This document proposes using multi-signature cryptocurrency transactions and a single agreed-upon arbitrator to replace letters of credit in international trade. It would reduce fees and risks compared to the current system that relies on multiple banks. The document outlines an example transaction where cryptocurrency wallets requiring multiple signatures are used to escrow funds until goods are received and terms are met. It also describes how the arbitrator would handle various situations where the seller, shipper, or purchaser fails to meet contract terms.
Negotiable instruments chapter 5-b.v.raghunandan SVS College
This document discusses negotiable instruments such as bills of exchange, cheques, and promissory notes. It covers topics like negotiability, transferability, types of negotiable instruments, key features of bills of exchange and cheques, differences between bills and cheques, crossing and endorsement of cheques, and more. The purpose is to define and explain the nature and characteristics of common negotiable instruments.
The Indian Sale of Goods Act of 1930 regulates transactions relating to the sale and purchase of goods. It was passed to replace sections of the Indian Contract Act of 1872 dealing with sale of goods. The Act applies to the whole of India except Jammu and Kashmir.
A contract for sale of goods involves the transfer of property in goods from the seller to the buyer for a price. It requires two parties, goods, a price, and the transfer of general property. The Act distinguishes between a sale and an agreement to sell based on the transfer of goods and risk of loss. A hire-purchase agreement differs in that ownership only transfers after installment payments, while the position of the hirer is as a bailee
This document provides information about letters of credit and related terms. It defines key terms like applicant, beneficiary, issuing bank, advising bank, confirming bank, negotiating bank. It describes different types of letters of credit like revocable, irrevocable, at sight, deferred payment. It also discusses commercial documents required for letters of credit like proforma invoice and packing list.
The document discusses negotiable instruments and provides details about bills of exchange. It defines a bill of exchange as a written unconditional order signed by the maker directing payment of a specified amount of money to a payee or bearer. It notes there must be three parties - the drawer, drawee, and payee. Time bills require acceptance by the drawee to be negotiated, while demand bills do not. The essential characteristics of a bill of exchange are also outlined.
This document is the preamble and first chapter of The Negotiable Instruments Act, 1881 which defines key terms related to promissory notes, bills of exchange, and cheques. It defines promissory notes as unconditional written promises to pay a specified sum of money. Bills of exchange are unconditional written orders to pay a specified sum. Cheques are bills of exchange drawn on a bank payable on demand. It also defines related terms like drawer, drawee, acceptor, holder, holder in due course, and negotiable instrument. The purpose is to define and standardize the law around these important financial instruments.
The negotiable instruments act, 1881 (2)RevaMittal
The document provides an overview of negotiable instruments under Indian law. It defines key terms like negotiable instrument, bill of exchange, promissory note, cheque, endorsement, and dishonour. It describes the essential characteristics and elements of different types of negotiable instruments. The Negotiable Instruments Act of 1881 governs negotiable instruments in India and helps facilitate valid contracts between parties.
This document provides an overview of the short sale process for real estate agents. It defines a short sale as when the mortgage on a home is higher than the home's value. It explains that negotiating a short sale involves obtaining paperwork from the homeowner and lender and following up over an extended period. The key steps are: 1) obtaining documentation from the homeowner like financial statements and proof of debts; 2) contacting the lender to submit the file for approval; and 3) waiting for lender review, which often requires an offer be submitted. Attention to detail in paperwork and follow up is important for short sale success.
Negotiable instruments chapter 5-b.v.raghunandan SVS College
This document discusses negotiable instruments such as bills of exchange, cheques, and promissory notes. It covers topics like negotiability, transferability, types of negotiable instruments, key features of bills of exchange and cheques, differences between bills and cheques, crossing and endorsement of cheques, and more. The purpose is to define and explain the nature and characteristics of common negotiable instruments.
The Indian Sale of Goods Act of 1930 regulates transactions relating to the sale and purchase of goods. It was passed to replace sections of the Indian Contract Act of 1872 dealing with sale of goods. The Act applies to the whole of India except Jammu and Kashmir.
A contract for sale of goods involves the transfer of property in goods from the seller to the buyer for a price. It requires two parties, goods, a price, and the transfer of general property. The Act distinguishes between a sale and an agreement to sell based on the transfer of goods and risk of loss. A hire-purchase agreement differs in that ownership only transfers after installment payments, while the position of the hirer is as a bailee
This document provides information about letters of credit and related terms. It defines key terms like applicant, beneficiary, issuing bank, advising bank, confirming bank, negotiating bank. It describes different types of letters of credit like revocable, irrevocable, at sight, deferred payment. It also discusses commercial documents required for letters of credit like proforma invoice and packing list.
The document discusses negotiable instruments and provides details about bills of exchange. It defines a bill of exchange as a written unconditional order signed by the maker directing payment of a specified amount of money to a payee or bearer. It notes there must be three parties - the drawer, drawee, and payee. Time bills require acceptance by the drawee to be negotiated, while demand bills do not. The essential characteristics of a bill of exchange are also outlined.
This document is the preamble and first chapter of The Negotiable Instruments Act, 1881 which defines key terms related to promissory notes, bills of exchange, and cheques. It defines promissory notes as unconditional written promises to pay a specified sum of money. Bills of exchange are unconditional written orders to pay a specified sum. Cheques are bills of exchange drawn on a bank payable on demand. It also defines related terms like drawer, drawee, acceptor, holder, holder in due course, and negotiable instrument. The purpose is to define and standardize the law around these important financial instruments.
The negotiable instruments act, 1881 (2)RevaMittal
The document provides an overview of negotiable instruments under Indian law. It defines key terms like negotiable instrument, bill of exchange, promissory note, cheque, endorsement, and dishonour. It describes the essential characteristics and elements of different types of negotiable instruments. The Negotiable Instruments Act of 1881 governs negotiable instruments in India and helps facilitate valid contracts between parties.
This document provides an overview of the short sale process for real estate agents. It defines a short sale as when the mortgage on a home is higher than the home's value. It explains that negotiating a short sale involves obtaining paperwork from the homeowner and lender and following up over an extended period. The key steps are: 1) obtaining documentation from the homeowner like financial statements and proof of debts; 2) contacting the lender to submit the file for approval; and 3) waiting for lender review, which often requires an offer be submitted. Attention to detail in paperwork and follow up is important for short sale success.
Ch1 negotiating delivery-theory-dịch hợp đồng- bookboomingbookbooming
There are three main kinds of delay in delivery discussed in the document:
1. Excusable delay caused by events outside the parties' control, also known as force majeure.
2. Unexcused delay caused by the seller's fault or negligence.
3. Grace period which allows for early delivery and benefits both parties.
Ch 2 price and payment- theory bookboomingbookbooming
The document discusses export payment terms and strategies for negotiating payment in international contracts. It covers 5 steps in negotiating payment: 1) mode of payment, 2) timing, 3) place of payment, 4) delay terms, and 5) results of delay. It also discusses how exporters can mitigate payment risk through third party guarantees like export credit insurance, payment guarantees, tender guarantees, performance guarantees, and prepayment guarantees. The guarantees commit a bank to pay the exporter if the buyer defaults or fails to meet obligations.
This document provides an overview of negotiable instruments. It defines a negotiable instrument as a written document that includes a promise to pay a certain amount of money to the bearer. Key points include:
- Negotiable instruments must be in writing, signed, include an unconditional order/promise to pay a certain sum of money, and include delivery.
- Common types of negotiable instruments are promissory notes, bills of exchange, and cheques.
- Features include being transferable, providing title to the transferee, and certain presumptions around consideration, dates, and titles.
New the negotiable_instruments_act__1881_381011348Nikhil Kadu
The document discusses negotiable instruments such as promissory notes, bills of exchange, and cheques. It defines each instrument, outlines their key characteristics and parties involved. Promissory notes contain an unconditional promise to pay, while bills of exchange contain an order to pay. Cheques are a type of bill of exchange that is drawn on a bank and payable on demand. The document compares the different instrument types and discusses essential elements like certainty of parties and amounts, as well as negotiation and endorsement processes.
The deputy commissioner of commercial taxes vNaveen Kumar
The document discusses a case regarding whether an auctioneer can be considered a dealer for the purposes of levying sales tax. It notes that the auctioneer in question was approved under the Tamil Nadu Pawnbrokers Act. While an auctioneer facilitates the sale of goods pledged to a pawnbroker, the pawnbroker maintains possession and control of the goods. Therefore, the auctioneer acts more as a broker bringing buyers and sellers together, rather than as a dealer transferring ownership, and so was not liable for sales tax on the transaction.
An Algorithm Analysis on Data Mining-396Nida Rashid
This document discusses and analyzes six major data mining algorithms: C4.5, k-Means, SVM, Apriori, EM, and PageRank. It provides a brief description of each algorithm, discusses their impact, and reviews current and future research on each one. These six algorithms cover important data mining topics like classification, clustering, statistical learning, association analysis, and link mining.
Internet forums allow users to have online discussions through posting messages on a message board. Forums are organized hierarchically with categories, subforums, and threads. They differ from chat rooms in that messages are longer and archived. Forums have features like private messages, attachments, emoticons, and user groups with varying privileges. Common forum topics include questions, comparisons, debates, and polls. Forums are moderated and administered to keep discussions civil and the site running smoothly.
Applying Agile Methodologies for Large Projects-385Nida Rashid
1) The document discusses applying agile methodologies to large software projects. It proposes an Agile Framework for Large Projects (AFLP) that uses Scrum as the backbone methodology.
2) The AFLP involves dividing large projects into multiple sub-teams, with each team following Scrum practices like daily stand-up meetings. It also incorporates practices like "Scrums of Scrums" to facilitate communication across sub-teams.
3) The framework was applied to four industry case studies. Surveys of the companies found that Scrum was well-suited for large projects because it allows projects to be completed in similar timeframes as small projects through division into sub-teams.
Powerpoint presentation -Princess On The RoadJijiManoj123
This document provides context and a summary of the one-act play "The Princess on the Road" by Kathleen Conyngham Greene. It introduces the author, characters, plot, and some key events in the story. The heroine is the princess of Florimund who decides to visit a village in disguise for an adventure. While in disguise as a peasant girl, she encounters a young boy named Johnny and asks him for milk, which she retrieves from a nearby cottage. She then shares bread with the boy, crumbling the leftovers to feed the ducks.
The document provides a summary of credentials for Anna Filippova, a freelance translator based in Portugal. She has over 15 years of experience translating between Russian, English, and Portuguese. Her areas of specialization include management, government, marketing, and technical fields like energy and renewables. She provides her contact information, education background in electrical engineering, translation rates and outputs, and references.
This document provides information about a training program on genetic polymorphisms and nutrigenomics. It discusses:
1. The program has been developed by MABiM, Corexcel, and IMNE for CME and nursing contact hours. Attendees must attend the entire program and submit an evaluation to receive a certificate.
2. The learning objectives are to define genetic polymorphisms and SNPs, interpret applications that analyze genes from raw data, determine if a SNP is expressed in its pathway, and apply nutrigenomics in practice.
3. SNPs are single nucleotide polymorphisms that can occur in coding, non-coding, or intergenic regions and may affect protein function depending on location and redundancy
El programa de técnico en sistemas busca formar personal calificado en mantenimiento de equipos de cómputo y redes. El programa presenta alta pertinencia dado el uso masivo de estas tecnologías. Los estudiantes aprenderán habilidades como realizar mantenimiento preventivo de equipos, implementar redes según estándares y aplicar herramientas ofimáticas y de redes sociales.
Syarat Kecakapan Khusus (SKK) dan Tanda Kecakapan Khusus (TKK) merupakan sistem penilaian kemampuan khusus Pramuka berdasarkan Prinsip Dasar dan Metode Kepramukaan. SKK dan TKK memungkinkan anak untuk mengembangkan bakat dan minatnya melalui bimbingan pembina.
El documento presenta el perfil y hoja de vida de Luz Angela Lizarazo, una analista del SGSS en Salud con más de 20 años de experiencia en autorizaciones médicas, facturación, atención al cliente y auditoría de cuentas médicas. Posee estudios universitarios en procesos administrativos de la salud y una amplia formación en diplomados relacionados con la auditoría clínica y financiera.
This document discusses Google Tag Manager and provides examples of how it can be used. Google Tag Manager allows tags and code snippets to be quickly updated on websites and mobile apps. It works by injecting JavaScript and can be used to track analytics, conversions, remarketing and more. The document provides examples of how Google Tag Manager can be used to track external link clicks, file downloads, form engagement, scroll tracking, and more. It also discusses triggers, variables, and version control within Google Tag Manager.
A letter of credit is used to facilitate international trade between a buyer and seller who may not know or trust each other. The buyer's bank issues a letter of credit to the seller's bank, authorizing payment for goods that meet the terms outlined in the letter. These terms describe the goods, documents required, shipment details, and payment. Once the seller provides the documents proving the goods were shipped as agreed, their bank pays them and sends the documents to the issuing bank, which reimburses the payment and releases the goods to the buyer upon receiving the documents. The letter of credit thus guarantees the seller payment if the goods are provided as specified.
Assignment Form HCA270 Version 31Associate Level Material.docxssuser562afc1
Assignment Form
HCA/270 Version 3
1
Associate Level Material
Assignment Form
Use the following form to address the five methods of computing book depreciation for health care organizations:
QUESTION
ANSWER – Do not forget to list references at the bottom of the paper. Write a minimum of 30 words for each area listed.
Straight Line Depreciation:
· No salvage
· Salvage
Accelerated Book Depreciation:
· Sum of Years’ Digits Method
Accelerated Book Depreciation:
· Double Declining Balance Method
Accelerated Book Depreciation:
· 150% Declining Balance Method
Accelerated Book Depreciation:
· Units of Production Method
Why is it important for a hospital to pay attention to depreciation more than a computer software company?
References
CHAPTER 7: Bank Collections, Trade Finance, and Letters of Credit
The previous chapters discussed contracts for the sale of goods, documentary sales, the risk of loss, and the liability of air and sea carriers. This chapter now turns to how the international banking system is used to move money in an international trade transaction. We will see how sellers collect for their shipments and how buyers remit payments for their purchases. We will also learn how sellers are assured of payment for their goods or services through the use of bank letters of credit and will briefly discuss some issues related to financing the sale. Keep in mind that most of the concepts covered here do not just apply to collecting money for the sale of goods but are equally applicable to many different types of international transactions involving the movement of money internationally and the use of banks to provide an assurance of contractual commitments.
THE BILL OF EXCHANGE
An understanding of how international payments or movements of money are made to fulfill contract obligations requires some basic understanding of the law of negotiable instruments. In general, the law of negotiable instruments is covered in courses on business law. For our purposes, we assume the reader has some limited understanding of this field. Here we are not concerned with their technical requirements, but with their use in international trade. A negotiable instrument is a signed writing, containing an unconditional promise or order to pay a fixed sum of money, to order or to bearer, on demand or at a definite time. Common negotiable instruments include promissory notes, which are two-party instruments containing a promise to pay, and drafts, which are three-party instruments containing orders to pay. In this chapter, we are concerned only with drafts. A draft is the signed order of the drawer, given to a drawee who is in possession of money to which the drawer is entitled, to pay a sum of money to a third party, the payee, on demand or at a definite time. A common check is a special form of draft, which is drawn on a bank and payable on demand. The three parties to a check include the drawer, who gave the order to pay, the drawee bank to who ...
Ch1 negotiating delivery-theory-dịch hợp đồng- bookboomingbookbooming
There are three main kinds of delay in delivery discussed in the document:
1. Excusable delay caused by events outside the parties' control, also known as force majeure.
2. Unexcused delay caused by the seller's fault or negligence.
3. Grace period which allows for early delivery and benefits both parties.
Ch 2 price and payment- theory bookboomingbookbooming
The document discusses export payment terms and strategies for negotiating payment in international contracts. It covers 5 steps in negotiating payment: 1) mode of payment, 2) timing, 3) place of payment, 4) delay terms, and 5) results of delay. It also discusses how exporters can mitigate payment risk through third party guarantees like export credit insurance, payment guarantees, tender guarantees, performance guarantees, and prepayment guarantees. The guarantees commit a bank to pay the exporter if the buyer defaults or fails to meet obligations.
This document provides an overview of negotiable instruments. It defines a negotiable instrument as a written document that includes a promise to pay a certain amount of money to the bearer. Key points include:
- Negotiable instruments must be in writing, signed, include an unconditional order/promise to pay a certain sum of money, and include delivery.
- Common types of negotiable instruments are promissory notes, bills of exchange, and cheques.
- Features include being transferable, providing title to the transferee, and certain presumptions around consideration, dates, and titles.
New the negotiable_instruments_act__1881_381011348Nikhil Kadu
The document discusses negotiable instruments such as promissory notes, bills of exchange, and cheques. It defines each instrument, outlines their key characteristics and parties involved. Promissory notes contain an unconditional promise to pay, while bills of exchange contain an order to pay. Cheques are a type of bill of exchange that is drawn on a bank and payable on demand. The document compares the different instrument types and discusses essential elements like certainty of parties and amounts, as well as negotiation and endorsement processes.
The deputy commissioner of commercial taxes vNaveen Kumar
The document discusses a case regarding whether an auctioneer can be considered a dealer for the purposes of levying sales tax. It notes that the auctioneer in question was approved under the Tamil Nadu Pawnbrokers Act. While an auctioneer facilitates the sale of goods pledged to a pawnbroker, the pawnbroker maintains possession and control of the goods. Therefore, the auctioneer acts more as a broker bringing buyers and sellers together, rather than as a dealer transferring ownership, and so was not liable for sales tax on the transaction.
An Algorithm Analysis on Data Mining-396Nida Rashid
This document discusses and analyzes six major data mining algorithms: C4.5, k-Means, SVM, Apriori, EM, and PageRank. It provides a brief description of each algorithm, discusses their impact, and reviews current and future research on each one. These six algorithms cover important data mining topics like classification, clustering, statistical learning, association analysis, and link mining.
Internet forums allow users to have online discussions through posting messages on a message board. Forums are organized hierarchically with categories, subforums, and threads. They differ from chat rooms in that messages are longer and archived. Forums have features like private messages, attachments, emoticons, and user groups with varying privileges. Common forum topics include questions, comparisons, debates, and polls. Forums are moderated and administered to keep discussions civil and the site running smoothly.
Applying Agile Methodologies for Large Projects-385Nida Rashid
1) The document discusses applying agile methodologies to large software projects. It proposes an Agile Framework for Large Projects (AFLP) that uses Scrum as the backbone methodology.
2) The AFLP involves dividing large projects into multiple sub-teams, with each team following Scrum practices like daily stand-up meetings. It also incorporates practices like "Scrums of Scrums" to facilitate communication across sub-teams.
3) The framework was applied to four industry case studies. Surveys of the companies found that Scrum was well-suited for large projects because it allows projects to be completed in similar timeframes as small projects through division into sub-teams.
Powerpoint presentation -Princess On The RoadJijiManoj123
This document provides context and a summary of the one-act play "The Princess on the Road" by Kathleen Conyngham Greene. It introduces the author, characters, plot, and some key events in the story. The heroine is the princess of Florimund who decides to visit a village in disguise for an adventure. While in disguise as a peasant girl, she encounters a young boy named Johnny and asks him for milk, which she retrieves from a nearby cottage. She then shares bread with the boy, crumbling the leftovers to feed the ducks.
The document provides a summary of credentials for Anna Filippova, a freelance translator based in Portugal. She has over 15 years of experience translating between Russian, English, and Portuguese. Her areas of specialization include management, government, marketing, and technical fields like energy and renewables. She provides her contact information, education background in electrical engineering, translation rates and outputs, and references.
This document provides information about a training program on genetic polymorphisms and nutrigenomics. It discusses:
1. The program has been developed by MABiM, Corexcel, and IMNE for CME and nursing contact hours. Attendees must attend the entire program and submit an evaluation to receive a certificate.
2. The learning objectives are to define genetic polymorphisms and SNPs, interpret applications that analyze genes from raw data, determine if a SNP is expressed in its pathway, and apply nutrigenomics in practice.
3. SNPs are single nucleotide polymorphisms that can occur in coding, non-coding, or intergenic regions and may affect protein function depending on location and redundancy
El programa de técnico en sistemas busca formar personal calificado en mantenimiento de equipos de cómputo y redes. El programa presenta alta pertinencia dado el uso masivo de estas tecnologías. Los estudiantes aprenderán habilidades como realizar mantenimiento preventivo de equipos, implementar redes según estándares y aplicar herramientas ofimáticas y de redes sociales.
Syarat Kecakapan Khusus (SKK) dan Tanda Kecakapan Khusus (TKK) merupakan sistem penilaian kemampuan khusus Pramuka berdasarkan Prinsip Dasar dan Metode Kepramukaan. SKK dan TKK memungkinkan anak untuk mengembangkan bakat dan minatnya melalui bimbingan pembina.
El documento presenta el perfil y hoja de vida de Luz Angela Lizarazo, una analista del SGSS en Salud con más de 20 años de experiencia en autorizaciones médicas, facturación, atención al cliente y auditoría de cuentas médicas. Posee estudios universitarios en procesos administrativos de la salud y una amplia formación en diplomados relacionados con la auditoría clínica y financiera.
This document discusses Google Tag Manager and provides examples of how it can be used. Google Tag Manager allows tags and code snippets to be quickly updated on websites and mobile apps. It works by injecting JavaScript and can be used to track analytics, conversions, remarketing and more. The document provides examples of how Google Tag Manager can be used to track external link clicks, file downloads, form engagement, scroll tracking, and more. It also discusses triggers, variables, and version control within Google Tag Manager.
A letter of credit is used to facilitate international trade between a buyer and seller who may not know or trust each other. The buyer's bank issues a letter of credit to the seller's bank, authorizing payment for goods that meet the terms outlined in the letter. These terms describe the goods, documents required, shipment details, and payment. Once the seller provides the documents proving the goods were shipped as agreed, their bank pays them and sends the documents to the issuing bank, which reimburses the payment and releases the goods to the buyer upon receiving the documents. The letter of credit thus guarantees the seller payment if the goods are provided as specified.
Assignment Form HCA270 Version 31Associate Level Material.docxssuser562afc1
Assignment Form
HCA/270 Version 3
1
Associate Level Material
Assignment Form
Use the following form to address the five methods of computing book depreciation for health care organizations:
QUESTION
ANSWER – Do not forget to list references at the bottom of the paper. Write a minimum of 30 words for each area listed.
Straight Line Depreciation:
· No salvage
· Salvage
Accelerated Book Depreciation:
· Sum of Years’ Digits Method
Accelerated Book Depreciation:
· Double Declining Balance Method
Accelerated Book Depreciation:
· 150% Declining Balance Method
Accelerated Book Depreciation:
· Units of Production Method
Why is it important for a hospital to pay attention to depreciation more than a computer software company?
References
CHAPTER 7: Bank Collections, Trade Finance, and Letters of Credit
The previous chapters discussed contracts for the sale of goods, documentary sales, the risk of loss, and the liability of air and sea carriers. This chapter now turns to how the international banking system is used to move money in an international trade transaction. We will see how sellers collect for their shipments and how buyers remit payments for their purchases. We will also learn how sellers are assured of payment for their goods or services through the use of bank letters of credit and will briefly discuss some issues related to financing the sale. Keep in mind that most of the concepts covered here do not just apply to collecting money for the sale of goods but are equally applicable to many different types of international transactions involving the movement of money internationally and the use of banks to provide an assurance of contractual commitments.
THE BILL OF EXCHANGE
An understanding of how international payments or movements of money are made to fulfill contract obligations requires some basic understanding of the law of negotiable instruments. In general, the law of negotiable instruments is covered in courses on business law. For our purposes, we assume the reader has some limited understanding of this field. Here we are not concerned with their technical requirements, but with their use in international trade. A negotiable instrument is a signed writing, containing an unconditional promise or order to pay a fixed sum of money, to order or to bearer, on demand or at a definite time. Common negotiable instruments include promissory notes, which are two-party instruments containing a promise to pay, and drafts, which are three-party instruments containing orders to pay. In this chapter, we are concerned only with drafts. A draft is the signed order of the drawer, given to a drawee who is in possession of money to which the drawer is entitled, to pay a sum of money to a third party, the payee, on demand or at a definite time. A common check is a special form of draft, which is drawn on a bank and payable on demand. The three parties to a check include the drawer, who gave the order to pay, the drawee bank to who ...
This document provides an overview of bills of exchange under Danish law. It defines a bill of exchange as a written order from a drawer to a drawee to pay a specified sum to a payee. It can be transferred through endorsements. Danish law strictly regulates the formal requirements for bills of exchange and how they can be transferred, accepted, enforced if unpaid at maturity, and time limits on claims. While historically important in trade finance, bills of exchange still provide a means of both payment and credit in international commerce under a mature legal framework in Denmark.
Maintaining letter of credit - For Bangladeshi ApplicantsSamsujjaman Sobuj
The document provides information about letters of credit (LCs), including definitions of key terms, parties involved in an LC transaction, types of LCs, documents required in an LC, and the basic LC application process. It defines an LC as a written instrument issued by a bank promising to pay the exporter for goods or services provided they meet the stipulated terms. The summary includes the key parties in an LC (applicant, beneficiary, issuing bank), types of LCs (revocable, irrevocable, confirmed, unconfirmed), and the basic steps an importer would take to set up an LC.
This document provides an overview of negotiable instruments under the Negotiable Instruments Act 1881. It defines negotiable instruments as written documents that entitle the holder to a sum of money. It discusses the key characteristics of negotiable instruments, including being freely transferable, giving the holder free title, and entitling the holder to recovery. The main types of negotiable instruments - promissory notes, bills of exchange, and cheques - are described. Key parties and elements of each type are defined, including makers, payees, endorsers, drawers, and drawees. The document also covers negotiation, dishonor by non-payment and non-acceptance, noting, protesting, holders, and holder in
This document discusses key differences and similarities between Articles 2 and 2A of the Uniform Commercial Code, which govern sales and leases of goods respectively. It covers topics like scope, formation of contracts, additional terms in acceptance, the statute of frauds, passage of title and risk of loss. For example, it notes that Article 2A applies to all commercial and consumer leases while Article 2 governs sales of tangible, movable goods. It also discusses rules around when risk of loss passes between buyers and sellers in shipment and destination contracts.
This document provides information about various types of letters of credit (LC), terms related to LCs, required documentation, and guidelines for LC transactions. It defines common LC types like sight LC, usance LC, and revolving LC. It describes key parties in an LC like the issuing bank, advising bank, and negotiating bank. It lists important documents required for LC transactions like commercial invoices, bills of lading, certificates of origin, and insurance policies. It also discusses international standards like UCP600, ISBP, and Incoterms that govern LC practices.
Deed of Agreement Purchase SBLC 35+2 RWA_Payment Guarantee_Security DepositSGT K. K. Group
This document outlines an agreement for the purchase of a standby letter of credit (SBLC) between a seller and buyer. Key details include:
- The SBLC will have a face value of €000,000,000 or $000,000,000, with an initial tranche of the same amount.
- The purchase price is 35% of the face value plus 2% consultant fees.
- The buyer must pay a refundable security deposit of €250,000-€650,000 before the seller will provide the SBLC via SWIFT messages.
- The transaction involves multiple steps of payment guarantees, SWIFT messages, verification, payment, and hard copy delivery
The document outlines the obligations of buyers and sellers in sales and lease contracts under the Uniform Commercial Code. It discusses requirements for good faith, the seller's obligation to deliver conforming goods, the buyer's obligation to accept and pay for goods, and exceptions to the perfect tender rule such as agreement of parties, cure, substitution of carriers, and commercial impracticability. It also covers the buyer's right to inspect goods before payment, acceptance, revocation of acceptance, anticipatory repudiation, international contracts, and letters of credit.
1. Buyer and seller agree on terms of sale including transport, credit period, shipment date, and Incoterms.
2. Buyer applies for a letter of credit from their bank, who evaluates the buyer's creditworthiness.
3. The issuing bank sends the letter of credit to an advising bank electronically, who authenticates and informs the seller.
The document describes the process for payment using documentary collections with sight drafts. It involves 7 steps: 1) The buyer and supplier agree to terms of sale and payment via sight draft collection. 2) The supplier ships goods. 3) The supplier prepares shipping documents and a sight draft, presenting them to the buyer's bank. 4) The bank requests payment from the buyer. 5) Upon payment, the bank releases documents to the buyer. 6) The buyer collects goods. 7) The bank remits payment to the supplier.
How to Prepare Closing Documents in a Residential Real Estate TransactionKaren Alridge
The document outlines the steps to prepare closing documents in a residential real estate transaction, including: 1) interviewing clients and gathering necessary information; 2) preparing closing documents as early as possible; 3) being aware of which documents are usually prepared by the seller's and buyer's solicitors; 4) reviewing documents from the other party in a timely manner and informing them of any required changes well in advance of closing; 5) sending documents to the other party early; and 6) determining who will prepare the deed of land if documents will be electronically registered.
Difference between Letter of credit and Telegraphic Transfer (T.T)Muzammel Ananda
The document discusses the benefits of letters of credit for both buyers and sellers. For sellers, letters of credit reduce risk by guaranteeing payment if goods are shipped. They can also obtain financing. For buyers, letters of credit allow them to control shipping times and demonstrate their creditworthiness. The key difference between letters of credit and wire transfers is that letters of credit require certain documents be presented before payment, reducing risk for the seller. The document also provides steps for how to open a letter of credit.
Export documentation is important to formalize agreements between buyers and sellers located in different countries and protect both parties' interests. Key documents that should be included are the commercial invoice, packing list, bill of lading, certificate of origin, and bill of exchange. Proper documentation is required by governments to claim export assistance and by customs to clear goods for international shipment and payment.
The document discusses bills of exchange, which are written financial instruments that represent an unconditional order by one party (the drawer) to another party (the drawee) to pay a specified sum of money to a third party (the payee). Bills of exchange facilitate trade and credit, help manage risks, and provide liquidity and legal protection. They involve a drawer, drawee, and payee and have key characteristics like being an unconditional written order signed by the drawer requiring payment in money. Common types include trade, accommodation, and documentary bills. Discounting allows the payee to sell a bill to a financial institution before maturity for immediate cash at a discounted price.
There are two main payment mechanisms used in international trade: letters of credit and bills of exchange. Both guarantee payment to the seller as long as documentation and terms are met. Letters of credit involve a buyer's bank guaranteeing payment to the seller's bank once goods are delivered. Bills of exchange allow one party to pay a fixed amount to another at a predetermined future date, facilitating credit. The major parties for letters of credit are the applicant (buyer), issuing bank, beneficiary (seller), advising bank, and confirming/negotiating banks.
The document discusses real estate transactions in the Czech Republic. It provides a history of property ownership rights from the communist regime to EU accession. It then outlines the sale contract process, including use of an escrow agent. It describes ownership transfer procedures with the cadastral office and property taxes. For buying a company, it discusses buying shares and outlines the share contract, due diligence process, and ownership transfer registration with the commercial court. Key steps include contract preparation, funds sent to escrow, contract signing, ownership changes recorded, and funds released.
The document summarizes key provisions of the Sale of Goods Act for entrepreneurs in India. It defines what constitutes a sale, outlines essential elements like transfer of ownership and consideration. It discusses differences between sale and agreement to sell, and when property transfers to the buyer in various situations like specific, unfinished or unascertained goods. It also covers rights of unpaid sellers, auction sales, passage of risk and property, and impact of insolvency.
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship PGPSE is for those who want to transform the world. It is different from MBA, BBA, CFA, CA,CS,ICWA and other traditional programmes. It is based on self certification and based on self learning and guidance by mentors. It is for those who want to be entrepreneurs and social changers. Let us work together. Our basic idea is that KNOWLEDGE IS FREE & AND SHARE IT WITH THE WORLD
This material is a part of PGPSE / CSE study material for the students of PGPSE / CSE students. PGPSE is a free online programme for all those who want to be social entrepreneurs / entrepreneurs
Similar to Multi-Sig BTC Transactions in Intl Trade (20)
Sale of goods act and related provisions for entrepreneurs
Multi-Sig BTC Transactions in Intl Trade
1. Multi-Signature Cryptocurrency
Transactions in International Trade
A cryptographic replacement for Letters
of Credit
ADRIAN SMITH
Trinity High School
October 25, 2014
Abstract
A cryptographic replacement for Letters of Credit, specifically
those used in international trade, would reduce the necessity for sev-
eral third parties in large global transactions, in turn creating faster
payment processing and lower fees. This could be accomplished
through the use of multi-signature cryptocurrency transactions serv-
ing as an escrow system.
Keywords: Seller , Purchaser , Carrier , Arbiter , Organizer
Introduction
International commerce has, since the dawn of the modern global economy,
required several banks and complex systems of credit in order to operate
regularly. These systems serve to insure payment for goods, reduce or
transfer risks, and expedite transactions. One such system of credit is the
Letter of Credit used in international trade, also known as Documentary
Credit. This system insures that the Seller will receive payment given that
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2. he ships the product being purchased, that the product meets agreed upon
terms and conditions, and that he presents adequate proof of the two pre-
ceding actions. The Purchaser also receives said proof as a condition of his
payment, and the Carrier can be confident that his payment will be pro-
vided given he meets the terms, without relying on the Seller or Purchaser.
However, this system requires the use of two banks and multiple transfers
of credit, making it vulnerable to non-payment if the banks involved are
unable to make good on their credit. The introduction of multiple banks
also adds in increased cost to the transactions, as each transfer of credit is
likely to involve fees.
This paper proposes that through use of multi-signature cryptoocur-
rency transactions (such as those supported by Bitcoin) and a single arbiter
(or arbitaration pool[1]) agreed on by both parties and the shipper, the risk
of non-payment can be reduced, and fees could be lowered extraordinarily,
as the Bitcoin (or other cryptocurrency) network fees would be insignificant,
and the arbiter only needs to agree to the terms and conditions prepared
by the Purchaser, Seller, and shipper in those cases where intervention by
the Arbiter is unnecessary, which should be the majority of cases.
Example Contract
The following sections detail an example transaction between two parties,
facilitated by the Carrier, Arbiter, and Organizer. It is important to note
that either the Shipper, Seller, or Arbiter would double as the Organizer,
or else software could be used. This example transaction can be used as a
boilerplate, but can and should be changed to fit individual use cases.
Best-Case Transaction
In the best-case transaction, the Seller, Purchaser, Shipper, and Arbiter agree
on a contract which lays out the terms of the transaction. This contract
would include agreements regarding: Cost for items, Organizer, cost of
shipping, necessary proofs for release of items, quality and conditions
of items at the time of shipping, preservation of goods during shipping,
arrival window, arbiter’s action fee (extra payment for the arbiter if they
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3. are required to override a transaction), and authority of the arbiter. Other
terms and conditions could also be included. This contract would be signed
with the Bitcoin private key of the four parties. Upon the contract accruing
all 4 signatures, the buyer would exchange the goods with the shipper in
return for an Electronic Bill of Lading (eB/L) which meets the terms of the
contract. The Buyer would also create three Multi-signature Bitcoin wallets,
or "Lockboxes". The first Lockbox would require signatures from two out of
three parties (Seller, Purchaser, and Arbiter) to broadcast a transaction, and
would hold the funds for payment on receipt of items, and the funds for
payment of the arbiter (This shall be referred to as the Primary Lockbox).
The second Lockbox would require the signature of either the Purchaser
or the Arbiter to broadcast a transaction, and would hold the funds for
payment to the Shipper (This shall be referred to as the Shipping Lockbox).
The final lockbox would require the signatures from three of the four
parties; Arbiter, Seller, Purchaser, or Shipper.(Referred to as the Arbitration
Lockbox). All Lockboxes would then be transfered to the Organizer, who
would collect the necessary public keys. All parties would also be given the
public addresses of the Lockboxes, allowing them to confirm the contents.
The Seller, Shipper, and Purchaser all put in 1/3 of the Arbiter’s action fee
into the Arbiter Lockbox. The/ eB/L would then be transmitted to both
the Organizer (Who forwards it to all parties in the contract, or hosts in on
a server accessible by all parties) and Purchaser. The Purchaser would then
review the eB/L, and upon finding it satisfactory to the terms of the contract
transmit payment for goods/arbitration and shipping to the necessary
Lockboxes. The Seller and Shipper also sends in the agreed upon rate for
the Arbiter into the Primary Lockbox. The Organizer then prepares the
transactions necessary to release the money from the Primary and Shipping
Lockboxes to their agreed upon receivers, and broadcasts them to all parties.
The Purchaser signs a message recognizing the validity of the eB/L, and
transmits it to all parties. Upon receipt of the message, the Shipper ships the
items, and the Seller signs the transaction to release the purchaser’s funds
to the Seller, and his own funds to the Arbiter (1/2 necessary signatures),
which is defined in the contract as equaling a statement confirming that the
goods have been shipped.
Once the good arrive at the Shipper’s receiving area (port/warehouse/etc.),
the Purchaser confirms that the items were received and follow the terms of
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4. the contract. If satisfied that all conditions are met, the Purchaser signs all
transactions, releasing payment to the Seller for goods, and the Arbiter and
Shipper for services. The Arbiter’s Action Fee is returned to the original
owners. Cases in which the Seller refuses to sign claiming failure of Shipper
or Seller to meet terms are discussed in the subsequent sections, as well as
cases in which the Purchaser refuses to sign without claiming a breach of
terms.
Failure of Seller to Meet Terms
In some cases, the Purchaser may refuse to sign the release transactions,
claiming that the Seller broke the terms of the contract. Some examples
would be items not being present, or items being of insufficient quality.
In this case, the arbiter is required to step in and use the authority given
to him by the contract. Should the Arbiter decide that the Purchaser is
incorrect, and that the products do indeed meet the terms of the contract,
the following steps are taken. First, the Arbiter creates the transaction to
release his Action Fee, in this case, the Shipper and Seller will both receive
their payments back, but the Purchaser’s payment will be sent to the arbiter.
The arbiter signs this transaction, and then signs both the Primary and
Shipping transactions. At this point the Seller and Shipper would sign the
Arbiter’s Action Fee transaction (incentivized by the return of funds to
them both). At this point, the Shipper has payment, the Arbiter the Action
Fee, and the Purchaser has received the goods.
However, should the Arbiter decide that the Purchaser is correct, and
that the products do not meet the terms of the contract, different steps
would then be followed to return the Purchaser’s money. First, the Arbiter
creates the transaction to release his Action Fee, in this case, the Shipper and
Purchaser will both receive their payments back, but the Sellers’s payment
will be sent to the arbiter. The Arbiter then prepares a new transaction from
the Primary Lockbox, which releases the payment for the goods back to
the Seller. The arbiter signs both of these transactions. At this point, the
Seller signs to return his funds, to pay the shipper, and to complete the
Action Fee transaction. At this point, the Shipper and Arbiter have both
received payment, the Purchaser receives his payment back, and the Seller
is required to pay the Arbiter’s fee and does not receive payment for failing
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5. to meet the terms of the contract. The Shipper may attempt to return the
goods to the Seller, but this would be dependent upon the Sellers wishes
and the terms of the contract.
Failure of Shipper to Meet Terms
Cases may also occur in which the Purchaser refuse to sign the shipping
transaction, claiming that the shipper failed to meet terms. In this instance,
the Arbiter, upon deciding that the Shipper failed to meet terms, would
also not sign the shipping transaction. The Arbiter would then create the
transaction to release the Arbiter’s Action Fee, returning the Seller and
Purchaser their funds, and paying the Shipper’s portion of the fee to the
Arbiter. The Seller and Purchaser would then both sign the Arbiter’s Action
Fee transaction. At this point, the Seller has payment, The Purchaser has
the goods to keep or return per terms of contract, and the Shipper is not
paid for service, but must pay the Arbiter the Action Fee. The shipper may
also be required to cover losses for the goods.
Failure of Purchaser to Meet Terms
The final case type is one in which the Purchaser refuses to sign, and
does not provide any or satisfactory reasons for their refusal. In these
cases, the Arbiter’s actions are simple. The Arbiter signs both the Primary
and Shipping transaction, releasing payment for goods to the Seller, and
payment for services to the Shipper and Arbiter. Then the Arbiter creates
the transaction to release the Arbiter’s Action Fee, returning the Seller and
Shipper their funds, and paying the Purchaser’s portion of the fee to the
Arbiter. The Seller and Shipper would then sign this transaction. At this
point, the Seller has received payment, the Purchaser has the goods, and
the Shipper and Arbiter have both received payment for their services.
Conclusion
This idea and example contract shows that by combining multisigniture
and cryptocurrencies in an escrow system, parties in large transactions
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6. can spread the risk of non-payment without the use of credit, and in the
majority of cases, without payment to a third party. While many variations
of this example are possible, there are several items which would be present
in nearly all use-cases:
1. Defining the Shipper, Seller, Arbiter, and Organizer
2. Stating of guidelines for the Arbiter’s decisions
3. Statement of signiture requirements
By building systems based on this idea, costs could be lowered, transac-
tions could be expidited, and trade could be shielded from some the risk of
credit.
References
1. drwasho. Voting pools in openbazaar.
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