1. eTendering Process 2. eTendering Glossary 3. eProcurement Integrity Matrix 4. OWASP (Open Web Application Security Project) Top10 Application Security Risks‐ 2010 5. Business requirements specification‐ cross industry e‐Tendering process (Source CWA 15666) Forms & Templates: Template I : Template for defining Usability Requirements Specifications of the Software product Template II : Template for Performance Specification Form I : Application form for applying for Testing to STQC 2 1.0 1.1 Introduction Background The public sector is one of the biggest purchasers of goods & services in the economy. The Government of India acknowledges that automating procurement process using...
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