Start Writing that Essay and See It to Completion!

Begin Writing that Essay and See It to Completion! Begin Writing that Essay and See It to Completion! Composing abilities are a need in school and most people’s regular day to day existence. On the off chance that you stress over composition, tend to stall, or are frightful about the task, here are a few hints to assist you with beginning composing a solid paper and finish it by cutoff time. #1 Set a STRICT last cutoff time. Cutoff times are significant on the grounds that they urge an essayist to get the work in little lumps, inside a reasonable time span. On the off chance that you find that you experience issues considering yourself responsible, set PC schedule updates and ask a companion, parent, or another person to help you to remember your objectives. Set additional updates as the last due date draws near. #2 Set a day by day share. This will assist you with arriving at your cutoff time and (as referenced in thing #1) break the composing task into simpler, progressively sensible undertakings. #3 Write each day. Composing each day will assist you with building up the propensity for intuition I get the opportunity to compose today, rather than â€Å"I need to compose today.† (And, if that psychological move doesn’t occur, at any rate it will be a normal that forces you to take care of business.) #4 Shut off electronic gadgets and discover a spot to compose easily. Free yourself of all interruptions which and become progressively centered around composing an exposition that will gets the perusers consideration. #5 Visualize the completed piece. Be explicit in your manner of thinking and imagine precisely what your ideal article can (and will) resemble. Have your papers edited by somebody qualified to give fitting input and alters. Our group of composing experts at are prepared to help you. Converse with us at 1-800-573-0840.

Portfolio Management Essays -- GCSE Business Marketing Coursework

Portfolio Management Presentation: Portfolio the board is a mixture of protections as entire, instead of inconsequential individual property. Portfolio the executives focuses on the choice of protections for incorporation in the portfolio dependent on that security’s commitment to the portfolio in general. This reasons there some cooperative energy or some collaboration among the protections brings about the all out portfolio impact being something more than the total of its parts. At the point when the protections are joined in a portfolio, the arrival on the portfolio will be a normal of the profits of the protections in the portfolio. For instance, if a portfolio was involved on equivalent situations in two protections, whose profits are 15% and 20%, the arrival on the portfolio, will the normal of the profits of the two protections in the portfolio, or 17.5%. From this we will talk about the way toward making a differentiated portfolio. The enhanced portfolio is a hypothesis of contributing that decreases t he danger of losing all your cash when â€Å"all your eggs† are not in one bin. Broadening limits your hazard an as time goes on, can improve your all out returns. This is accomplished by placing resources in a few classes of ventures. Portfolio Process: The portfolio procedure is as per the following: 1. Planning a venture objective; 2. Creating and actualizing an advantage blend; 3. Checking the economy and the business sectors; 4. Changing the portfolio and estimating the presentation Because of the power of every one of the four things, we will cover just the initial two. 1. Speculation Objective: This point is wide and contains three significant divisions. They are establishment destinations, limitations and significant targets. Establishment Objectives: These destinations by and large get the most consideration from financial specialists and are dictated by intensive assurance of your needs, inclinations and assets. ï‚ · Return †you have to decide if you incline toward a technique of return amplification, where resources are contributed to make the best return conceivable while remaining inside the hazard resilience level, or whether a necessary least come back with sureness is best, producing just as much profit with accentuation for chance decrease. ï‚ · Risk †There are numerous approaches to survey the hazard resilience of a specific speculator, from the least learned of ventures to the exceptionally modern financial specialist. Adjacent to... ...the market overall. Expanding among various protections can lessen nonsystematic chance. Both of these sorts of hazard can be maintained a strategic distance from when you effectively assess your hazard rules and decide the most extreme measure of hazard that you are happy to deal with. End: When your portfolio has been set up then subsequent stage in the administration is to assess your portfolio’s execution. The accomplishment of your portfolio is dictated by contrasting the complete pace of return of the portfolio to the normal absolute return of similar portfolios. It is basic to build up a framework to screen the fittingness of the protections that include the portfolio and the systems overseeing it. The procedure is twofold as it includes checking: ï‚ · The adjustments in your objectives, money related position and inclinations; ï‚ · Expectations in capital markets and individual organizations; Recollect that enhancement is more than setting your eggs in various bins. It is likewise ensuring that every one of your crates aren’t produced using a similar material. References: Money Street 101, www.familyinternet.com Figuring out how to Invest, www.learningtoinvest.com Your Money Coach, www.yourmoneycoach.com

Titrating ADHD Medication to Determine Your Optimal Dosage

Titrating ADHD Medication to Determine Your Optimal Dosage ADHD Treatment Print Titrating the Dosage of ADHD Medication By Keath Low Keath Low, MA, is a therapist and clinical scientist with the Carolina Institute for Developmental Disabilities at the University of North Carolina. She specializes in treatment of ADD/ADHD. Learn about our editorial policy Keath Low Reviewed by Reviewed by Amy Morin, LCSW on July 28, 2019 facebook twitter instagram Amy Morin, LCSW, is a psychotherapist, author of the bestselling book 13 Things Mentally Strong People Dont Do, and a highly sought-after speaker. Learn about our Wellness Board Amy Morin, LCSW Updated on January 24, 2020 ADHD Overview Symptoms Causes Diagnosis Treatment Living With In Children PhotoAlto/Antoine Arraou/Getty Images How do doctors know how much medication you or your child needs? In the initial equation, they will factor in your height, weight, and symptoms, but because biology is an inexact science and every individual is unique, your doctors first estimate may not be an ideal match. He or she will need to titrate the amount for the greatest effect. Titration of Medication Titration is the process of determining the medication dose that reduces your symptoms to the greatest possible degree while avoiding as many  side effects as possible. When your doctor titrates a dose, he or she is making adjustments to how much medicine youre taking. This process may be rather quick, or it could take some time. The purpose of titration is to find that perfect balance of a particular medicine for your body. The goal is for the medication to do its job and produce the desired effects of helping to control your symptoms. At the same time, your doctor wants to reduce or eliminate any negative side effects. Titrating can be done for any medication thats used on a long-term basis such as antiepileptics, antidepressants, insulin, and blood thinners, as well as stimulants for  attention-deficit/hyperactivity disorder (ADHD).?? If medication adjustments dont create that balance of reducing your symptoms with the fewest side effects, then your doctor may choose to try another medication. With patience, time, and by  working closely with your doctor, its likely that youll eventually find a suitable medication and dose. Initial Dosage Once your doctor provides you with an initial prescription, you will go through a process of determining whether or not your dosage should be increased or decreased. This will also ascertain whether the particular medication your doctor prescribed is the best choice for you or your child. You and your doctor will be working together to determine whether youre experiencing any of these effects: Too little response: The medication isnt working or the effects are too minimal.Intolerable side effects: The medication may be working to help control ADHD symptoms such as inattention, impulsivity, and hyperactivity, but the side effects are very severe and/or intolerable.??Too much response: Instead of gaining greater control over your symptoms, you become passive, depressed, or unlike yourself. To avoid such problems, if youre beginning a trial of stimulant medication, your doctor will likely start with an initial low dose of stimulant. At this point, it will largely be up to you to watch carefully to determine whether or not the medication is helping to alleviate your symptoms, whether and to what degree youre experiencing side effects, and whether and to what degree any of these noticeable side effects increase or decrease over time. Consider keeping a diary on yourself or your child regarding any improvement you notice from the medication and side effects you experience. Talk to your childs teachers or, if youre the one on medication, talk to the people you interact with on a daily basis to see if theyve noticed any change. These details may help you get to your ideal dose more quickly. Potential Side Effects With stimulant medications prescribed for ADHD like Ritalin, Concerta, and Quillivant (methylphenidate), Vyvanse (lisdexamfetamine), Focalin (dexmethylphenidate), and Adderall (dextroamphetamine-amphetamine), there are some potential side effects you can watch for.?? Your doctor may add to this list, so write them down if needed. Its also a good idea to read through the information you receive from the pharmacy and ask any questions you may have. Common Side Effects of Stimulant Medication New nervous tics (twitches, unusual blinking, odd facial movement)Irritability or agitationDepression or increased anxietyUnusual physical sensations or hallucinationsDecreased appetiteDifficulty sleeping Mild side effects may be  reported to your doctor at your next visit, but significant issues or strange symptoms should be reported immediately. Some side effects may decrease or even go away with time as your body adjusts to the medication.?? Any problems you experience may be due to the wrong level of medication or to an unusual reaction indicating that the medication is not the right one for you. In this case, dont take your child (or yourself) off his or her medication without talking to your doctor or nurse first since doing so can be dangerous. Titrating to an Ideal Level Assuming that the medication youre trying is reducing your symptoms with few or no side effects, your doctor will carefully and gradually adjust (titrate) the dose upwards to adequate levels. Titration helps your body adapt to the medication and  also helps you and your doctor find the optimal dose to improve your daily functioning.?? This gradual increase usually occurs between every week and every three weeks. Your doctor will eventually increase your dose to the highest dose that you can tolerate. If you begin to see no more improvement in your symptoms as the dosage increases, your doctor will lower the dose to the previous one. If you find that a higher dose produces too many side effects, the dosage will be also lowered. Keep Communication Open The optimal dose of medication is one in which your daily function is significantly improved and side effects are minimized.?? While finding this dose can be frustrating and it may seem like nothing is working, its important to remember that medication management is a very individualized endeavor thats based on your personal needs and responses. This is why close communication with your doctor is vital. Think of your relationship as a partnership. Be open and communicative about your needs and experiences and together you will arrive at the most beneficial outcome.

Malcolm X Essay - 895 Words

Malcolm Little also known as Malcolm X was one of the most inspirational civil rights leader during the civil rights movement. He was a very powerful person to certain people and change many people’s lives during this time even until this day. Even though his movement was reckless and not peaceful, what he was saying was very powerful and meant a lot to African-Americans. Malcolm X will always be known for being one of the best Civil Rights Leaders during the Civil Rights Movement. Malcolm X was born May 19, 1925 and was raised in Omaha, Nebraska. Growing up Malcolm and his family were going through a lot in the area they’re living in during the time. It was so bad that they moved from different states to get away from the racial†¦show more content†¦While in jail, Malcolm read a lot of books to catch up what he had missed out on the year he dropped out of school. Malcolm turned Islamic while he was in jail. He felt that changing his religion would change his life around once he was released from jail. Malcolm now being a free man, he traveled to Detroit, Michigan, where he worked with the leader of the Nation of Islam, Elijah Muhammad, to expand the movements following among black Americans around the nation. Malcolm felt that when he gave speeches around the country, people would be inspire and want to join the Nation Of Islam. If you didn’t know what the Nation Of Islam is, the Nation Of Islam was an organization of African- Americans, teaching and favoring the separation of black and white racial groups of the United States. Malcolm became the Minister of Harlem and in Boston, he was Temple no. 7 in Harlem and Temple no. 11 in Boston. Malcolm X had emerged as a leading voice of the Civil Rights Movement. Malcolm style of living wasn’t as peaceful as Dr. Martin Luther King. His style was more aggressive, he would want to fight or kill you rather than having a peaceful march and having everyone come together as one. Couple of years later, Malcolm became confused about being in the Nation Of Islam. Malcolm learned that Muhammad his hero and mentor had violated many of his own teachings. Malcolm ended up leaving the Nation Of Islam in 1964, and left the United States and traveled toShow MoreRelatedEssay on Malcolm X1346 Words   |  6 Pagesamong all of these leaders though, Malcolm X. Although fighting for the same thing as his colleagues in the civil rights movements, he was considered by many to represent the more extreme side of the battle for equality in the United States. It is his standout views and beliefs that make Malcolm X one of the most prominent and fascinating African-American leaders in the 1950s and 60s. Malcolm X was born May 19, 1925 in Omaha, Nebraska by the name of Malcolm Little. His childhood was plaguedRead More Malcolm X Essay746 Words   |  3 Pages nbsp;nbsp;nbsp;nbsp;nbsp;Malcom X was a man known widely for his strong beliefs. His willingness to accept the preaching of Elijah Muhammad and serve him loyaly, was due to his past experiences with the white man. Starting off as a boy in Lansing, next moving to Boston, then living in Harlem, his experinces with various white people shaped his belief system. Towards the end of his life, his interaction with group of very different white people on his pilgrimage brought about a change in hisRead MoreEssay on Malcolm X962 Words   |  4 PagesMalcolm X On May 19, 1925 Malcolm Little was born to Louise and Earl Little. He was born in Omaha, Nebraska. Malcolm was the seventh of eleven children. Malcolms father, Earl, was a Baptist minister from Reynolds, Georgia. His mother was raised in Grenada in the British West Indies. His father was also became an organizer for Marcus Garveys Universal Negro Improvement Association. Marcus Garvey and his followers fought for racial separation and more power for blacks. Growing up, MalcolmsRead More Malcolm X Essay1409 Words   |  6 PagesMalcolm X Malcolm X, a civil rights leader in the 1960s believed that blacks and whites should be segregated. He also believed that white man was evil and were trying to brainwash all blacks and that Martin Luther Kings non-violent protests werent working and that violence was needed for change. Malcolm Xs life was a life with a lot of conflict and violence in it. Malcolm X was born under the name of Malcolm Little in Omaha, Nebraska in 1925. His father was a baptist minister and anRead MoreEssay on Malcolm X1699 Words   |  7 Pages The Autobiography of Malcolm X by Alex Haley was published in 1965. It is national best seller about the life and times of Malcolm X. On May 19, 1925 Malcolm Little was born in Omaha, Nebraska. His father was a preacher who spoke out about the unity of black people. This caused several white racists to strike out against Malcolm’s father and his family violently. His family moved to Lansing, Michigan where Malcolm, his parents, brothers, and sisters were shot at, burned out of their home, harassedRead More malcolm x Essays1283 Words   |  6 Pages Malcolm X was a very interesting and complicated person. Throughout his life, Malcolm had exposure to practically every type of person the world had to offer. In his younger years, he excel led in his community predominately surrounded by whites. He then got into the hustling business within the black community which supplied for all types of people. After that, he joined the Nation of Islam, joining himself with many Muslims. Lastly, Malcolm went on a Hajj to Africa, where his communication withRead MoreEssay on Malcolm X1238 Words   |  5 Pagesis living every night in fear, the burning down of your home by the Ku Klux Klan and the â€Å"accidental† death of your father who’s head was detached from his own body? This is the only memory that comes to Malcolm Little from his childhood. Malcolm Little who is famously recognized as Malcolm X was born into a world of hatred on May 19, 1925 in Omaha Nebraska. His father was a freelance Baptist Preacher who incorporated the teaching of Black Nationalist leader Marcus Gravey. With continuous threatsRead MoreEssay on Malcolm X1889 Words   |  8 PagesMalcolm X Outline A man who stands for nothing will fall for anything. Thesis Statement: Malcolm  X was a courageous advocate for the rights of African Americans, a man who indicted white America in the harshest terms for its crimes against black Americans. Detractors accused him of preaching racism, black supremacy, anti-Semitism, and violence. Introduction I. Malcolm X opposed the mainstream civil rights movement, publicly calling for black separatism and rejecting nonviolence and integrationRead MoreEssay on Malcolm X2023 Words   |  9 PagesMalcolm X   Ã‚  Ã‚  Ã‚  Ã‚   Malcolm X was a man of strong words and beliefs. Some say that he was a man of hate and violence. Some also say that he was a smart man of hope and peace. Malcolm X‘s influence on people was felt more than it was alive rather than dead. Malcolm X was a major contributor to the black societies across the world. He fought for what he believed in and educated the young. Though his early life was full of up’s and downs he managed to, what some would say, â€Å"turn his life around†.Read MoreMalcolm X Essay1795 Words   |  8 Pageswas this man? Malcolm X, an 8th grade drop with a dead dad and a mentally unstable mom who started with a life of crime, but after learning about Islam, had a new outlook on things. An Ironic quote from Malcolm X is [If youre not ready to die for it, take the word freedom out of your vocabulary]. Malcolm X, a devout Muslim, who saw the injustices in the Muslim African American community, used his voice to fight for equality and freedom. Malcolm X or at the time was known as â€Å"Malcolm Little† was

Influence Of The On Sex Education - 1058 Words

influenced the public in that way until he died at 1970. After Culture Revolution in 1949, talking about sex is regarded as taboo and removed from the public (Steinfeld, 2014). Even homosexuality was considered as a crime until 1997 and a mental illness until 2001. Culture influences China was culturally influenced by Confucius. There is one saying that goes: â€Å"Lust is the worst of all wicked things; Filial piety is the best of all good things (Steinfeld, 2014).† According to Steinfeld’s (2014) opinion, Chinese tend to discuss sex more privately and schools focused more on exams than sex educations. Unlike the complete grading systems and textbooks in different subjects, there’s no specific subject that would cover sex education. In addition, schools are not required to have sex education courses, especially when parents think it will waste youths’ time on studying. When both of these authoritative figures, schools and parents, show less interest or even negative feelings about sex education, adolescents in high schools naturally pay less attention to sex related topics. Not only influenced by Confucius, two culturally distinctive moral systems were found to regulate college-aged students’ sexual behaviors in China (Zhou, Zeng, Hu, 2014). The first system is the Basic Sexual-Moral Principles that includes sense of ethics and responsibility in their sexual attitudes. Researchers found out that no matter whether participants have had premarital sex or not, participantsShow MoreRelatedSex Education and Religious Influence Essay1142 Words   |  5 PagesSex Education and Religious Influence Sex. Just reading or saying the word demands attention. Sex is the one of the most important things in our species. Humans rely on sex for reproduction, affection, and pleasure. The surprising thing is about sex is the amount of responsibility and consequences involved. The largest part in the responsibility aspect is the decision of when to have sex. One of the greatest issues for a lot of people and politicians is sexual activity by teenagers. Yet throughRead MoreSex and Adolescence Essay927 Words   |  4 Pagesconsideration for the adolescent. Adolescent sex is the popular thing to do. In the 1980s and 1990s, adolescents were being taught that sex was a taboo and when married. Since puberty is occurring at a younger age, marriage is delayed until later in life. A growing number of sexually transmitted diseases occur more frequently in adolescents (Fantasia, 2008). In society today, sex among adolescents is on the rise due to lack of education, lack of parental influence, and p eer pressure. In the past, adolescentsRead MoreSexual And : Sexual Education1151 Words   |  5 Pages Sexual Education in Schools By Katelin Garchow Professor Delong English 111 October 10, 2015 Sexual Education in Schools Sexual intercourse is considered to be between two people that love each other very much. It is romanticized in movies and books, and is alluded to everywhere. As the age for sexual experimentation grow lower many question whether or not have sexual education in our school systems. Many argue that by educating the children at younger ages about sex, it promoteRead MoreShould Sex Education Be Taught?1553 Words   |  7 Pageschildren get the proper education they need so they are aware and are able to protect themselves. The way sex education should be taught is debated among parents, educators, religious groups, and society. Some people believe in abstinence only curriculum while others believe a comprehensive curriculum is more effective. Values, beliefs, and funds can affect how students are being taught. It is important that we pick a curriculum that works best for the students. Sex education can vary in what theyRead MoreThe Importance Of Sex Education1340 Words   |  6 PagesSex education is one of the most debated problems in education, which has been floating on educational agendas for ages. There has been a constant dialogue about the role that sex education should play in curriculum of K-12 education. As breathing human beings, we all know that sex is a large part of our lives, however, how young is too young to know and talk about sex? With the increase of sexually transmitted diseases, commonly known as â€Å"STD’s†, among young people, many schools have added sex educationRead MoreThe Discussion Of Teaching Sex Education1558 Words   |  7 PagesThe discussion of teaching sex education in classrooms were brought up as early as 1912. Movies that are used in sex education can alter the way teens think of sex. The films used in sex education portrays the different relationships that are created. The history of sex education in North Am erica is a history of prohibition and has been concerned with limiting the scope of sexuality its ideas, affects, movements and practices. In sex education schools create a space in which students and teachersRead MoreThe Effects Of Media On Teen Pregnancy1085 Words   |  5 Pagesmost people evade their children from talking about sex. In some cases, they provide false information regarding sex and discourage their children to participate in any informative discussion about sex. In some cases, teenage mothers are not well educated about sex before getting pregnant and thus this leads to lack of communication between the parents and the children. Some parents feel that pregnancy is a result of the lack of sex education courses taught in schools, while others feel that theseRead MoreEssay about Why Sex Education Should Be Taught in Schools1494 Words   |  6 PagesWhy Sex Education Should Be Taught In Schools Most America teenagers are sexually active and think nothing could ever happen to them. But, many of them are misinformed about the risks that are involved in sex. Teens also dont always know the best ways to protect themselves and their partners from becoming pregnant or getting STDs. Alan Harris said, the more educated someone is the more likely they are to make responsible and informed choice for their behaviors. Sex education given byRead MoreWhy Do More Than Half Of Indian Women Not Express A Preference For Sons?1662 Words   |  7 Pagesmore than half of Indian women not express a preference for sons? What is special about these women and communities, and how can these â€Å"positive deviants† be studied as a possible resource for policy design? ANSWER: When questioned about the ideal sex composition of the families, it was clear that Indian women preferred boys over girls. In the following table you will be able to see how it is. I have explained it after the table. Ideal Number Boys Girls 0 7.1% 12.8% 1 33.1% 63.9% 2 59.8% 23.3% Read MorePower Relations : An Overview Essay1562 Words   |  7 Pagesgives an analysis with mention of the modern state and pastoral power. The modern state exerts its influence on society causing subjection of individuals based on the preferences of a certain group of people within society (ed. Rabinow and Rose 2003). In relation to sex education, we can attribute this subjectivity to macro-level factors such as legislature passed by Congress and religious influence, societal level factors—age and gender and access to contraception, and familial factors—relationship

Blue Collar and College Free Essays

Is College Worth It? Is college the only way to success? If the answer is yes, so why Bill Gates and Steve Jobs are college dropouts and millions of graduated students with degrees from four-year higher education institutions cannot find jobs. Today, a college education does not guarantee you anything. It is not an automatic ticket to get a good job as people believe. We will write a custom essay sample on Blue Collar and College or any similar topic only for you Order Now These issues are viewed more sharpen via two writers’ point of views Mike Rose and Caroline Bird. Based on their essays, Rose with â€Å"Blue-Collar Brilliance† and Bird with â€Å"College is a Waste of Time and Money†, both suggest college is not the only way to succeed and that society mistakenly overvalues a college education. It is time to rethink the idea about college. By showing that knowledge can be acquired outside the classroom, Rose repudiates that people who spend more time in school, are not more brilliant than those who do not. He says, â€Å"Though work-related actions become routine with experience, they were learned at some point through observation, trial and error. Even if people are not college educated, they can deal with various problems that they face in the work by using their experiences that colleges do not teach them. Rose’s mother, Rosie was a waitress; the restaurant became the place where she studied human behavior, puzzling over the problems. Rose’s uncle, Joe Meraglio, worked in a factory; he observed the factory was li ke schooling, a place where he was constantly learning. Life experience can teach a person a tremendous amount. True, it would be in a different manner than a formal education would, yet still a very lofty education can be learned through hands-on actives, outside a classroom setting. Everyone is smart on their own level. However, Rose stresses the point that their â€Å"brilliance† is not recognized or, if it is, it is looked down upon by people who are more â€Å"educated. † In the same way with Rose, Bird argues that college is a waste of time because the majority of college graduates do not end up working in the same field as the major they studied. Students waste thousands of dollars for a college education, just to end up with their degree in their hand and with no job relating to it. Instead they have to take classes that have close to nothing to do with their major but are only taking these classes in order to fulfill a general educational requirement. They cannot transform learning experiences to jobs. Bird says, â€Å"Teachers, engineers and others I talked to said they find that on the job they rarely use what they learned in school. † She presents this statement with the evidence of Charles Lawrence, a communications major in college and now the producer of â€Å"Kennedy Co. † the Chicago morning television show, says, â€Å"You have to learn all that stuff and you will never use it again. I learned my job doing it. † Birds also shows a society’s assumption that everyone is a fit for college, not knowing that it only comes naturally to a few. Another Rose and Bird’s perspective is that money can be acquired without a college education. Rose shows how Rosie and Joe make money with blue collar jobs. Rosie with excellent management ability on performance helped her earn a lot of tips and good salary. Joe took the advantage on learning about budget and management, he became a supervisor. Those people definitively have a good income. Rosie and Joe are representative people without higher education, but they still get accomplishments and they can define who they are in society. Similarly, Bird states that college education will not help the students to make money in the future: â€Å"if making money is the only goal, college is the dumbest investment you can make†. Bird compares the money that would be spent on education versus money that is put in a bank for interest. Even when the graduates do succeed in having good jobs, Bird says there is no evidence that the higher income is due to their college education as college attract people who are intelligent with good family backgrounds and an enterprising temperament. Most parents are convinced that sending their children to college is a good investment; their children will earn more money. There was a student that really was into cars and was also accepted to Princeton. If he decided to go to Princeton he would pay about $34,181 a year to attend, and when he got out only make $1,000 more than a high school graduate. But if he instead took the money and invested it while working at the local car garage, by the time he was 28 he would have over $73,113. Then with that money he could open up his own business and make a lot more yearly that the average high school graduate. Although there is a huge similarity between Rose and Bird’s idea, there are some different thoughts in their essays. Rose comments that education should not only be measured by college, but he still acknowledges the value of college. He still has higher education. He says, â€Å"I studied the humanities and later the social and psychological sciences and taught for 10 years†¦ Then I went back to graduate school to study education and cognitive psychology and eventually became a faculty member in a school education. † His points of view which are displayed in his essays are gained not only from his real life but also from his college. If he did not have higher education, he would not have had this essay â€Å"Blue–Collar Brilliance†. On the other hand, Bird devalues college by focusing on money. She convinces readers that college is an investment in order to make money. Therefore, after graduation, students cannot find job and no money; it means college is not worth. She said, â€Å"When most people talk about the value of a college education, they are not talking about great books. † She also claims that college becomes commercialized: â€Å"They sell college like soap, promoting features they think students want: innovative features, an environment conductive to meaningful personal relationships, and a curriculum so free that it doesn’t sound like college at all. † She gives people a negative image about college. In conclusion, success is the goals which people have set just for themselves. Not to look at anyone or make determination based on social standing. Success in a general sense means happiness. As Rosie and Joe on Mike Rose’s essay and a student who worked at the local car garage on Caroline Bird’s essay, even though they are underestimated on society, they are still success on their path. This is a proven fact that college is not the only way to success. College is just an option. People can choose it or not. It’s up to them to decide what they are going to do with the opportunity they are given. How to cite Blue Collar and College, Essay examples

International Arbitrators for Standards of Conduct- MyAssignmenthelp

Question: Discuss about theInternational Arbitrators for Standards of Conduct. Answer: Introduction Alternative resolution has grown to be one of the most common modes of solving disputes between parties in many jurisdictions (Paulsson, 2010). The concept encompasses various forms of mechanisms such as mediation arbitration and conciliation which work differently. It gives added relevance to state that Arbitration is one of the alternative form of dispute resolution that has been given international recognition through treaties and conventions (Thomas, 1993). In New Zealand arbitration has been given legal force through legislation after the enactment of Arbitration Act 1996 (NZ). Arbitration is mechanism of dispute resolution that does not apply the court rules and it is only effective and successful when the parties involved in the dispute agree. It bears noting that solicitors and lawyers in modern day have been compelled to have arbitration skills because of its increasing importance and popularity in New Zealand. This essay is devoted to evince why arbitration will be the suit able alternative dispute resolution mode to solve the dispute in Rack and Roll case. Where a contract has not provided for an arbitration clause when a dispute arises the obvious action is that the aggrieved party will follow the litigation process through commencing a suit to sue for breach. However, since arbitration has been given the force law in New Zealand a party in a contractual dispute may seek a stay in court or may agree with the other party to arbitrate the matter. The basic rule that guides an arbitration process is that the parties in the dispute are treated equally without bias and thus the parties in Rack and Roll case are likely to get a fair outcome that will end the dispute amicably. Byrne J in the case of Re Tiki Village International Ltd (1994) noted that an arbitrator is like the judge and not is expected that he should not pick sides while solving a dispute. The parties in an arbitration proceeding have the advantage of choosing a location which they are going to hold the proceeding. They also decide with the arbitrator on the day and time of t he proceedings when the arbitration agreement is silent about the time. The location is not imposed on them like it is imposed on parties in litigation proceedings. Ideally, the flexibility that is offered on the parties in arbitration proceedings gives them the impetus to solve their case determinately. The procedure that is applied in arbitration proceeding is not rigid and it is unlikely that the parties will disagree during the proceedings (Thomas, 1993). In New Zealand the objective of arbitration to ensure that the parties end up getting an outcome that will favor both parties and the matter will be heard expeditiously and without great expense (S 1 Arbitration Act 1996). Further the act stipulated that the parties in dispute must given the autonomy to decide how the process of deciding the dispute will operate and deputes that court intervention should be avoided. Arbitration works best through the principle of consent. Before the arbitration process commence the parties in dispute must give express consent that they are willing to pursue arbitration as a mode of agreement. It will be fruitless to compel them to follow arbitration process without there consent. In the Rack roll case Mike walked out of the mediation process and this explains why consent in the arbitration process is a first step to seeking justice for both parties. Where the parties have agreed it is imperative that an arbitration agreement is drafted so that the ri ghts and obligations of the parties are determined (Art. 19 in the Schedule 1 to the Arbitration Act 1996). The significance of the arbitration agreement is that it sets a clear path for the process because each party will have a fair opportunity to present their case. Ideally, an arbitrator must be selected by the parties although in the Rack and Roll case an arbitrator has already been selected. The advantage of the arbitration process is that the arbitrator is guided by the rules that the parties in dispute have stipulated in the arbitration agreement and the general principles of natural justice. Justice Kirby has noted arbitrators and mediators have to apply high level of competence, skill and novelty when handling disputes between parties (The Arbitrator 1999). It is therefore prudent for the arbitrator in the Rack and Roll case to employ plausible techniques that will effectively bring the dispute to a close with both parties satisfied. An arbitrator must therefore have sufficient knowledge of the relevant facts of the case so that they can be able to arrive at an informed decision (Rogers, 2005). The arbitrator should also be able to record the different versions of relevant facts where there are diverging relevant facts (Rogers, 2005). In the Rack and Roll case the dispute arising is an allegation of breach of contract and thus aspects of contract law may arise during the case. Where an arbitrator does not have sufficient legal knowledge it is imperative that an order is sought form the high court so that an interpretation of the court may be sought or a legal expert may be invited to the proceeding to solely advise on the area of law in contention (Art. 26 in the Schedule 1 to the Arbitration Act 1996). The determination given by a legal expert may not be binding according to the arbitration agreement. In such a case the parties in dispute should be advised to prove test the report given by the expert. Under the common law, an arbitrator has been restricted from delegating his responsibility to determine the issues of the dispute (William Essery Sons Pty. Ltd. v. South Australian Housing Trust, 1980). In New Zealand the arbitrator has the mandate of inviting another party such as an expert to determine an issue in the dispute but this form of delegation is subject to the consent of the parties in dispute. The arbitrator in an arbitration proceeding must reveal commitment effort and must create sufficient time to handle the dispute especially if the dispute is complex in nature. Arbitration is a method of dispute resolution that helps to maintain the existing relationship between the parties in dispute. If the parties engaged in a certain business and a dispute arose arbitration creates a platform in which they will continue to do business together in future transaction. In the case of Rack and Roll the parties in dispute will not be hindered from making another agreement in future at the end of the arbitral process. Arbitration proceedings are not guided by the common law precept of precedent. An arbitrator is required is required to hear and determine the dispute on a case to case basis according to the arbitration agreement (Rogers, 2005). The arbitrator appointed in the case of Rack and Roll has an ethical obligation to fulfill so that the dispute comes to an end. The ethical obligation of an Arbitrator in New Zealand is derived from Arbitration Act 1996 and the AMINZ Code of Ethics and it plays significant role in disputes. AMINZ is an organization composed of arbitrators and mediators with an objective of promoting alternative dispute resolution (Anthony, 2010). In New Zealand an arbitrator is required to be impartial and independent ( AMINZ Code of Ethics). Impartiality means that the arbitrator must be of the requisite state of mind to determine the dispute (Rogers, 2005). Independence means that the arbitrator must be not be subject to the control of either party in the dispute or any ot her external factor. The parties in the dispute have a duty of disclosure when they perceive that the arbitrator is not independent or impartial in handling the case. An arbitrator also has a duty of diligence and to be competent (Rogers, 2005). It has been argued that before one accept the appointment as an arbitrator they should ensure that they have the skills and competence in the specific dispute resolution proceeding. In the case of Rack and Roll, the arbitrator must therefore be sure that they have the requisite competence and skill in arbitrating breach of contract issue. The duty of diligence required of an arbitrator implies that he must be careful and be attentive to all the issues that are presented before the case. The arbitration process is held privately and the arbitrator is also required to embrace confidentiality unless the parties agree otherwise. Section 14B of the Arbitration Act 1996 obligates all the members who take part in the arbitration proceeding not to disclose any confidential information relating to the proceeding. The autonomy of the parties in dispute is very significant for the proceeding to be successful and thus the arbitrator must ensure that he abides to the wishes of the parties encapsulated in the arbitration agreement. The arbitration agreement is contractual in nature and it binds the arbitrator to the entire process. The significance of arbitration in handling the Rac and Roll case is that the parties in dispute are not left to negotiate the issue alone but rather there is a neutral party and a well structured procedure of handling the proceeding. It has been argued disputes that are solved through arbitration process have a predictable outcome because the decision is hinged on the autonomy of the parties and dispute and hence fairness is promoted (Kiser, 2010). In the case of Rac and Roll it is prudent that the negotiators and any other person who was involved in the previous failed process not to take part in the proceedings. The process of Arbitration is perceived to be better than mediation because mediation involves a casual process and may not be able to handle serious or complex matters. It is worth noting that the arbitration agreement binds the parties and it may be enforced in a court of law and therefore the parties in dispute must use their autonomy wisely. It is submitted that the arbitration proceeding will also be met with many challenges. The main challenge is the cost of the proceedings. The parties to the dispute will be compelled to pay the cost of the location where the proceedings will take place and the Arbitrator. The expensive nature of arbitration proceedings is a barrier to justice because parties may fail to complete the proceeding after it has began because of financial constraints. However, it is prudent that the parties have sufficient knowledge about the cost of the proceeding before it commences. The binding character of the arbitral rulings is also a challenge to the parties in the case. This implies that if a party is not satisfied with an outcome they are compelled to abide to the award that has been rendered. It has also been argued that in arbitration proceeding the parties do not have the opportunity to appeal the dispute to a higher court. In addition in the arbitration process there is always a winner and a l oser at the end of the proceeding unlike in mediation where the outcome reflects the interest of the both parties ion dispute. Even the face of the challenges that have been explained above it is conceded that the advantages of the arbitral process preponderate over the disadvantages. It is submitted that the Rack and Roll dispute will be brought to finality and parties are likely to attain justice through the arbitration as a dispute resolution mechanism. It should be borne in mind that the qualities that attributes and ethical obligations which have their force from legislations should be embraced by the arbitrators in any arbitration proceeding. The parties in dispute should be left to enjoy the flexible nature of arbitration but with a strict adherence to arbitration agreement and statutory procedures. Conversely, it may be argued that arbitration in New Zealand is subject to many legal regulations and this undermines the rigid quality that is associated with it. The binding nature of final outcome in arbitration gives it an intimate relationship with litigation which is differentiated from Alternative D ispute Resolution. Above all the prevailing argument of this essay is that Rack and Roll will be satisfied with the outcome because of the innate quality of the process. References Anthony, W. (2010). Arbitration, Brookers Arbitration Act 1996 (NZ) Hunt, R. (2000). The Arbitrator Or Mediator As Dispute Manager Choosing Horses For Courses. Oint Annual Conference of IAMA and AMINZ. Retrieved May 24, 2017, from https://www.roberthuntbarrister.com/Horsescourses.pdf Kiser, R. (2010). Beyond right and wrong: The power of effective decision making for attorneys and clients. Springer Science Business Media. Paulsson, J. (2013). The idea of arbitration. Oxford University Press. Re Tiki Village International Ltd [1994]2 Qd.R. 6 Rogers, C. A. (2005). Regulating international arbitrators: A functional approach to developing standards of conduct. Stan. J. Int'l L., 41, 53. The Arbitrator (1999) Vol 18 Thomas, T. H. (1993). Using Arbitration to Avoid Litigation. Labor Law Journal, 44(1), 3. William Essery Sons Pty. Ltd. v. South Australian Housing Trust, (1980) 24 SASR 213. 14.

Study Guides Essays - Study Guide, Homework, Study Skills, Reading

Study Guides A study guide is a teaching aid designed to help students develop reading skills needed to enhance their comprehension of the material is the textbook. Study guides can be very helpful to students who have low comprehension skills. A study guide will ensure that the student will focus their attention on what is important for them to learn. The study guide has to be relevant to the test that will be given. Many teachers will assign a specific reading for the class and many of the students may not adhere to the teacher's request. A study guide will reinforce the reading material. A study guide that is prepared without the answers will force a student to do the reading. A study investigated the use of study guides as instructional tools and compared the effectiveness of study guides with and without analogies. Seventy-four undergraduate students in three upper division education classes studied three passages about three obscure religions (Manichaeism, Jainism, and the Druze religion) with and without the aid of two types of studyguides. One study guide analogized the religions to Christianity, and one did not employ analogies. Both study guides were written in multiple-choice, short answer, and essay format. Within each class, students were randomly divided into three groups for comparison, and each subject was given all three passages to study in different sequences, studying one passage per treatment condition. Results revealed a significant interaction between text and treatment, but with a small effect size. Results also revealed: (1) that the Manichaeism text produced scores significantly different from the combination of Druze and Jainism scores across all three treatments; (2) that the Manichaeism study guide treatments produced scores significantly different from those of the other two treatments; and (3) that the Druze analogical study guide treatment produced scores significantly different from those of the other treatments, but that the Jainism analogical study guide treatment was not significantly different from the other two treatments. A study explored whether the use of a study guide would improve students' comprehension of content area material. Two groups of students in an eighth grade social studies class were involved: students in the control group received the usual instruction--the chapter was read orally and discussed in class--while students in the experimental sample were given a study guide, skimmed the material silently, and worked on the exercises in groups of two or three. A posttest on history revealed no statistically significant differences between the scores of the two groups. How ever, since both time and the amount of material were limited and since no information is available regarding the reliability of the method used, the results of this study can be applied only to these two samples. Reading in the content areas from grades four through twelve requires the integration of new knowledge with what is already known,that involves sophisticated skills. Content area teachers must be aware of, model, and teach those reading and study skills that help students to better comprehend their reading assignments. Some strategies that have been used successfully to train students to acquire information on their own include the use of prediction guides, advance organizers, graphic organizers, study guides, and glossing. In most of the studies that I read, the use of a study guide improved most of the test scores. Study guides are a useful tool that can be used in any content area to enhance a students learning. The idea behind study guides is that students can use them as models of how to plan their own scheme of work. They are meant to primarily to be an initiation to self-direction. A survey was administered to 10th-grade regular biology students to diagnose the cause for low achievement on chapter tests. Survey results verified teacher suspicion that students did not read textbook assignments when designated as homework and, as a consequence, this deficiency contributed to low achievement scores. A treatment included requiring additional homework in the form of a teacher-prepared Reading Study Guide (RSG) that accompanied each chapter and had to be completed while students read the assignments. To complete the individualized RSG, students were unable to skim the material but, instead, had to read the assignments thoroughly. Upon completion of the RSG, a pretest was administered and learning activities relative to the chapter objectives were presented, followed by a posttest. Cloze test results indicated improvement in student ability levels. Posttest scores increased significantly and the overall grade average on the RSG surpassed expectations. During treatment, cloze test results disclosed that student ability levels were not equivalent to reading stanine levels. Overall results provided evidence

Guide to Writing Argumentative Essays in Health Care First Aid for Your Essay

Guide to Writing Argumentative Essays in Health Care First Aid for Your Essay What is an Argumentative Essay in Health Care Studies? To begin with, the notion of an argumentative essay refers to the type of written assignment, which implies the presentation of two different perspectives regarding a certain issue. In general, an argumentative essay should contain a few arguments and counterargument. In an attempt to prove the accuracy of the primary arguments, it is necessary to provide relevant evidence against an opposing argument. The opposing argument is considered to be one of the most important parts of an argumentative essay, which is regarded as a ‘rebuttal.’ Such type of written assignment has a common structure in various disciplines, including Health Care. Similar to other disciplines, an argumentative essay in Health Care should have an introduction, several body paragraphs, a conclusion, and a list of references. The only thing is that the topic of an argumentative essay should be related to the field of medicine. Common Topics for Argumentative Essays in Health Care Sometimes, college educators assign their students a task to write an argumentative essay on a specific medical issue. In turn, students are frequently given a chance to choose any interesting topic to create an effective academic paper. Choosing a topic for an argumentative essay is one of the key stages of writing an academic paper. Below you can find a list of effective research topics, which are dedicated to health care matters. Argumentative Essay on Abortion. At present, the issue of abortion is one of the most widely discussed medical issues since it raises numerous concerns in modern society. This particular topic involves a broad range of different aspects, such as religious perspective, ethics, and legality. The Link Between the Plastic Surgery and Emotional Well-Being of an Individual. Many researchers in the field of medicine claim that people’s increased interest in plastic surgery demonstrates a significant psychological crisis of modern society. In this case, it would be a great idea to write an argumentative essay and prove that individuals should see a psychologist before they think of getting plastic surgery. Autism Spectrum Disorder Cannot Be Regarded as a Learning Disability. Even though autism spectrum disorder is frequently associated with learning disabilities of children, this particular health disorder refers to a set of different psychological behaviors affecting their perception of information. The Availability of Birth Control for Women in The United States. This topic is also widely discussed by modern researchers, politicians, and medical scientists. Since the accessibility of birth control pills raises numerous concerns in modern American society, it would be a good option for writing an effective essay. Childhood Immunization should be Mandatory. The issue of childhood vaccination is also discussed by medical researchers because it is a great concern for modern parents. Even though the majority of scientists believe that childhood vaccines are safe for infants, many parents have certain fears about side effects of immunization. Acupuncture: Safety Effectiveness. The following interesting research paper topic is acupuncture, which is a common form of complementary medicine. Since this particular medicine technique is different from traditional methods of therapy, it can be a good option for writing an effective research paper. Meditation and Its Benefits for the Mental Health of an Individual. Finally, many people across the globe are interested in yoga and meditation; hence, you can select this topic and evaluate the effectiveness of this mindful practice. Pre-Writing Tips and Strategies Step 1. Selecting an effective research topic. The first step to writing a research paper is to get acquainted with the topic of a paper. If you are not required to write a research paper on a specific topic selected by a professor, you have an opportunity to choose the issue related to the field of medicine, which is interesting for you. In this case, try to choose the issue that is already known for you. If you have some background knowledge about the selected topic, you will have better chances to write an A+ research paper. Step 2. Choosing a position you would like to advocate. Since you are required to write a persuasive essay, you will certainly choose a controversial research topic, which is widely discussed among medical researchers, politicians, and average citizens. In this case, you have to choose a certain position regarding the selected social problem and convince readers to change their views. Step 3. Finding credible sources for a research paper. Since your argumentative essay is related to the field of health care, it is considerably important to provide credible and reliable sources supporting your arguments. These sources may include books, articles, medical reports, and scientific studies, which can be found in different medical libraries and websites. Among them, one can find The National Library of Medicine, Dana Medical Library, PubMed, MedlinePlus, and many others. Step 4. Creating an effective essay outline. First of all, an outline is a great tool that can help you organize all important ideas to be included in a persuasive essay. Hence, it should contain the following parts of an essay: an introduction, several body paragraphs, and a conclusion. Do not forget to include a thesis statement in the first part of your outline. Step 5. Creating a draft of an argumentative essay. While working on your research paper, try to organize all your ideas and write the first draft of an effective argumentative essay. In this case, you are recommended to use the completed outline. Outline of an Argumentative Essay In order to provide a good example of an essay outline, it is necessary to choose a specific topic. In this case, we will create an outline on the topic ‘Childhood immunization should be mandatory.’ I. Introduction a. Background information regarding the issue of childhood immunization. b. Thesis statement: ‘Childhood immunization should be mandatory since this particular medical procedure can help modern parents prevent their children from different viruses, infections, and other health-related issues.’ II. Main Body A. Main argument: ‘Many modern researchers are certain that childhood immunization is a considerably important for children’s health since these procedures enhance their immune systems, and as a result, prevent numerous illnesses.’ a. The list of illnesses that can be prevented by vaccination. b. The safety and effectiveness of childhood immunization. B. Counterargument: ‘Some parents believe that vaccinations are unsafe for their children, and hence, they refuse to vaccinate their kids.’ a. The potential side effects of childhood immunization. C. Rebuttal: ‘Even though some people do not agree to vaccinate their children because of their concerns regarding the safety of vaccines, modern scientists in the field of medicine have already proved the safety and effectiveness of this particular medical procedure.’ a. The recent statistical data on the safety of vaccination. III. Conclusion a. Thesis restatement. b. Summary of the main points of the paper. General Structure of an Argumentative Essay Introduction In the first section of an argumentative paper, the writer should provide the main idea of the entire paper. Since our topic is related to the importance of childhood immunization, it is important to provide some background information regarding this issue. Having provided the details of this issue, you should not forget to write an effective thesis statement at the end of the paragraph. Some examples of thesis statements, correct and incorrect ones, you can find below. Incorrect: ‘Childhood immunization should be mandatory because of its positive effects on children’s health.’ Correct: ‘Childhood immunization should be mandatory since this particular medical procedure can help modern parents prevent their children from different viruses, infections, and other health-related issues.’ The first example of a thesis statement is incorrect since this sentence is too general. Even though the writer mentioned the idea of the research paper, it is not clear how childhood vaccination influences children’s health. To make a thesis statement consistent, it was necessary to mention all the positive effects of childhood immunization. Main Body Since you are to write an argumentative essay, you should acquaint your readers with both sides of the selected issue. Hence, your paper should include the three main elements: argument, counterargument, and rebuttal. In the first part of the main body, you have to write some arguments, which support the idea of mandatory childhood immunization. For instance, you can provide a list of severe illnesses, which can be prevented using vaccination. To support your argument, you can refer to the article, which is published on the Centers for Disease Control and Prevention website. In the following part of the main body, you have to present the opponents’ claim regarding the idea that childhood immunization should be mandatory. In this case, you can find some information about the different side effects of modern vaccines. Since you support the idea of mandatory childhood immunization, this particular counterargument should be refuted. In order to refute this claim, you can provide recent statistics ensuring that modern vaccines are not only safe but also effective for children. Conclusion A conclusion is the following important part of an argumentative essay. In this particular section, you have to provide a brief summary of the key arguments, which were introduced in a paper. Additionally, do not forget to restate your thesis statement using different words. Post-Writing Tips and Recommendations 1. Finish your argumentative essay and relax. Having finished an essay, you are recommended to put the paper aside for some time and relax. Indeed, it is important to get some distance from the completed paper since you will not be able to proofread it effectively. 2. Then, take some time to edit your argumentative essay; try to use the following tips: Check the content of your argumentative essay. Firstly, the content of your essay should meet all the requirements given by the professor. Ma e sure that your claims are accurate and consistent; the arguments should be clear and relevant. Finally, all the arguments presented in the paper should be supported by reliable evidence. Check the structure of your argumentative essay. Your argumentative essay should contain an appropriate introduction and an effective conclusion. The important thing is that these parts of an essay should contain less than 200 words. Check whether your paper has a strong thesis statement. Make sure that each body paragraph has a close relation to the thesis statement, which is an important part of the paper’s introduction. Eventually, check whether a conclusion restates a thesis statement in different words. Pay attention to the clarity and style of your argumentative essay. In this case, you have to check whether you have written an argumentative essay using a persuasive tone. Besides, since your paper is focused on a specific topic related to the field of health care, you should ensure that you have explained all the medical terms, which can be found in your argumentative essay. Check the accuracy of paper format. In general, modern researchers recommend students to write an argumentative essay in health care using APA style. However, sometimes, you can be asked to use other paper formats, such as MLA, Chicago, and Harvard. Hence, check whether your paper format meets the initial instructions. 3. Finally, you should proofread the completed argumentative essay. Try to detect grammar and spelling errors in your argumentative paper. In this case, you can use different grammar checkers, such as Grammarly, Grammarix, and Language Tool. However, you should not rely on these online applications since they tend to work with a limited number of grammar rules. That is why you are recommended to reread the completed paper and try to find some grammar errors. Check whether your paper has some punctuation mistakes. Even though punctuation errors seem to be inconsiderable, a few mistakes will affect your grade. Make sure that your argumentative essay is plagiarism-free. Plagiarism is a serious academic offense, which can cause numerous negative consequences, such as failing a course and expulsion. To check your paper for plagiarism, you can use a great number of applications, which are available online. Among them, you can find The Bibme Plus, Citations Machine Plus, PlagScan, and many others. â€Æ' References Argumentative Essay Patterns and Structure. Edusson, 2019, https://edusson.com/blog/argumentative-essay-patterns-and-structure. Accessed 5 June 2019. Editing and Proofreading. The Writing Center, 2019, https://writingcenter.unc.edu/tips-and-tools/editing-and-proofreading/. Accessed 5 June 2019. Kearney, Virginia. How to Write an Argumentative Essay Step by Step. Owlcation, 2019, https://owlcation.com/academia/How-to-Write-an-Argument-Essay. Accessed 5 June 2019. What Is an Argumentative Essay?. Purdue Online Writing Lab, https://owl.purdue.edu/owl/general_writing/academic_writing/essay_writing/argumentative_essays.html. Accessed 5 June 2019. Why Are Childhood Vaccines So Important?. Centers for Disease Control and Prevention, 2018, https://www.cdc.gov/vaccines/vac-gen/howvpd.htm. Accessed 5 June 2019.

IT and Entrepreneurship Essay Example | Topics and Well Written Essays - 1750 words

IT and Entrepreneurship - Essay Example The Nielson Norman Group undertakes its programs and processes in line with computerized user interfaces. Such programs enable the company to bear the ability to provide consultation to clients from the firm. The Group’s success is evident since the company has built an overwhelming range of clientele in the global market since its foundation back in 1998. The following discussion seeks to highlight the prospective of intranets with various evaluation approaches to assert the fact that the programs do not necessarily provoke learning and inspirations (Collins, 2010, p, 130). Discussion of the features to build in an organization’s intranet the different intranet services seem to comprise of different features depending on the main purposes of their improvising. Each of the learning intranets was purported by its innovators as a certain approach to solving learning and problems. Distinctively, global enterprises realize that the social media is part of the community and may not fade out despite the pre-existing challenges Green, et al 2011, p, 90). Technical surveys implore organizations to abide in the use of social media holding that it is the most appropriate method from restructuring organization’s performances and building effective teams through the imposition of knowledge of the personnel and management. Experts have the notion that collaborative communication through the internet is certainly a useful course in all enterprises operating on a global platform. The effective nature of intranets is viewed as implicit to the gradual changes that are presumed to exist in organizations. This change is certain since there is enough and unprecedented evidence that functionality will shift gradually from the current prospects for the organizations’ advantages. The fact that intranets exist in different versions, the enterprise community of the society has a significant range to choose the intranet approach in accordance to the performan ce portfolio. Ideally, I-Space intranet provides learners with provident knowledge for use in ensuring organizational development and prowess in performances. Mainly, the I-Space intranet service provides various knowledgeable aspects ranging from the provision of public knowledge to the ideology of enhancing common sense (Collins, 2010, p, 133). A detailed survey undertaken by the Norman Group asserts that the intranet survey phenomenon comprises of the aspects of codification and diffusion of reading materials, a factor that is defined as the public knowledge approach. On the second account, the intranet approach ascertains to its users that they will accrue proprietary knowledge through its intriguing provision of patented entities, official secrets, and other critical information sources. The intranet approach asserts that users seeking proprietary knowledge shall find that its lack of diffusion despite the codification as an ethical barrier to provision of security on the perti nent materials. Lastly, the account provides employees and other concerned stakeholders seeking information with personal knowledge whereby codification and diffusion equally lack thus; guaranteeing users to sort out for any information related to their needs. I-Space accounting approaches assert knowledge on common sense, the type of information that all people have knowledge about their existence. However, the service is extremely diffused and without codifications thus enabling any

Business economic Essay Example | Topics and Well Written Essays - 1750 words

Business economic - Essay Example Thus, a double-dip recession occurs when the GDP rises to positive levels (the recovery period) followed by negative levels (another recession) (Quiggin, 2010). It is often referred to as the â€Å"W-shaped† recession (Quiggin, 2010). One of the most prominent double-dip recessions took place in the 1980’s in the United States (Appendix 1) (Quiggin, 2010). Two recessions occurred in the 1980’s in the United States. Initially, the economy shrunk by 8%, then grew at 8% after which the economy dipped into the second recession due to the Federal Reserve’s policy to raise interest rates to curb inflation (Quiggin, 2010). Following that, the economy re-entered into growth for the rest of the years (Quiggin, 2010). Although, there are no definite characteristics that define a recession, there are a few symptoms that are generally agreed by economists. First is the inverted yield curve model which was determined by Jonathan H. Wright which uses 10 year yield of Tr easury Securities as an input (LaBonte et al., 2010). Second, is the change in unemployment rate over a three month period (LaBonte et al., 2010). Third, lower prices of assets including real estate and financial assets as well as large personal and corporate debts (LaBonte et al., 2010). ii) The contraction in Ireland’s economy was of particular significance at a time when other Euro nations were showing positive growth rates. This fall in Ireland’s GDP is attributed firstly, according to Author of the Bulletin, Dr. Dan McLaughlin, Group Chief Economist, Bank of Ireland, to the drastic fall in capital spending. Although capital spending decreased by 11%, on average, throughout the rest of the developed world; in Ireland it fell by a drastic 30% along with a 34% decline in building and construction activity (McLaughlin, 2010). The share of construction in general, and house-building in particular now accounts for only 2.5% of Ireland’s GDP, compared to 12% in 20 05 (McLaughlin, 2010). Secondly, consumption expenditure also saw a decline throughout the Western regime by 1.1%, due to reduced employment and falling growth in wages (McLaughlin, 2010). In the case of Ireland, employment slashed by 8% along with decline in wages which partially contributes to the fall in real consumer purchase power of Ireland (McLaughlin, 2010). A significant trend emerged at this point; that of higher savings. Although real disposable income dipped in Ireland, it was accompanied by a rise in the marginal propensity to save, leading to a higher savings ratio (McLaughlin, 2010). At the same time, Ireland’s exports fell by much more than that of its Euro competitors, implying that Net Exports also declined. Thus, to sum up; since all the components of GDP including consumption, investment and government expenditure along with net exports fell, GDP was bound to decline. iii) A Keynesian style stimulus package is a policy measure used by policymakers and inst itutions that involves stimulating one or more of the components that make up aggregate demand in an attempt to increase employment, income and output of an economy (Tool & Samuels, 1989). This approach is consistent with the Keynesian theory that negative output gap can lead to a bottleneck in the economy; a situation it finds difficult to escape. The paradox of thrift comes into force whereby loss of valuable consumer and investor confidence combined with high propensity to save exacerbates the recession (Meltzer, 1988). If such is the situation,

Rights and Duties in a Letter of Credit Transaction

Rights and Duties in a Letter of Credit Transaction Introduction The letter of credit is the most commonly used method of payment for goods in international trade. This thesis highlights the imbalance of the rights and duties of the parties in a letter of credit transaction by emphasising deficiencies in the letters of credit system. In addition, on those areas where there is lack of justice and equity and which make the system of the letters of credit vulnerable for fraudulent activities. This thesis is structured in five chapters. First chapter after briefly discussing the structure of the letter of credit system, such as parties to the letter of credit transaction, kinds of letters of credit, step by step procedure of the transaction, different type of the documents used and the common defects in those documents, it also explains about the division of the risk under such a transaction and how the applicant’s risk has increased under UCP and very often the buyer is paying for the goods he had not contracted for. Second chapter after brief discussion of the drafting and interpretation of the UCP, explains about the reluctance of the courts to intervene in order to balance the rights and duties of the parties in a letter of credit transaction, status of the UCP, scope of the banks duties and in addition the disclaimer clauses under UCP. Chapter three explores the autonomy of the letters of credit, the doctrine of strict compliance and the ways in which the courts deal with documentary compliance. It further considers that overprotection of the â€Å"independence principle†, and the lack of â€Å"reasonable care† on the part of banks provides opportunities of fraud to the sellers to obtain payment without actually performing their duties to banks and buyers. Chapter four explains â€Å"fraud exception† to the autonomy principle in detail, the position of the fraud exception in England and the history of the English cases relating to the fraud. In addition it also examines the reasons for such an enormous increase in the number of cases relating to fraud. Finally, chapter five considers some of those methods, which can be used to avoid such an increase in fraud cases and also provides few suggestions to balance the rights and duties amongst all the parties to the letter of credit transaction. Chapter 1 Structure of a Letter of Credit Transaction Commercial letters of credit have been used for the centuries as a most common method of payment, in international trade. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP). A commercial letter of credit is a contractual agreement between a bank (issuing bank), on behalf of one of its customers (buyer), authorizing another bank (advising or confirming bank), to make payment to the beneficiary (seller). The issuing bank, on the application of its customer (buyer), opens the letter of credit, and makes a commitment with the buyer to honour the credit, if the documents presented by the beneficiary are conforming to the terms and conditions of the credit. Thus, the issuing replaces the customer to make payment to the seller. Elements of a Letter of Credit An undertaking given by issuing bank to make payment Issuing bank gives undertaking on behalf of a applicant To pay a given amount of money to the seller On presentation of required documents under the letter of credit Within a specified time as provided by the letter of credit Documents must be in compliance to the terms and conditions of the letter of credit Documents must be presented at a specified place provided by the letter of credit Beneficiary Beneficiary is normally the provider of the goods or services and is entitled to payment as long as he can provide the conforming documents required by the letter of credit. The letter of credit is a distinct and separate transaction from the underlying contract (contract between seller and buyer). All parties deal in documents and not in goods. The issuing bank is not liable for the performance of the underlying contract between the buyer and seller. The issuing banks obligation to the buyer-applicant is to examine all documents to insure that they are in compliance with the terms and conditions of the credit. To get the payment it is for the beneficiary to provide all the required documents. If the seller-beneficiary conforms to the letter of credit, the seller must be paid by the bank. Issuing Bank Letters of credit only concerns with the documents, not with the goods, therefore the duty of issuing bank to pay to the beneficiary and than to be reimbursed from its customer will only be completed upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is entitled to have a reasonable time after receipt of the documents from the beneficiary, to examine the documents and then to make the payment. The issuing bank provides a guarantee to the seller that if the documents presented by the beneficiary are in compliance with the terms and conditions of the credit, then the bank will make the payment to the seller. Generally the documents presented include a commercial invoice, bill of lading or airway bill and an insurance document etc. Advising Bank An advising bank is usually a foreign correspondent bank of the issuing bank which advises the seller-beneficiary. Generally, the beneficiary wants to use a local bank to insure that the letter of credit is valid. In addition, the advising bank is responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. Therefore, if the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay. Confirming Bank At the request of the issuing bank, the correspondent bank may confirm the letter of credit for the seller-beneficiary and obligates itself to insure payment under the letter of credit. The confirming bank is usually the advising bank. There are two main types of Letters of credit: (1) Revocable (2) Irrevocable Revocable Letter of Credit Revocable letter of credit is not a commonly used type of the letters of credit. This type of letter of credit can be revoked by the issuing bank at any time, without notification to the beneficiary, for any reason. Such type of letter of credit can not be confirmed by the correspondent bank and the bank will act as an advising bank only. A revocable letter of credit can not be revoked after the presentation of the documents, if the documents are conforming to the terms and conditions of the letter of credit and the payment has been made. Irrevocable Letter of Credit Use of irrevocable letters of credit is very common in international trade. Irrevocable letter of credit can not be revoked or changed without the consent of the beneficiary. Issuing bank will make the payment to the seller, if the seller presents the documents complying with the terms of the credit, as agreed between seller and buyer. Such a letter of credit can only be changed with the permission of both buyer and seller. If it is not clear from the letter of credit that whether it is revocable or irrevocable, it automatically considers as irrevocable. Irrevocable letters of credit are of two kinds: Unconfirmed credit In case of unconfirmed letter of credit, advising bank does not confirm the credit to the seller and the issuing bank is the only party responsible for payment to the beneficiary. Advising bank will only pay to the seller after getting payment from the issuing bank and there is no risk for the advising bank. Confirmed credit In this type of credit, advising bank confirms credit to the seller. When the advising bank confirms that the documents presented are conforming to the terms of the credit, it will make the payment to the seller, and after that advising bank will contact with the issuing bank to get the payment. This type of letter of credit is commonly used, when the seller is unfamiliar with the issuing bank. Such a type of letter of credit is quite expensive because the banks have some liability. Step-by-step process In international trade as the buyer and seller are in different countries so when the buyer and the seller of the goods agree to conduct business, than because of the gap of time between delivery of goods and the payment, usually the seller wants a letter of credit as a guarantee of payment from the buyer. Than the buyer makes a request to his bank called the issuing to open a credit in the favour of the seller. at the request of the buyer, issuing bank issues a letter of credit in favour of the seller and forwards it to the corresponding bank called the advising or conforming bank., which is usually located in the seller’s country. Advising bank than either confirms the credit or not, depending upon the type of credit, and forward it to the seller. Seller than ships the goods and collects the documents required in order to meet the requirements of the letter of credit and finally to get the payment in time. Seller presents the required documents to the advising or confirming bank in order to get the payment in time. Advising or confirming bank examines the documents presented by the seller to check that whether they are conforming to the terms and conditions of the letter of credit. If the documents are in compliance, advising or confirming bank, in case of confirmed letter of credit, will make payment to the seller and will be reimbursed from the issuing bank and in case of unconfirmed letter of credit, advising or confirming bank will forward the documents to the issuing bank. Than the Issuing bank will, after examine of the documents, debit the buyers account if the documents are in compliance to the terms of the letter of credit. In the end, Issuing bank forwards the documents to the buyer. Most commonly used documents in a letter of credit transaction include: Commercial Invoice This includes description of the goods, their price, FOB origin, and name and address of the buyer and the seller. The buyer and seller information must be in compliance with the description provided in the letter of credit. Bill of Lading It is a document which shows the receipt of goods for shipment by a freight carrier. It is an evidence of the control of the goods and also acts as an evidence of the carriers obligation to transport the goods to their proper destination. Warranty of Title A warranty given by a seller to a buyer of goods that states that the title being conveyed is good. It is generally issued to the purchaser. Letter of Indemnity It is a letter specifically indemnifies the purchaser against a certain stated circumstance. Indemnification is generally used to guarantee that shipping documents will be provided in good order when available. Common Defects in the documents presented A discrepancy is some defect in the documents presented by the seller, which show their non-compliance with the terms of the letter of credit. Issuing bank can not change the terms and conditions of the letter of credit with out t he permission of the buyer. Therefore to avoid any delay in getting payment. Beneficiary should be careful in preparing the required documents. Common defects in the documents presented by the seller include: If the description of the goods is not consistent. There is some error in the insurance documents. If the draft amount is not equal to invoice amount. Loading and destination ports are not same as provided by the letter of credit. Merchandise description is not same as in the credit. If any of the documents required by the credit is not presented. Documents are generally inconsistent such as quality, etc. If the names of the documents required are not correct, as mentioned in the credit. Invoice is not signed as provided in the letter of credit. If prior to the presentation of the draft, Letter of Credit has expired. If the date mention in the bill of lading is different from the date stated in the credit. If there are some changes in the invoice which are not authorized by the letter of credit. In international sales, as the seller and the buyer are in different countries, there is a common problem of payment due to the difference of time between dispatch and delivery. Obviously, seller would like to receive payment for the goods when delivering them to the carrier and the buyer would prefer to delay the payment of the price until receipt of the goods. Therefore, a letter of credit solves this problem between the seller and the buyer. Generally, there are three separate transactions in a letter of credit transaction. The first is between a seller and a buyer, called an underlying transaction, by which the seller provides contracted goods to the buyer. The second transaction is between the buyer-applicant and the bank (issuer of the letter of credit), in which the bank issues a letter of credit to the seller-beneficiary. Finally, the letter of credit itself creates a relationship between the issuer and the beneficiary, in which, the issuer makes payment for goods upon the beneficiary’s presentation of the required documents, in accordance with the terms and conditions of the letter of credit as agreed between seller and buyer. The bank’s performance of payment is conditional on the delivery of conforming documents by the beneficiary. The banks are called issuers and are usually the applicant’s bank. Normally the issuing bank opens a letter of credit in its own name and requests its correspondent bank to notify the seller about the letter of credit. Sometimes, the issuing bank asks the correspondent bank not only to inform the seller of the issuing bank’s undertaking but also to add a confirmation. In this case, the credit is known as a confirmed credit and the correspondent bank as a confirming bank. The payment obligation of the issuing bank depends upon the beneficiary’s presentation of complying documents to the confirming bank or to any other nominated bank, in accordance with the terms and conditions of the credit. Under general practice, presenting â€Å"complying documents† means that they comply with the conditions of the credit â€Å"on their face†. From banking point of view, compliance â€Å"on their face† of the presented documents is sufficient. The â€Å"independence principle† (which will be discussed later) is the fundamental principle of the letter of credit system, which prohibits banks from looking beyond facial compliance of the documents, and therefore exclude whether or not there is actual performance by the seller-beneficiary. In fact, letters of credit system has emphasised the independence principle to such an extent that banks are ignoring the performance of the underlying contract very confidently. As a result, all the risk is on the honest buyers, who are sometime paying for goods that they had not contracted for. Importance of the research The primary purpose of the letter of credit system is to facilitate international trade, rather than to provide an opportunity to the banks to make profit. As the fraud is very common in these days, but UCP is not designed to prevent fraud. The number of frauds relating to the letters of credit has increased over the years. Buyers are particularly vulnerable to such practices under the letter of credit system. This situation shows that there is some ambiguity in the letter of credit system and a lack of balance between the rights and duties of the parties to a letter of credit transaction, which is being exploited very easily by fraudsters. Division of risk under a Letter of Credit Transaction As we have discussed above, a letter of credit transaction consists of three linked but independent contracts. The first step is that the buyer makes a contract with the seller for the sale of goods, called the underlying contract. Subsequently the buyer signs an application form requesting the bank to open a credit, which is an arrangement between the buyer and the bank. The third step is that the issuing bank informs the seller, who is the beneficiary of the letter of credit, of the credit and promises to pay against the stipulated documents provided the terms and conditions of the credit are met. The letter of credit allocates risk between the applicant and the beneficiary. By postulating a letter of credit, the beneficiary may greatly reduce the risk of not being paid and ultimately allowing the beneficiary of the letter to reallocate the risk of non-payment for delivered goods which do not conform to the underlying sale contract. Generally, banks are reluctant to dishonour a credit, since to do so may damage the bank’s reputation as a credit issuer. The cost of honour, however, falls on the honest applicant, not the bank. â€Å"If the beneficiary has breached the underlying transaction, payment under the credit to him will occasion loss, but that loss will not be the bank’s; it will be the applicant’s.† Increase in the applicant’s risk and decrease in the bank’s risk under UCP UCP is the governing law of the letters of credit, therefore there should be a balance regarding the rights and duties of the parties, but UCP contains rules that reduce bank risk. There is no provision asking for judicial intervention to compensate letter of credit parties in case of bank’s negligence. The provisions in favour of banks fall into two categories. The first provides sweeping immunity from liabilities that national legal systems may impose. Example of such a disclaimer is Article 15. Under Article 15, banks assume no liability for the genuineness, falsification or legal effect of any documents and therefore the issuer is immune from the liability for paying against forged documents, which on their face appear regular. Therefore, the payment by the issuing bank does not show that the buyer has received the goods, which he had contracted for. The security, which the beneficiary is getting under the letter of credit system is not the same with the security of the buyer. The second category of pro-bank provisions contains rules that set precise boundaries on what the banks must do, which reduces uncertainty about bank responsibility and provides clear guidance to bank employees. For example, the customer cannot stipulate non-documentary conditions of payment, and time limits on examination of documents are fixed rather than open-ended. In case of any loss, the buyer, which is the applicant for a credit, can take action against the seller for breach of contract or fraud, but has no right of action against the bank for bank’s negligence in examining the documents, which can be ineffectual for several reasons, such as insolvency of either the applicant or the beneficiary. Hence the burden of risk on the applicant is more than any party in a letter of credit transaction and in most of the cases, buyers are paying for the goods, they have not contracted for. Chapter 2 UCP and letters of credit Originally UCP has been drafted by the Banking Commission of the ICC, which was comprised of the representatives of the banking community, which shows the dominance of the banks and banking experts. Their dominance in UCP drafting, hints that in drafting UCP, ICC was acting as a private legislature. It looks that the rules contain in the UCP are much beneficial for the banks than any other party, and giving a limited chance to the judiciaries to interfere to protect customers from any careless behaviour of the banks. The authority to interpret the UCP rests in the ICC Commission on Banking Technique and Practice, which can apply these interpretations to solve the problems arising in any case. Because of wide publicity and distribution of commission’s answers, their interpretation can be considered as an official interpretation of the UCP. Commission can enhance, interpreting, and sometimes amend the provisions of the UCP. The banks which deal with the letters of credit, act upon these interpretations and any amendments. As in theory, commission is only answerable to ICC members, therefore the chances of any challenge to such interpretation is very low. Role of courts in balancing the rights and duties of the parties In Discount Records Ltd. v. Barclay Bank Ltd., the judge was reluctant to â€Å"interfere with bankers’ irrevocable credit and not least in the sphere of international banking†. The position is same in many other cases. The apparent reason for the reluctance of the judges to interfere looks that they are afraid from the threats of the banking experts that their decisions would have an unfavourable affect on international trade. The difficulties of the courts to balance the rights and duties of all parties to a letter of credit transaction have increased. In Mannesman Handel AG v. Kaunlaran Shipping Corporation, the Swiss bank argued that the bank was in rejecting the documents by the German company relying on the independence principle and the discrepancies appeared on the documents. The court was asked not to apply the good faith principle otherwise the court â€Å"would be calculated to undermine if not destroy the doctrine of strict compliance and to blur if not extinguish the distinction between transactions concerning goods and transactions concerning documents.† Normally the judicial decisions relating to the legal aspects of documentary credits base on either the express intentions of the parties or established business practice at the time, the parties entered in a contractual relationship. In cases where the UCP provisions are different from business practice, a court will apply the UCP if the UCP is incorporated in the contract of the parties. It shows that courts have assented to the entire documentary credit system being run by the banking industry and eventually abstaining the courts to intervene to balance the legal rights and duties amongst all the parties. Should the UCP have the status of law? Leading scholar Professor Ross Buckley says: â€Å"originally, the UCP was neither designed nor intended to be law. It was prepared as a set of standard terms to be incorporated by reference into letters of credit by those parties who chose to do so.† This has also been confirmed by the UCP in the preface of UCP 500, which states that the UCP is not legislation but a compilation of rules made by bankers for their own industry. Therefore there is a dispute as to whether the UCP is a code of the law, or just customary practices, or some mutually consented regulations relating to letters of credit. However in fact, UCP is the governing law of the letters of credit. The Scope of the Banks Duties Before analysing the wording of the disclaimers used, the scope of the duties undertaken by the banks involved must be identified. Whereas the type of credit and the documentary stipulations therein will usually have been negotiated by the commercial parties and included in their sales contract, the terms and conditions under which a bank undertakes to open a documentary credit will normally appear in the banks standard application form which the importer will be required to complete. Although the application would normally refer to the UCP, it is important to note that the provisions of the UCP would not automatically apply in English law if not expressly incorporated by the parties to the credit and, even if expressly incorporated, its provisions can be excluded, or modified by the express terms of the credit. The duty to issue an efficacious credit The importers failure to procure the issue of a documentary credit which conforms to the terms of the sales contract may be treated by the exporter as a breach of a condition precedent to his performance and a repudiation of the contract by the importer. Whether the applicant can sue the issuing bank in respect of its culpable failure to issue (or to issue in good time) a conforming and efficacious credit is, however, by no means clear. The duty to issue a conforming credit An initial problem arises where the applicant requires the issue of a confirmed credit, that is, a credit in which a second bank, normally in the beneficiarys country, adds its own independent undertaking, to pay against the stipulated documents, to that of the issuing bank. Is the issuing bank in breach of contract towards the applicant if it is unable to procure the confirmation? The answer must depend upon the issuers conduct on receiving the application from the applicant. The second aspect of the duty to issue a conforming credit raises the question of liability for the acts of other banks involved in the transaction. Clearly, if the issuing bank opens a credit which specifies documentation other than that called for by the applicant, then in the absence of a disclaimer it will be in breach of its contract with the applicant under the doctrine of strict compliance. The position should be the same where the issuing bank unreasonably delays issue of the credit so that the beneficiary incurs loss. A difficulty arises, however, when it is not the issuing bank itself which causes the error or delay in complying with the applicants instructions, but the issuers correspondent bank. The doctrine of privity of contract would appear to prevent contractual liability arising in this context. However, in any event, it appears that there is no reason for holding that, in the absence of a disclaimer; an issuing bank should not be liable for the consequences of errors by its correspondents. Duty to receive and examine documents The doctrine of strict compliance means that issuing banks which pay against non-conforming documents are in breach of their contractual obligations to the applicant. The issuer is not, however, a guarantor of the documents conformity; its duty is discharged by the exercise of reasonable care to ascertain that the documents comply on their face with the terms of the credit. Duty to make payment under the terms of the credit The party with the primary interest in enforcing the banks obligation to pay against conforming documents is the beneficiary although it is clear that this obligation is also owed to the applicant. Furthermore, any variation of the payment terms would be a clear breach of contract. Duties of correspondent banks In so far as the confirming bank gives an undertaking in exactly the same terms as the issuing bank, it clearly owes precisely the same duties to the beneficiary. However, since a confirming bank looks to the issuing bank alone for reimbursement, it may be prima facie unlikely that it owes any duty to the applicant, even where the applicant is paying the confirmation fee. There are, however, some judicial dicta which might support the recognition of such a duty. Bank’s risk under UCP (exemption clauses) Article 15 and 18 (b) of the UCP 500, limits the liability of the banks in a letter of credit transaction and which have almost made it a risk free transaction for the banks. Article 15 says: â€Å"Banks assume no liability to or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document(s) or for the general and/or particular conditions stipulated in the document(s) or superimposed thereon, nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s) or for the good-faith or acts and/or omissions, solvency, performance or standing of the consignors, the carriers, the forwarders, the consignee or the insurers of the goods or any other person whomsoever.† Article 18(b) further states: â€Å"Banks assume no liability or responsibility should the instructions they submit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).† The UCP 500 places the applicant-buyer in an absurdly vulnerable position through its disclaimer clauses. To some extent there is a lack of duties on the part of the bank to verify the authenticity of the documents. Hence it might not be wrong to say that albeit there is a waste increase in the use of letters of credit, does not signify that the UCP is fairly drafted. Letters of credit and its users It is also very important that whether all the parties to the letter of credit, particularly applicant-buyer are conscious about the presence of these exemptions, e.g. by providing a copy of these exemption clauses of the UCP or by giving a notice of these exemption clauses. It is a rule that to enforce an exemption clause, a reasonable notice should be given to the other party but in practice, buyers are assume to have the notice of the UCP and that they are familiar with the provisions of the UCP. Further, the application for the issuance of a letter of credit and the letter of credit document itself only contain a simple sentence: â€Å"Subject to UCP for Documentary Credits†, without any attachment of the provisions of the UCP or any notice of such exemption clauses. Hence it is debatable that why the courts do not look, while dealing with the cases relating to the letters of credit, that whether a reasonable notice has been given relating to the exemption clauses and do not interfere to balance the rights and duties of the parties to a letter of credit transaction? Chapter 3 Doctrine of strict compliance and independence principle It is a basic rule of the letter of the credit transaction and which is widely recognised that the letters of credit are transactions independent of the underlying contracts on which they are based. According to this principle, the issuer has no concern with the underlying contracts between buyer and seller. Its concern is with documents only, rather than the goods or any type of services. Obviously there are some doubts about this principle, i.e. to what extent this principle should be applied. Which some tome may cause injustice to the applicant under certain circumstances. Independence Principle Generally, letter of credit is a contract between the issuer and the seller of the goods, which is independent of the underlying contract between the seller and the buyer. The independence principle is mentioned in Article 3 and Article 4 of the UCP. Article 3 states: â€Å"Credits, by their nature, are separated transactions from the sales or other contract(s), even if any reference whatsoever to such contract(s) is included in the Credit.† Article 4 further says: â€Å"In credit operations all parties concerned deal with documents and not with goods, services and/or other performances to which the documents may relate.† From the very beginning independence principle governs letter of credit transactions and very clearly states that the credits are completely separate from their underlying transactions and the issuer makes payment depending on the conformity of the documents presented according to the terms and conditions of the credit without considering the performance of the underlying contract by the beneficiary. Rights and Duties in a Letter of Credit Transaction Rights and Duties in a Letter of Credit Transaction Introduction The letter of credit is the most commonly used method of payment for goods in international trade. This thesis highlights the imbalance of the rights and duties of the parties in a letter of credit transaction by emphasising deficiencies in the letters of credit system. In addition, on those areas where there is lack of justice and equity and which make the system of the letters of credit vulnerable for fraudulent activities. This thesis is structured in five chapters. First chapter after briefly discussing the structure of the letter of credit system, such as parties to the letter of credit transaction, kinds of letters of credit, step by step procedure of the transaction, different type of the documents used and the common defects in those documents, it also explains about the division of the risk under such a transaction and how the applicant’s risk has increased under UCP and very often the buyer is paying for the goods he had not contracted for. Second chapter after brief discussion of the drafting and interpretation of the UCP, explains about the reluctance of the courts to intervene in order to balance the rights and duties of the parties in a letter of credit transaction, status of the UCP, scope of the banks duties and in addition the disclaimer clauses under UCP. Chapter three explores the autonomy of the letters of credit, the doctrine of strict compliance and the ways in which the courts deal with documentary compliance. It further considers that overprotection of the â€Å"independence principle†, and the lack of â€Å"reasonable care† on the part of banks provides opportunities of fraud to the sellers to obtain payment without actually performing their duties to banks and buyers. Chapter four explains â€Å"fraud exception† to the autonomy principle in detail, the position of the fraud exception in England and the history of the English cases relating to the fraud. In addition it also examines the reasons for such an enormous increase in the number of cases relating to fraud. Finally, chapter five considers some of those methods, which can be used to avoid such an increase in fraud cases and also provides few suggestions to balance the rights and duties amongst all the parties to the letter of credit transaction. Chapter 1 Structure of a Letter of Credit Transaction Commercial letters of credit have been used for the centuries as a most common method of payment, in international trade. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP). A commercial letter of credit is a contractual agreement between a bank (issuing bank), on behalf of one of its customers (buyer), authorizing another bank (advising or confirming bank), to make payment to the beneficiary (seller). The issuing bank, on the application of its customer (buyer), opens the letter of credit, and makes a commitment with the buyer to honour the credit, if the documents presented by the beneficiary are conforming to the terms and conditions of the credit. Thus, the issuing replaces the customer to make payment to the seller. Elements of a Letter of Credit An undertaking given by issuing bank to make payment Issuing bank gives undertaking on behalf of a applicant To pay a given amount of money to the seller On presentation of required documents under the letter of credit Within a specified time as provided by the letter of credit Documents must be in compliance to the terms and conditions of the letter of credit Documents must be presented at a specified place provided by the letter of credit Beneficiary Beneficiary is normally the provider of the goods or services and is entitled to payment as long as he can provide the conforming documents required by the letter of credit. The letter of credit is a distinct and separate transaction from the underlying contract (contract between seller and buyer). All parties deal in documents and not in goods. The issuing bank is not liable for the performance of the underlying contract between the buyer and seller. The issuing banks obligation to the buyer-applicant is to examine all documents to insure that they are in compliance with the terms and conditions of the credit. To get the payment it is for the beneficiary to provide all the required documents. If the seller-beneficiary conforms to the letter of credit, the seller must be paid by the bank. Issuing Bank Letters of credit only concerns with the documents, not with the goods, therefore the duty of issuing bank to pay to the beneficiary and than to be reimbursed from its customer will only be completed upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is entitled to have a reasonable time after receipt of the documents from the beneficiary, to examine the documents and then to make the payment. The issuing bank provides a guarantee to the seller that if the documents presented by the beneficiary are in compliance with the terms and conditions of the credit, then the bank will make the payment to the seller. Generally the documents presented include a commercial invoice, bill of lading or airway bill and an insurance document etc. Advising Bank An advising bank is usually a foreign correspondent bank of the issuing bank which advises the seller-beneficiary. Generally, the beneficiary wants to use a local bank to insure that the letter of credit is valid. In addition, the advising bank is responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. Therefore, if the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay. Confirming Bank At the request of the issuing bank, the correspondent bank may confirm the letter of credit for the seller-beneficiary and obligates itself to insure payment under the letter of credit. The confirming bank is usually the advising bank. There are two main types of Letters of credit: (1) Revocable (2) Irrevocable Revocable Letter of Credit Revocable letter of credit is not a commonly used type of the letters of credit. This type of letter of credit can be revoked by the issuing bank at any time, without notification to the beneficiary, for any reason. Such type of letter of credit can not be confirmed by the correspondent bank and the bank will act as an advising bank only. A revocable letter of credit can not be revoked after the presentation of the documents, if the documents are conforming to the terms and conditions of the letter of credit and the payment has been made. Irrevocable Letter of Credit Use of irrevocable letters of credit is very common in international trade. Irrevocable letter of credit can not be revoked or changed without the consent of the beneficiary. Issuing bank will make the payment to the seller, if the seller presents the documents complying with the terms of the credit, as agreed between seller and buyer. Such a letter of credit can only be changed with the permission of both buyer and seller. If it is not clear from the letter of credit that whether it is revocable or irrevocable, it automatically considers as irrevocable. Irrevocable letters of credit are of two kinds: Unconfirmed credit In case of unconfirmed letter of credit, advising bank does not confirm the credit to the seller and the issuing bank is the only party responsible for payment to the beneficiary. Advising bank will only pay to the seller after getting payment from the issuing bank and there is no risk for the advising bank. Confirmed credit In this type of credit, advising bank confirms credit to the seller. When the advising bank confirms that the documents presented are conforming to the terms of the credit, it will make the payment to the seller, and after that advising bank will contact with the issuing bank to get the payment. This type of letter of credit is commonly used, when the seller is unfamiliar with the issuing bank. Such a type of letter of credit is quite expensive because the banks have some liability. Step-by-step process In international trade as the buyer and seller are in different countries so when the buyer and the seller of the goods agree to conduct business, than because of the gap of time between delivery of goods and the payment, usually the seller wants a letter of credit as a guarantee of payment from the buyer. Than the buyer makes a request to his bank called the issuing to open a credit in the favour of the seller. at the request of the buyer, issuing bank issues a letter of credit in favour of the seller and forwards it to the corresponding bank called the advising or conforming bank., which is usually located in the seller’s country. Advising bank than either confirms the credit or not, depending upon the type of credit, and forward it to the seller. Seller than ships the goods and collects the documents required in order to meet the requirements of the letter of credit and finally to get the payment in time. Seller presents the required documents to the advising or confirming bank in order to get the payment in time. Advising or confirming bank examines the documents presented by the seller to check that whether they are conforming to the terms and conditions of the letter of credit. If the documents are in compliance, advising or confirming bank, in case of confirmed letter of credit, will make payment to the seller and will be reimbursed from the issuing bank and in case of unconfirmed letter of credit, advising or confirming bank will forward the documents to the issuing bank. Than the Issuing bank will, after examine of the documents, debit the buyers account if the documents are in compliance to the terms of the letter of credit. In the end, Issuing bank forwards the documents to the buyer. Most commonly used documents in a letter of credit transaction include: Commercial Invoice This includes description of the goods, their price, FOB origin, and name and address of the buyer and the seller. The buyer and seller information must be in compliance with the description provided in the letter of credit. Bill of Lading It is a document which shows the receipt of goods for shipment by a freight carrier. It is an evidence of the control of the goods and also acts as an evidence of the carriers obligation to transport the goods to their proper destination. Warranty of Title A warranty given by a seller to a buyer of goods that states that the title being conveyed is good. It is generally issued to the purchaser. Letter of Indemnity It is a letter specifically indemnifies the purchaser against a certain stated circumstance. Indemnification is generally used to guarantee that shipping documents will be provided in good order when available. Common Defects in the documents presented A discrepancy is some defect in the documents presented by the seller, which show their non-compliance with the terms of the letter of credit. Issuing bank can not change the terms and conditions of the letter of credit with out t he permission of the buyer. Therefore to avoid any delay in getting payment. Beneficiary should be careful in preparing the required documents. Common defects in the documents presented by the seller include: If the description of the goods is not consistent. There is some error in the insurance documents. If the draft amount is not equal to invoice amount. Loading and destination ports are not same as provided by the letter of credit. Merchandise description is not same as in the credit. If any of the documents required by the credit is not presented. Documents are generally inconsistent such as quality, etc. If the names of the documents required are not correct, as mentioned in the credit. Invoice is not signed as provided in the letter of credit. If prior to the presentation of the draft, Letter of Credit has expired. If the date mention in the bill of lading is different from the date stated in the credit. If there are some changes in the invoice which are not authorized by the letter of credit. In international sales, as the seller and the buyer are in different countries, there is a common problem of payment due to the difference of time between dispatch and delivery. Obviously, seller would like to receive payment for the goods when delivering them to the carrier and the buyer would prefer to delay the payment of the price until receipt of the goods. Therefore, a letter of credit solves this problem between the seller and the buyer. Generally, there are three separate transactions in a letter of credit transaction. The first is between a seller and a buyer, called an underlying transaction, by which the seller provides contracted goods to the buyer. The second transaction is between the buyer-applicant and the bank (issuer of the letter of credit), in which the bank issues a letter of credit to the seller-beneficiary. Finally, the letter of credit itself creates a relationship between the issuer and the beneficiary, in which, the issuer makes payment for goods upon the beneficiary’s presentation of the required documents, in accordance with the terms and conditions of the letter of credit as agreed between seller and buyer. The bank’s performance of payment is conditional on the delivery of conforming documents by the beneficiary. The banks are called issuers and are usually the applicant’s bank. Normally the issuing bank opens a letter of credit in its own name and requests its correspondent bank to notify the seller about the letter of credit. Sometimes, the issuing bank asks the correspondent bank not only to inform the seller of the issuing bank’s undertaking but also to add a confirmation. In this case, the credit is known as a confirmed credit and the correspondent bank as a confirming bank. The payment obligation of the issuing bank depends upon the beneficiary’s presentation of complying documents to the confirming bank or to any other nominated bank, in accordance with the terms and conditions of the credit. Under general practice, presenting â€Å"complying documents† means that they comply with the conditions of the credit â€Å"on their face†. From banking point of view, compliance â€Å"on their face† of the presented documents is sufficient. The â€Å"independence principle† (which will be discussed later) is the fundamental principle of the letter of credit system, which prohibits banks from looking beyond facial compliance of the documents, and therefore exclude whether or not there is actual performance by the seller-beneficiary. In fact, letters of credit system has emphasised the independence principle to such an extent that banks are ignoring the performance of the underlying contract very confidently. As a result, all the risk is on the honest buyers, who are sometime paying for goods that they had not contracted for. Importance of the research The primary purpose of the letter of credit system is to facilitate international trade, rather than to provide an opportunity to the banks to make profit. As the fraud is very common in these days, but UCP is not designed to prevent fraud. The number of frauds relating to the letters of credit has increased over the years. Buyers are particularly vulnerable to such practices under the letter of credit system. This situation shows that there is some ambiguity in the letter of credit system and a lack of balance between the rights and duties of the parties to a letter of credit transaction, which is being exploited very easily by fraudsters. Division of risk under a Letter of Credit Transaction As we have discussed above, a letter of credit transaction consists of three linked but independent contracts. The first step is that the buyer makes a contract with the seller for the sale of goods, called the underlying contract. Subsequently the buyer signs an application form requesting the bank to open a credit, which is an arrangement between the buyer and the bank. The third step is that the issuing bank informs the seller, who is the beneficiary of the letter of credit, of the credit and promises to pay against the stipulated documents provided the terms and conditions of the credit are met. The letter of credit allocates risk between the applicant and the beneficiary. By postulating a letter of credit, the beneficiary may greatly reduce the risk of not being paid and ultimately allowing the beneficiary of the letter to reallocate the risk of non-payment for delivered goods which do not conform to the underlying sale contract. Generally, banks are reluctant to dishonour a credit, since to do so may damage the bank’s reputation as a credit issuer. The cost of honour, however, falls on the honest applicant, not the bank. â€Å"If the beneficiary has breached the underlying transaction, payment under the credit to him will occasion loss, but that loss will not be the bank’s; it will be the applicant’s.† Increase in the applicant’s risk and decrease in the bank’s risk under UCP UCP is the governing law of the letters of credit, therefore there should be a balance regarding the rights and duties of the parties, but UCP contains rules that reduce bank risk. There is no provision asking for judicial intervention to compensate letter of credit parties in case of bank’s negligence. The provisions in favour of banks fall into two categories. The first provides sweeping immunity from liabilities that national legal systems may impose. Example of such a disclaimer is Article 15. Under Article 15, banks assume no liability for the genuineness, falsification or legal effect of any documents and therefore the issuer is immune from the liability for paying against forged documents, which on their face appear regular. Therefore, the payment by the issuing bank does not show that the buyer has received the goods, which he had contracted for. The security, which the beneficiary is getting under the letter of credit system is not the same with the security of the buyer. The second category of pro-bank provisions contains rules that set precise boundaries on what the banks must do, which reduces uncertainty about bank responsibility and provides clear guidance to bank employees. For example, the customer cannot stipulate non-documentary conditions of payment, and time limits on examination of documents are fixed rather than open-ended. In case of any loss, the buyer, which is the applicant for a credit, can take action against the seller for breach of contract or fraud, but has no right of action against the bank for bank’s negligence in examining the documents, which can be ineffectual for several reasons, such as insolvency of either the applicant or the beneficiary. Hence the burden of risk on the applicant is more than any party in a letter of credit transaction and in most of the cases, buyers are paying for the goods, they have not contracted for. Chapter 2 UCP and letters of credit Originally UCP has been drafted by the Banking Commission of the ICC, which was comprised of the representatives of the banking community, which shows the dominance of the banks and banking experts. Their dominance in UCP drafting, hints that in drafting UCP, ICC was acting as a private legislature. It looks that the rules contain in the UCP are much beneficial for the banks than any other party, and giving a limited chance to the judiciaries to interfere to protect customers from any careless behaviour of the banks. The authority to interpret the UCP rests in the ICC Commission on Banking Technique and Practice, which can apply these interpretations to solve the problems arising in any case. Because of wide publicity and distribution of commission’s answers, their interpretation can be considered as an official interpretation of the UCP. Commission can enhance, interpreting, and sometimes amend the provisions of the UCP. The banks which deal with the letters of credit, act upon these interpretations and any amendments. As in theory, commission is only answerable to ICC members, therefore the chances of any challenge to such interpretation is very low. Role of courts in balancing the rights and duties of the parties In Discount Records Ltd. v. Barclay Bank Ltd., the judge was reluctant to â€Å"interfere with bankers’ irrevocable credit and not least in the sphere of international banking†. The position is same in many other cases. The apparent reason for the reluctance of the judges to interfere looks that they are afraid from the threats of the banking experts that their decisions would have an unfavourable affect on international trade. The difficulties of the courts to balance the rights and duties of all parties to a letter of credit transaction have increased. In Mannesman Handel AG v. Kaunlaran Shipping Corporation, the Swiss bank argued that the bank was in rejecting the documents by the German company relying on the independence principle and the discrepancies appeared on the documents. The court was asked not to apply the good faith principle otherwise the court â€Å"would be calculated to undermine if not destroy the doctrine of strict compliance and to blur if not extinguish the distinction between transactions concerning goods and transactions concerning documents.† Normally the judicial decisions relating to the legal aspects of documentary credits base on either the express intentions of the parties or established business practice at the time, the parties entered in a contractual relationship. In cases where the UCP provisions are different from business practice, a court will apply the UCP if the UCP is incorporated in the contract of the parties. It shows that courts have assented to the entire documentary credit system being run by the banking industry and eventually abstaining the courts to intervene to balance the legal rights and duties amongst all the parties. Should the UCP have the status of law? Leading scholar Professor Ross Buckley says: â€Å"originally, the UCP was neither designed nor intended to be law. It was prepared as a set of standard terms to be incorporated by reference into letters of credit by those parties who chose to do so.† This has also been confirmed by the UCP in the preface of UCP 500, which states that the UCP is not legislation but a compilation of rules made by bankers for their own industry. Therefore there is a dispute as to whether the UCP is a code of the law, or just customary practices, or some mutually consented regulations relating to letters of credit. However in fact, UCP is the governing law of the letters of credit. The Scope of the Banks Duties Before analysing the wording of the disclaimers used, the scope of the duties undertaken by the banks involved must be identified. Whereas the type of credit and the documentary stipulations therein will usually have been negotiated by the commercial parties and included in their sales contract, the terms and conditions under which a bank undertakes to open a documentary credit will normally appear in the banks standard application form which the importer will be required to complete. Although the application would normally refer to the UCP, it is important to note that the provisions of the UCP would not automatically apply in English law if not expressly incorporated by the parties to the credit and, even if expressly incorporated, its provisions can be excluded, or modified by the express terms of the credit. The duty to issue an efficacious credit The importers failure to procure the issue of a documentary credit which conforms to the terms of the sales contract may be treated by the exporter as a breach of a condition precedent to his performance and a repudiation of the contract by the importer. Whether the applicant can sue the issuing bank in respect of its culpable failure to issue (or to issue in good time) a conforming and efficacious credit is, however, by no means clear. The duty to issue a conforming credit An initial problem arises where the applicant requires the issue of a confirmed credit, that is, a credit in which a second bank, normally in the beneficiarys country, adds its own independent undertaking, to pay against the stipulated documents, to that of the issuing bank. Is the issuing bank in breach of contract towards the applicant if it is unable to procure the confirmation? The answer must depend upon the issuers conduct on receiving the application from the applicant. The second aspect of the duty to issue a conforming credit raises the question of liability for the acts of other banks involved in the transaction. Clearly, if the issuing bank opens a credit which specifies documentation other than that called for by the applicant, then in the absence of a disclaimer it will be in breach of its contract with the applicant under the doctrine of strict compliance. The position should be the same where the issuing bank unreasonably delays issue of the credit so that the beneficiary incurs loss. A difficulty arises, however, when it is not the issuing bank itself which causes the error or delay in complying with the applicants instructions, but the issuers correspondent bank. The doctrine of privity of contract would appear to prevent contractual liability arising in this context. However, in any event, it appears that there is no reason for holding that, in the absence of a disclaimer; an issuing bank should not be liable for the consequences of errors by its correspondents. Duty to receive and examine documents The doctrine of strict compliance means that issuing banks which pay against non-conforming documents are in breach of their contractual obligations to the applicant. The issuer is not, however, a guarantor of the documents conformity; its duty is discharged by the exercise of reasonable care to ascertain that the documents comply on their face with the terms of the credit. Duty to make payment under the terms of the credit The party with the primary interest in enforcing the banks obligation to pay against conforming documents is the beneficiary although it is clear that this obligation is also owed to the applicant. Furthermore, any variation of the payment terms would be a clear breach of contract. Duties of correspondent banks In so far as the confirming bank gives an undertaking in exactly the same terms as the issuing bank, it clearly owes precisely the same duties to the beneficiary. However, since a confirming bank looks to the issuing bank alone for reimbursement, it may be prima facie unlikely that it owes any duty to the applicant, even where the applicant is paying the confirmation fee. There are, however, some judicial dicta which might support the recognition of such a duty. Bank’s risk under UCP (exemption clauses) Article 15 and 18 (b) of the UCP 500, limits the liability of the banks in a letter of credit transaction and which have almost made it a risk free transaction for the banks. Article 15 says: â€Å"Banks assume no liability to or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document(s) or for the general and/or particular conditions stipulated in the document(s) or superimposed thereon, nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s) or for the good-faith or acts and/or omissions, solvency, performance or standing of the consignors, the carriers, the forwarders, the consignee or the insurers of the goods or any other person whomsoever.† Article 18(b) further states: â€Å"Banks assume no liability or responsibility should the instructions they submit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).† The UCP 500 places the applicant-buyer in an absurdly vulnerable position through its disclaimer clauses. To some extent there is a lack of duties on the part of the bank to verify the authenticity of the documents. Hence it might not be wrong to say that albeit there is a waste increase in the use of letters of credit, does not signify that the UCP is fairly drafted. Letters of credit and its users It is also very important that whether all the parties to the letter of credit, particularly applicant-buyer are conscious about the presence of these exemptions, e.g. by providing a copy of these exemption clauses of the UCP or by giving a notice of these exemption clauses. It is a rule that to enforce an exemption clause, a reasonable notice should be given to the other party but in practice, buyers are assume to have the notice of the UCP and that they are familiar with the provisions of the UCP. Further, the application for the issuance of a letter of credit and the letter of credit document itself only contain a simple sentence: â€Å"Subject to UCP for Documentary Credits†, without any attachment of the provisions of the UCP or any notice of such exemption clauses. Hence it is debatable that why the courts do not look, while dealing with the cases relating to the letters of credit, that whether a reasonable notice has been given relating to the exemption clauses and do not interfere to balance the rights and duties of the parties to a letter of credit transaction? Chapter 3 Doctrine of strict compliance and independence principle It is a basic rule of the letter of the credit transaction and which is widely recognised that the letters of credit are transactions independent of the underlying contracts on which they are based. According to this principle, the issuer has no concern with the underlying contracts between buyer and seller. Its concern is with documents only, rather than the goods or any type of services. Obviously there are some doubts about this principle, i.e. to what extent this principle should be applied. Which some tome may cause injustice to the applicant under certain circumstances. Independence Principle Generally, letter of credit is a contract between the issuer and the seller of the goods, which is independent of the underlying contract between the seller and the buyer. The independence principle is mentioned in Article 3 and Article 4 of the UCP. Article 3 states: â€Å"Credits, by their nature, are separated transactions from the sales or other contract(s), even if any reference whatsoever to such contract(s) is included in the Credit.† Article 4 further says: â€Å"In credit operations all parties concerned deal with documents and not with goods, services and/or other performances to which the documents may relate.† From the very beginning independence principle governs letter of credit transactions and very clearly states that the credits are completely separate from their underlying transactions and the issuer makes payment depending on the conformity of the documents presented according to the terms and conditions of the credit without considering the performance of the underlying contract by the beneficiary.