...Condition Allows the insurer or any of its representatives to immediately suspend the insurance against loss to that equipment. Joint or Disputed Loss Agreement If multiple insurers provide an organization’s equipment breakdown insurance and its commercial property insurance coverage disputes may occur. Jurisdictional Inspections Condition Condition typically states that if any covered equipment requires inspection to comply with state, county, or municipal boiler and pressure vessel regulations, the insurer will perform jurisdictional inspections on the insured’s behalf. Adverse Selection The tendency for people with the greatest probability of loss to be the ones most likely t purchase insurance. Bankers Blanket bond Combination of a bond and insurance contract which provides the broadest coverage Seasonal Increase Provision Provision include BOP that address fluctuatin personal property values by automatically increase the amount of insurance certain time periods Crop Hail Insurance Insurance offered by private insurer that covers crops agains loss caused by hail. Multiple Peril Crop Insurance(MPCI) Insurance offered by the federal government that covers unexpected production losses due to natural causes such as drought, excessive moisture/ Animal Mortality Insurance Insurance that covers loss of valuable animals, death resulting from accident….. Feedlot...
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...GR 179628 1-16-2013 J. Del Castillo Suretyship - liability of surety Facts: Sps. Amurao (Creditor/Obligee) entered into a Construction Contract Agreement (CCA) w/ Aegean Construction Devt Corp (Debtor/Obligor) for the construction of a 6-storey commercial bldg. To guarantee its full & faithful compliance w/the terms & conditions of the CCA, Aegean posted a performance bond by Manila Insurance Co. (Surety) & Intra Strata Assurance Corp. (Surety). Due to failure of Aegean to comply w/the project, Sps. Amurao filed a Complaint vs. the Sureties to collect on the performance bond at the RTC QC. Manila Ins. filed a (motion to dismiss) M/D seeks to dismiss on grounds: 1) Lack of cause of action vs. Surety that filing of Complaint is premature due to failure to implead principal contractor; and that at the time the Surety Issued the performance bond, CCA was not yet signed; and 2) lack of jurisdiction. During pre-trial, Sureties discovered that the CCA contained an arbitration clause. RTC - denied Sureties M/D and subsequent M/R. It disregarded the fact that CCA was not yet signed at the time Surety issued the performance bond. CA - dismissed the petition. 1) The presence of arbitration clause in the CCA does not merit dismissal of the case; it is only when there are differences in the interpretation that parties may resort to arbitration 2) found no GAD on the part of the RTC, it explained that performance bond was intended to be coterminous w/The construction of the bldg. 3)...
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...State of Utah DEPARTMENT OF COMMERCE DIVISION OF CONSUMER PROTECTION TELEMARKETING PERMIT APPLICATION FORM OFFICE USE ONLY Date Permit Issued:_______________ Permit Number: _________________ Annual Application Fee: $250.00 (Non-refundable) Approved: ______________________ Denied: _________________________ Expiration:______________________ _________________________________________________________ (This is the name of institution that is registering.) ___________________________________________________________ Date of Application Please mark the appropriate box: [ ] INITIAL APPLICATION [ ] RENEWAL APPLICATION If you have any questions, please contact the Division at (801) 530-6601. Please make Application fee check or money order payable to the State of Utah. Please return the completed Application form and check or money order to: Department of Commerce Division of Consumer Protection 160 East 300 South, Second Floor PO Box 146704 Salt Lake City, Utah 84114-6704 Nov 2009 1. Applicant’s Name: ______________________________________________________________________ 2. Applicant’s address: __________________________________________________________________ Street ____________________________________________________________________ City State Zip Code ________________________________ _________________________________ Telephone Number Facsimile Number Telephone Number: _______________ 3. Contact Person: _______________________________________ ...
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...A. The Implications for corporate governance and financial institutions In Enron’s case, we may see that the principle weakness of corporate governance today is the excessive concentration of power in the hands of top management. Enron involve allegations of massive accounting fraud and huge losses in shareholder value. In May 2002, the Business Roundtable released its Principles of Corporate Governance. This is a set of principles intended to assist corporate management and boards of directors in their individual efforts to implement corporate governance best practices. 1) Role of CEO - i) The CEO, with senior management, operates the corporation on a daily basis. In addition to having the requisite skills and experience, the CEO should be a person of integrity who takes responsibility for the corporation adhering to the highest ethical standards. ii) CEO certification. CEO has to assess the adequacy of the procedures and the diligence of carrying out the procedures for verifying the accuracy and completeness of information provides to investors. 2) Role of board of directors – i) Effective directors are monitors the business operations. The board’s most important function is the selection, compensation and evaluation of a well-qualified and ethical CEO. ii) The non-management members of the board, under the oversight of a committee made up of independent directors, should annually review the performance of the CEO and participate with the...
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...Importing 101 – United States By Janice Dotti, Fair Trade Federation This guide is for fair trade organizations that have a desire to import goods into the US. Once you have gone through the preliminary steps to start your import business (determining what product to sell, conducting market analysis, creating company mission, and others), consult this guide for an outline of how to import products in the United States. Please note that every product has specific criteria, rules, and regulations. Therefore, you will need to consult the resources listed throughout this document for the specific criteria for your business and product. This document is merely a general overview to guide you through the basics of the importing process. § Locate Supplier(s) For fair trade importers, locating producer partners is the most important step. If you have not yet found fair trade suppliers, try consulting the International Fair Trade Association directory (www.ifat.org) or ask the Fair Trade Federation (www.fairtradefederation.org) to recommend specific products or producer groups. § Determine Method of Transport Please note that there are different import processes and quotas for importation via boat, air, and mail. You need to determine the best mode of transport for your specific items. As you decide, take the following factors into consideration: customer deadlines, your budget, producer’s production time...
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...Chapter 21 Structured Financing Techniques in Oil and Gas Project Fina.nce Future-Flow Securitizations, Prepaids, Volumetric Production Payments, and Project Finance Collateralized Debt Obligations Christopher L. Culp and J. Paul Forrester* I. INTRODUCTION Project finance is the extension of credit to finance an economic unit where the future cash flows of that unit serve as collateral for the loan. By facilitating the separation of project assets from the sponsor and enabling the financing of those assets on the basis of the cash flows they are expected to generate, project finance can allow a sponsor to undertake a project with more risk than the sponsor is otherwise willing to underwrite independently. Project finance can also help sponsors avoid incurring leverage beyond tolerable levels, thereby helping them preserve their debt capacity, credit ratings, and cash flows for alternative capital investment activities. Large-scale oil and gas projects have been popular subjects for project financing since the inception of the market. Indeed, modem project finance is thought to have begun in the 1930s when a Dallas bank extended a nonrecourse loan to finance an oil and gas project. I Project finance "came of age" in the 1970s and 1980s with the Please address correspondence to christopher.culp@chicagobooth.edu or jforrester@ mayerbrown.com. The usual disclaimer applies, and the opinions expressed herein do not necessarily reflect those of any...
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...Chapter 3 Building permits Page 113 One purpose for requiring the issuance of building permits authorizing construction is to ensure that the issuing authority may ensure that the issuing authority may enforce the FBC and the Fire prevention code and thus provide for the safe construction, erection, alteration, repair and demolition of the building. Certain property such as schools federal, and state government faciliteies are not subject to permitting from local authorities State construction falls under the state uniform building code for public educational facilities The contractor will not be required to obtain a local building permit for the construction of the school on school property. However there may be local building permit requirements for utilities outside the school. There is a statutory formal building permit application. The law authorizes the building permit applications to be submitted in electronic form. The building department that accepts service permits in electronic form must provide access to the permit application through internet access in searchable way. A permit may not be issued for any building construction, erection, alteration modification, repair or addition unless the applicant for such permit complies with the requirements for the plan review status within the for the building code However the code shall set standards and criteria to authorize preliminary construction before completion of all building plans review, including but...
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...Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial statements intended to illustrate financial statements prepared under the FRF for SMEsTM accounting framework. Also included are sample financial statements based on accounting principles generally accepted in the United States of America (U.S. GAAP). During the AICPA staff’s outreach efforts related to the FRF for SMEsTM accounting framework, users of financial statements and other stakeholders asked for comparisons of financial statements prepared under the framework to those prepared under U.S. GAAP. These are presented for comparative purposes. These sample financial statements are included for illustrative purposes and are not intended to establish reporting requirements. Furthermore, the dollar amounts shown are illustrative only and are not intended to indicate any customary relationship among accounts. The sample financial statements do not include all of the accounts and transactions that might be found in practice. The notes indicate the subject matter generally required to be disclosed, but should be expanded, reduced, or modified to suit individual circumstances and materiality considerations. In the following illustrative financial statements based on the FRF for SMEs accounting framework, it is presumed that the management of Alpha Contractors Inc. and subsidiary...
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... It does not deal with all the branches of the law of contract. Thus, contracts relating to partnership, sale of goods, negotiable instruments, insurance etc. are dealt with by separate Acts. What is contract? The term contract has been defined by various authors in the following manner: “A contract is an agreement creating and defining obligations between the parties”. —Salmond “A contract is an agreement enforceable at law, made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others”. —Anson “Every agreement and promise enforceable at law is a contract”. —Sir Fredrick Pollock The Indian Contract Act has defined contract in Section 2(h) as “an agreement enforceable by law”. These definitions indicate that a contract essentially consists of two distinct parts. First, there must be an agreement. Secondly, such an agreement must be enforceable by law. To be enforceable, an agreement must be coupled with an obligation. A contract therefore, is a combination of the two elements: (1) an agreement and (2) an obligation. Thus Contract = Agreement +enforcement at law. Agreement As per Section 2(e) of the Indian Contract Act “every promise and every set of promises, forming the consideration for each other, is an agreement. It is evident from the definition given above that an agreement is based on a promise. What is a promise? According to Section...
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...Q. What is a general offer? How is a contract created through general offer? Refer to leading cases. An offer may be made to the world at large. Such an offer is a general offer. However, a contract is not done with the whole world but only with the person who comes forward and accepts the offer. The acceptance might be express or implied. As per Anson, "An offer need not be made to an asertained person, but no contract can arise until it is accepted by an ascertained person". Case of Carllil vs Cabolic Smoke Ball Company. Creation of the contract - If the person performs the conditions of the offer. Thus, a person who finds a lost dog fulfills the condition of the prize money and thus a contract with the owner of the dog is created. General Offer of Continuing Nature - Some offers such as finding a lost object close when it is accepted by the first person. However, some offers, such as in the Carllil case, it can be accepted by any number of persons until the closing date of offer or until it is retracted. Q. Describe the law relating to communication of proposals, their acceptance and their revocation. Section 2(a) of Indian Contract Act 1972 says that when a person signifies his willingness to do or to abstain from doing something to another, with a view to obtaining the assent of that another, he is said to make a proposal. Further, section 2(b) says that when the person to whom the proposal is made signifies his assent, the proposal is said to be accepted. The important...
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...due date. 4 Bidder is expected to examine the specifications, deliver schedule, prices and all instructions of the Request for Proposal or Invitation to Bid 4 Any supplies or equipment offered in a bid must be new and of current technology. 4 Firm prices should be bid and should include any taxes, along with shipping and handling charges. 4 1.3. Schedule of Bid Period Activities 4 1.4. Location of Work 4 1.5. Pre-Bid Meeting 4 1.6. Owner Contact for Questions 5 1.7. Pre-Award Surveys 5 1.8. Sealed Bid Requirements 5 1.10. Ethical Standards 5 The Contractor shall comply with all applicable federal and state laws and regulations and local ordinances in the performance of the Contract. 5 1.11. Responsibility for Surety Bonds 5 A performance bond will be put in place with the winning bidder that will guarantee that the bidder, or principle, will complete the contract according to its terms including price and time....
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...Design and build 3.6 PFI - private finance initiative 3. contractor selection and tendering procedures 4.7 Purpose of tendering 4.8 Selective tendering 4.9 Negotiation 4. contract choice (JCT/NEC etc.) and contract terms 5.10 Standard form 5.11 JCT Joint contracts tribunal 5.12 NEC New engineering contracts 5. liability in tort (and the duty of care) 6.13 Tort 6.14 Liability in tort 6.15 Duty of care 6. contractor’s/employers obligations 7.16 Terms of contract 7.17 Contractors obligations 7.18 Employers obligations 7. time in contracts 8.19 Commencement 8.20 Extension of time 8.21 Completion 8. payments (including variations and loss and expense) 9.22 Contract price 9.23 Variations 9.24 Loss and expense 9. ensuring performance 10.25 Retention money 10.26 Insurance 10.27 Bonds 10. sub-contracting 11.28 Sub-contracts 11.29 Prevalence of sub-contracting 11.30 K 11. References 12. Appendices – further reading 1. Roles and relationships 1.1 conflicting professions The construction industry involves many different professions and the success of any construction project relies on the ability of these professions to work together. Murdoch and Hughes (2008, p.11) point out that there is an attitude that sometimes seems to prevail in industry and that is that...
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...Subject: Principles of Insurance and Banking Course Code: FM-306 Lesson: 1 Author: Dr. S.S. Kundu Vetter: Dr. B.S. Bodla NEGOTIABLE INSTRUMENTS ACT, 1881 STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 Objectives Introduction Meaning of Negotiable Instruments Characteristics of a negotiable instrument Presumptions as to negotiable instrument Types of negotiable Instrument 1.5.1 Promissory notes 1.5.2 Bill of exchange 1.5.3 Cheques 1.5.4 Hundis 1.6 Parties to negotiable instruments 1.6.1 Parties to Bill of Exchange 1.6.2 Parties to a Promissory Note 1.6.3 Parties to a Cheque 1.7 1.8 Negotiation 1.7.1 Modes of negotiation Assignment 1.8.1 Negotiation and Assignment Distinguished 1.8.2 Importance of delivery in negotiation 1.9 Endorsement 1.10 Instruments without Consideration 1.11 Holder in Due Course 1.12 Dishonour of a Negotiable instrument 1.13 Noting and protesting 1.14 Summary 1.15 Keywords 1.16 Self Assessment Questions 1.17 References/Suggested readings 1.0 OBJECTIVES After reading this lesson, you should be able to• • • • Understand meaning, essential characteristics and types of negotiable instruments; Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque; Explain capacity and liability parties to a negotiable instruments; and Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments. 1.1 INTRODUCTION The Negotiable Instruments Act...
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...Exhibit B Page 1 Non-Profit Subgrantee Certifications and Assurances The Department of Housing and Urban Development (HUD) requires that all non-profit Subgrantees on HOPE VI projects sign this “Certifications and Assurances” form certifying that they will comply with the specific federal requirements described below. The parties who must sign a “Certifications and Assurances” form are defined below: • Subgrantees: These are non-profit organizations to which the Housing Authority (Housing Authority or Grantee) has awarded a grant from the HOPE VI grant that the Housing Authority received from HUD. The subgrantee is accountable to the Housing Authority for the use of the funds provided, but the Housing Authority is ultimately accountable to HUD. ************************************************************************ Certification and Assurance: The subgrantee executing this certification hereby assures and certifies that it will comply with all of the applicable requirements of the following, as the same may be amended from time to time, including adding appropriate provisions to all contracts between Grantee and Subgrantees in accordance with 24CFR Part 84 and Appendix A to Part 84. 1) Contracts in excess of the small purchase threshold shall contain contractual provisions or conditions that allow for administrative, contractual, or legal remedies in instances in which a contractor violates or breaches the contract terms, and provide for such remedial actions as may be appropriate...
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...Subject: Principles of Insurance and Banking Course Code: FM-306 Lesson: 1 Author: Dr. S.S. Kundu Vetter: Dr. B.S. Bodla NEGOTIABLE INSTRUMENTS ACT, 1881 STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 Objectives Introduction Meaning of Negotiable Instruments Characteristics of a negotiable instrument Presumptions as to negotiable instrument Types of negotiable Instrument 1.5.1 Promissory notes 1.5.2 Bill of exchange 1.5.3 Cheques 1.5.4 Hundis 1.6 Parties to negotiable instruments 1.6.1 Parties to Bill of Exchange 1.6.2 Parties to a Promissory Note 1.6.3 Parties to a Cheque 1.7 1.8 Negotiation 1.7.1 Modes of negotiation Assignment 1.8.1 Negotiation and Assignment Distinguished 1.8.2 Importance of delivery in negotiation 1.9 Endorsement 1.10 Instruments without Consideration 1.11 Holder in Due Course 1.12 Dishonour of a Negotiable instrument 1.13 Noting and protesting 1.14 Summary 1.15 Keywords 1.16 Self Assessment Questions 1.17 References/Suggested readings 1.0 OBJECTIVES After reading this lesson, you should be able to• • • • Understand meaning, essential characteristics and types of negotiable instruments; Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque; Explain capacity and liability parties to a negotiable instruments; and Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments. 1.1 INTRODUCTION The Negotiable Instruments...
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