Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i.e. the losses incident to marine adventure
Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i.e. the losses incident to marine adventure
This Presentation include just a brief information about Business Law, Contract according to Islamic Law & contract act 1872, also include contract Types, Elements,Discharging, Revocation, & finally Comparison of Islamic Contract & contract Act 1872.
In this presentaion concept of negotiable instrument, types of negotiable instrument, holder and holder in due course, endorsement , how endorsement is done, kinds of endorsement insturment obtain by unlawful means and dishonor is included.
Critical Appraisal of Section 124 & 125 of Indian Contract Act, 1872.pptxtaxguruedu
Indemnity in a literal sense means protection against loss. In an indemnity contract, one party – the indemnifier – promises to reimburse some other party – the indemnified – for the damage experienced by the other.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
3. TYPES OF GUARANTEE
THE INDIAN CONTRACTS ACT DEFINES GUARANTEE AS A
CONTRACT IN WHICH ONE PROMISES TO DISCHARGE THE LIABILITY OF
THE OTHER UPON THE DEFAULT OF THE LATTER. CREDITOR, DEBTOR
AND THE SURETY ARE THE THREE PARTIES TO THE CONTRACT OF
GUARANTEE. THIS CONTRACT IS FORMED BY THE CONSENT OF THE
ALL THE THREE PARTIES TO THE CONTRACT. GUARANTEE CONTRACT
MAY BE ORAL OR WRITTEN. THE CONTRACT OF GUARANTEE IS OF
DIFFERENT TYPES DEPENDING ON THE CONTRACT’S CONTENTS AND
THE NATURE OF THE SAME. HERE UNDER ARE THE DIFFERENT TYPES
OF GUARANTEE CONTRACTS.
4. • UNILATERAL CONTRACT OF COMMERCIAL CREDIT
• BANK GUARANTEE
• LETTER OF CREDIT
• ABSOLUTE PERFORMANCE BONDS
• RETROSPECTIVE GUARANTEE
• PROSPECTIVE GUARANTEE
• SPECIFIC GUARANTEE
• CONTINUING GUARANTEE
5. UNILATERAL CONTRACT OF COMMERCIAL CREDIT
THIS IS A TYPE OF CONTRACT OF GUARANTEE USUALLY SEEN
IN TRADE TRANSACTIONS. IT COMMONLY ARISES BETWEEN THE
WHOLESALE TRADER AND A RETAIL TRADER. ALSO, IT ARISES
BETWEEN A RETAIL TRADER AND THE CUSTOMER. IN THIS TYPE OF
GUARANTEE CONTRACT, THE GOODS ARE DELIVERED AGAINST NO
PAYMENT BUT WITH AN AGREEMENT. THE AGREEMENT BETWEEN
PARTIES IS EITHER WRITTEN OR ORAL. THE AGREEMENT MAY OR
MAY NOT HAVE ANY SECURITIES AGAINST DISCHARGE OF THE
PAYMENT ON A LATER DATE.
6. BANK GUARANTEE
THIS TYPE OF GUARANTEE CONTRACT IS COMMON IN THE
CONTRACTS OF THE GOVERNMENT. ALSO, IT IS COMMON IN TENDER
FOR CONTRACTS. THIS TYPE OF GUARANTEE CONTRACT IS A
COMMERCIAL DOCUMENT. THE BANK GUARANTEE IS AUTONOMOUS
AND IS INDEPENDENT OF THE CONTRACT THAT IS UNDERLYING. IT
IS A GUARANTEE FROM A BANK AGAINST LIABILITIES.
RETROSPECTIVE GUARANTEE
WHEN THE GUARANTEE IS GIVEN FOR AN EXISTING
OBLIGATION OR DEBT, IT IS CALLED RETROSPECTIVE GUARANTEE.
7. LETTER OF CREDIT
A LETTER OF CREDIT IS AN INSTRUMENT WHICH IS WRITTEN BY
ONE PERSON TO THE OTHER ABOUT GIVING OF CREDIT. THE ONE
WHO WRITES THE LETTER, REQUESTS THE OTHER TO GIVE CREDIT
TO THE BEARER OF THE LETTER OR IN WHOSE FAVOR THE LETTER IS
DRAWN. IN THE INTERNATIONAL TRADE THIS PRACTICE IS
COMMONLY SEEN. THIS CAN BE GENERAL LETTER OF CREDIT WHICH
IS DRAWN AGAINST MERCHANTS IN GENERAL OR SPECIAL LETTER OF
CREDIT WHICH IS DRAWN AGAINST A SPECIFIC PERSON WITH ALL
THE INFORMATION ENCLOSED.
8. ABSOLUTE PERFORMANCE BONDS
ABSOLUTE MEANS PERFECT AND IT ALSO MEANS COMPLETE.
IN THIS TYPE OF GUARANTEE CONTRACT, THE SURETY PAYS THE
AMOUNT WRITTEN IN THE CONTRACT UPON THE FAILURE TO
DISCHARGE THE CONTRACT BY THE PERSON AGAINST WHOM THE
GUARANTEE IS GIVEN.
PROSPECTIVE GUARANTEE
WHEN THE GUARANTEE IS GIVEN FOR A FUTURE OBLIGATION
OR DEBT IT IS CALLED PROSPECTIVE GUARANTEE.
9. SPECIFIC GUARANTEE
THIS TYPE OF GUARANTEE IS FOR A SINGLE TRANSACTION. IT
IS EXTENDED ONLY TO A SINGLE DEBT. IT IS ALSO CALLED AS SIMPLE
GUARANTEE.
CONTINUING GUARANTEE
THIS TYPE OF GUARANTEE EXTENDS TO MORE NUMBER OF
TRANSACTIONS. IT CONTINUES UNTIL THE GUARANTEE IS REVOKED.