...binding agreement (Blum, 2011). The focus of this written assignment examines the elements that must exist for a contract agreement to be considered enforceable by law. The assignment will examine the following contractual elements including: (a) offers, (b) acceptance, (c) legal consideration, (d) capacity, and (e) legality of purpose. In addition, the assignment will identify the components that govern the parameters of common law and the Uniform Commercial Code (UCC). For the purpose of this study, a fictitious scenario (myself) has been hired and offered a two year contract as the head chef of the Fabulous Hotel Company. As a sample to illustrate contractual issues that individuals may encounter, the agreement contains a non-compete clause that will serve to provide a closer analysis of specific contractual obligations and restrictions. The findings of this assignment will conclude that the courts are not able to successfully arbitrate disputes without an essential contractual agreement to define the terms that make it enforceable by law. The Anatomy of Contracts Without agreements spelled out in contracts, the courts are unable to adjudicate promises between individuals. In today’s business environment, many professionals find themselves dealing with contractual issues in one way or another. Blum (2011) defined a contract as an exchange relationship that is agreed upon and is recognized as enforceable by law. A contract must consist of the following elements: (a) an oral...
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...Nuclear Energy and its importance in context of India Every single atom in the universe carries an unimaginably powerful battery within its heart, called the nucleus. This form of energy, often called Type-1 fuel, is hundreds of thousands, if not million, times more powerful than the conventional Type-0 fuels, which are basically dead plants and animals existing in the form of coal, petroleum, natural gas and other forms of fossil fuel. I. Terminology - Nuclear fission –splitting of atoms to produce energy in the form of heat. Uranium a naturally occurring radioactive metal - only element in which fission(splitting off nucleus) can take place easily, setting off a chain reaction or a self-sustained splitting of atoms. The atoms of Uranium are the largest and the heaviest known on earth so its nucleus is unstable. Besides uranium, plutonium can undergo fission. Fertile material – composed of atoms which do not undergo induced fission themselves but fissile material can be generated from them by irradiation in a nuclear reactor. E.g. U- 238 gives plutonium 239, TH- 232 gives U-233, and U-234 gives U-235. Criticality – When the chain reaction takes place for the first time in a nuclear electricity reactor, it means the reactor has reached its first criticality. Moderator – used to slowdown neutrons surrounding the fuel core of the reactor,e.g.Light water, heavy water (D2O) Pressurised Heavy Water reactor (PWHR) –fuel used is natural uranium. Heavy water is both coolant and...
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...and Sales Manager Ricky Wang into his office to discuss the results. Tan was general manager of the Luotang Power Company, a 600 Mega Watt (“MW”)1 coalfired power plant, located in Hubei Province, China. He was scheduled to make a presentation to the Board of Directors of his parent company, China Hua Tong Power (“HT Power”), the following week about the most recent results and was concerned about their reaction to the disappointing results.2 Tan knew his company had performed well during the year. Both plant availability3 and fuel economy had improved over the previous year. Additionally the plant’s primary customer, the Hubei Provincial Power Company (“HPPC”), had met its contractual electricity purchase obligations for the year. However, there had been limited opportunity to sell energy above the contractual minimum, either to HPPC or others. Still, Tan felt that these factors were outside his control. His team had performed well—it just didn’t show up in the financial results. The scheduled presentation to the Board was important for two reasons. First, HT Power was considering a 2,000 MW expansion at Luotang. However, on a more personal note for Tan, he had been general manager of Luotang since 2002, and he hoped it would be time for a promotion. He hoped that HT Power would consider him for the company’s Executive Vice President position. He also knew how critical fuel price management was to HT Power’s success but wasn’t completely sure how well his team had managed this aspect...
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...............................Respondent ------------------------------------------------- (Arb/Cas/12/35) ------------------------------------------------- ------------------------------------------------- Memorandum for Respondent ------------------------------------------------- Table of Contents Table of Abbreviations I Index of Authorities IV Statement of Jurisdiction XI Statement of Facts XII Questions Presented XV Summary of Pleadings XVI Arguments Advanced 1 I. The Tribunal Does Not Have Jurisdiction Over The Claims Brought Before It. 1 A. The undertaking of the Claimant does not amount to an investment. 1 B. The Tribunal does not have jurisdiction over contractual matters. 2 1. The Tribunal does not have jurisdiction over contractual disputes because of an exclusive dispute resolution clause. 2 2. The terms of the contract are broad enough to incorporate associated claims. 3 3. Arguendo, if both forums have jurisdiction, the one under the contract should prevail. 3 C. Contract breaches do not lead to a violation of BIT in the present matter. 4 1. The acts of the Respondent do not violate the National Treatment requirement. 4 2. The acts of the Respondent do not...
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...Sales Manager Ricky Wang into his office to discuss the results. Tan was general manager of the Luotang Power Company, a 600 Mega Watt (“MW”)1 coalfired power plant, located in Hubei Province, China. He was scheduled to make a presentation to the Board of Directors of his parent company, China Hua Tong Power (“HT Power”), the following week about the most recent results and was concerned about their reaction to the disappointing results.2 Tan knew his company had performed well during the year. Both plant availability3 and fuel economy had improved over the previous year. Additionally the plant’s primary customer, the Hubei Provincial Power Company (“HPPC”), had met its contractual electricity purchase obligations for the year. However, there had been limited opportunity to sell energy above the contractual minimum, either to HPPC or others. Still, Tan felt that these factors were outside his control. His team had performed well—it just didn’t show up in the financial results. The scheduled presentation to the Board was important for two reasons. First, HT Power was considering a 2,000 MW expansion at Luotang. However, on a more personal note for Tan, he had been general manager of Luotang since 2002, and he hoped it would be time for a promotion. He hoped that HT Power would consider him for the company’s Executive Vice President position. He also knew how critical fuel price management was to HT Power’s success but wasn’t completely sure how well his team had managed...
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...Social Innovation Centre Risk Management for Energy Efficiency Projects in Developing Countries _______________ Paul KLEINDORFER 2010/18/TOM/ISIC Risk Management for Energy Efficiency Projects in Developing Countries 1 Paul Kleindorfer * * The Paul Dubrule Chaired Professor of Sustainable D evelopment, Distinguished Research Professor at INSEAD Social Innovation Centre, Boule vard de Constance, 77305 Fontainebleau , France and Anheuser-Busch Professor Emeritus of Man age ment Science and Publi c Pol icy, The Wharton School of the Universi ty of Pennsylvani a Ph: +33 (0) 1 60 72 91 28 Email: paul.kleindorfe r@insead.edu A working paper in the INSEAD Working Paper Series is intended as a means whe reby a faculty researcher's thoughts and findings may be communi ca ted to interested readers. The paper should be considered preliminary in nature and may require re vi sion. Printed at INSEAD, Fontainebleau, France. K indly do not reproduce or circulate without permission. 1 Paper prepared for the UNIDO Project “If industrial energy efficiency pays, why is it no t happening?” Risk Management for EE Projects (V3) 15/3/2010 2 Risk Management for Energy Efficiency Projects in D eveloping Countries Abstract/Summary The present paper addresses risk management fundame ntals for energy efficiency (EE) projects in developing countries. The starting point for th is paper is that there are many profitable EE projects in nearly...
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...MGMT 597 Week 2 Assignment: Cases 14.2, 16.10, 18.2, 20.3 Ifeyinwa Onyekwena Keller Graduate School of Management 14.2 - Real Property Robert Briggs and his wife purchased a home located at 167 Lower Orchard Drive, Levittown, Pennsylvania. They made a down payment and borrowed the balance on a 30-year mortgage. Six years later, when Mr. and Mrs. Briggs were behind on their mortgage payments, they entered into an oral contract to sell the house to Winfield and Emma Sackett if the Sacketts would pay the three months’ arrearages on the loan and agree to make the future payments on the mortgage. Mrs. Briggs and Mrs. Sackett were sisters. The Sacketts paid the arrearages, moved into the house, and continued to live there. Fifteen years later, Robert Briggs filed an action to void the oral contract as in violation of the Statute of Frauds and evict the Sacketts from the house. Who wins? Briggs v. Sackett, 275 Pa. Super. 13, 418 A.2d 586, Web 1980 Pa.Super. Lexis 2034 (Superior Court of Pennsylvania) In this case the statute of frauds applies in 3 ways. The statute of frauds states that a written contract is required under the following circumstances present in the case: • When real property is involved – A home is classified as real property, therefore any transfer of ownership is required to be written; • When the contract cannot be performed in one year – Since the mortgage transfer had a remaining duration of 24+ years (including payments in arrears) it satisfies the criteria...
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...2.9 million dollars, with Enron owning 65 percent of the plant followed by, Bechtel Enterprises owning 10 percent, General Electric owning 10 percent, and the state of Maharashtra Electricity Board holding 15 percent. Enron asserted that the Dabhol power plant is the largest gas-fired power plant in the world producing 2, 184 megawatts of electricity. The plant ceased operations in June 2001 that had arisen from a payment[pic] and contract dispute between the owners of the plant and the state of Maharashtra government. The paper will analyze the critical success factors (CSFs) as applied to the various facts found in the case study in “Politic, Institutions and Project Finance: The Dabhol Power Project”. The paper will also attempt to determine the benefits of the project, organizational readiness, and risk culture of the company with facts stated in the case study. By analyzing the CSFs and other components project risk recommendations will be given after a thorough analysis of the criteria. Critical Success Factors (CSFs) of Dabhol Power Project The term critical success factors are used to define the elements or components that are mandatory for an organization or project to achieve its mission. They can also be considered as the critical factors or the needed activity to make sure that the company or organization meets with success. According[pic] to Freud (1988), critical success factors are...
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...APPLICATION FOR STATE EMERGENCY RELIEF Michigan Department of Human Services Case Name: Case Number: Date: DHS Office: Specialist: Phone: Fax: Specialist ID: Client ID: I hereby make application for the State Emergency Relief (SER) Program. I understand that the following information will be used in the determination of my eligibility for SER. If this application is for burial services, I understand that it must be received by the DHS office in my area no later than 10 calendar days after the burial, cremation or donation takes place. ADDRESS INFORMATION 1. 2. Check where you live: House/apartment/mobile home Homeless Other Address where you live (number, street, rural route, apartment/lot number) City 3. Mailing Address (if different from above, or PO box) City 4. Home phone State Cell phone Zip code County Work phone Whose phone number is it? (name/relationship) Email address State Zip code County Phone number where we can leave a message TDD/Other number Check the service(s) you are requesting and the amount needed to resolve the emergency – PROVIDE PROOF 1. Energy/Non-Energy Services 1a. 1b. Rent $ Security Deposit $ 1c. 1e. 1g. 1i. 1k. Moving Expense $ Electricity $ Water/sewer or cooking gas $ Taxes $ Home Repairs $ What Needs Repair? 2. 3. Burial services $ Migrant hospitalization $ 1d. 1f. 1h. 1j. 1l. Heat $ Furnace Repair $ Mortgage $ Insurance $ Food $ Deliverable fuel % HOUSEHOLD INFORMATION List below all members of your household, including...
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...was repeated, with one of the most prestigious banks, JPMorgan Chase had announced the losses of almost $ 5.8 billion from a dysfunctional trading operation, as a result of gambling with other people’s money, on Wall Street. JPMorgan’s report to the SEC that the bank recorded a $718 million loss from the London trades on its internal accounts, but did not report the loss in its first quarter earnings statement. Malicious act done with the falsification of its reports filed with the SEC, hiding large losses by declaring profit of $ 5 billion. The damage caused by JPMorgan Chase affected many people with their savings and credit through credit cards supported by this institution. Here the five biggest scandals at JPMorgan Chase: Energy scandals, where American government investigators say JPMorgan traders in Houston came up with eight different manipulative schemes to offer electricity to California and Michigan at prices to falsely appear attractive. The London Whale where JPM loss is $ 6.2 billion. Enabling Madoff, where JPM is responsible about $ 17.3 billion in investor money that was lost. LIBOR scandal, a key interest rate used in derivatives markets. The banks allegedly rigged the rates for profit, while costing other markets that use the rates – such as mortgage companies – billions. JPMorgan is one of banks Freddie Mac is suing over the LIBOR scandal. And finally the Credit cards Scandals where JPMorgan agreed to pay $100 million to credit card customers who...
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...particular result; therefore allowing the firm initiate rational comparison between alternative solutions. Introduction Life Cycle Cost (LCC) is the total lifespan cost incurred by an organization in purchasing, installing, operating, maintaining, and disposing off any equipment used in daily operations of the firm. In regard to this, estimation of LCC encompasses using a particular approach in identifying and quantifying components of an LCC equation (Pehnt, 2006). The use of LCC as an assessment tool when selecting possible design alternatives results in the provision of a cost-effective solution within limits of available data. In addition, a standard LCC comprises initial and operation costs, installation and commissioning costs, energy costs as well as disposal costs among others. System Requirements The management of FedEx gives particular emphasis on the initial purchasing and installation cost of new systems. In line with this, the firm’s top managers are supposed to explain LCC of various solutions prior to the installation of new equipment. The initiation of strong LCC is essential in assisting FedEx achieve high financial strategies in the competitive market. Therefore, to maintain a competitive edge, the organization constantly initiates cost savings to improve its profitability (Hsu, 2012). Life Cycle Cost Analysis Before conducting the LCC analysis for the firm’s facilities, an evaluation of the entire set of alternative systems is required. In this...
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...Case Analysis Luotang Power Company Background Luotang Power Company is a 600 Mega Watt coal-fired power plant, located in Hubei Province, China, the parent company of which is China Hua Tong Power (HT Power). The major business is to generate electricity by coal burning and sell it to Hubei Provincial Power Company (HPPC), the major customer which is the only power transmission and distribution company in Hubei Province. Whereas the coal is purchased from Pindingshan Coal Company who is required to supply low sulfur bituminous coal that meets certain quality specifications. Regardless of the improved plant availability and fuel economy, the company wasn’t performing well for the financial result. A variances analysis indicated that the poor performance was due to a combination of shrinking revenue, increasing price of the coal and decreasing quality of the coal. Company analysis Macroeconomic analysis A PESTE framework including political, economic, social, technological and environmental factors is used to contextualize the company in an industry framework. Economic aspect: China is the world second largest energy consumer behind the United States. The energy consumption has been boosted by strong economic growth over the past two decades. Its electricity consumption is influenced by fluctuations in the GDP growth. (Appendix1) Hubei led the four provinces fed by the central China grid with a 13.8% rise in economy and is said to be doubled in the next five years...
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...EXECUTIVE SUMMARY 1 1. OVERVIEW 3 2. PROGRAM REQUIREMENTS 3 3. PROJECT DELIVERY ACTIVITIES 5 4. PROJECT ORGANIZATIONAL STRUCTURE 7 5. PROJECT IMPLEMENTATION APPROACH 9 6. PROJECT SCHEDULE 11 7. PROJECT EXPENDITURE 12 8. PROJECT STAFFING 13 ANNEX 16 BASIC ASSUMPTIONS 16 Executive Summary Purpose: The purpose of this document is to provide an overview of the Smart Metering (SM) implementation Program with a particular focus on the scope elements, organization and approach to deliver on time and on budget. Mission: The smart metering (SM) Program mission is to successfully install a safe, reliable, and cost-efficient smart meter solution for greater operational efficiency, customer reliability and, energy efficiency. Smart Metering System: it consisting of Smart meters – two-way communications-enabled meters that capture the amount of power consumed when it occurred – plus metering telecommunications and an Automated Data Collection System. Program Delivery Scope: The scope consisting of overall activities and services including project management and controls such as inspection and quality control; revenue meter deployment; customer complaint handling; administration and contract management; information and data coordination, stakeholder engagement and community communications. Organizational Structure: An organizational structure has been designed to facilitate delivery of the smart metering (SM) Program. The considered key units...
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...legal relations Carlill v Carbolic Smoke Ball Co ‘Test’ of intention (I) to determine if agreement between parties were intended to have contractual force Edmonds v Lawson Domestic Agreement (NI) btwn close family members are not legally binding Balfour v Balfour Cohen v Cohen Domestic Agreement (I) with additional circumstances Merritt v Merritt Wakeling v Ripley Agreement btwn friends/ to provide charitable services (NI) are not legally binding Teen Ranch Pty Ltd v Brown Agreement btwn friends/ to provide charitable services (I) with additional circumstances Ermogenous v Greek Orthodox Community of SA Inc Commercial Agreement (I) have intention to be legally bound Carlill v Carbolic Smoke Ball Co Esso Petroluem Co Ltd v Commissioners of Customs & Excise Final creation of contract can be delayed if that is what the parties intended – when formalities are completed Masters v Cameron Perry v Coolangatta Investments Pty Ltd ‘Letter of Comfort’ given by creditor to debtor as obligations assurance may/may not intend to be legally binding MAY - Banque Brussels Lambert SA v Australian National Industries Ltd MAY NOT - Commonwealth Bank of Australia v TLI Management Pty Ltd 1. INTENTION to create legal relations Carlill v Carbolic Smoke Ball Co ‘Test’ of intention (I) to determine if agreement between parties were intended to have contractual force Edmonds v Lawson Domestic Agreement (NI) btwn close family members are not legally binding Balfour v Balfour Cohen v Cohen Domestic...
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...13DM006 Under the guidance of Dr. Girish Jain Mr. Anil Kumar Professor DGM (F&A) Accounting and Finance ONGC BIMTECH New Delhi 2013-15 TABLE OF CONTENTS CONTENTS CERTIFICATE FROM MENTOR v CERTIFICATRE FROM HR vi SUMMER PROJECT CERTIFICATE vii ACKNOWLEDGEMENT viii LETTER OF TRANSMITTAL ix LETTER OF AUTHORIZATION x EXECUTIVE SUMMARY 1 1. INTRODUCTION TO THE COMPANY 3 1.1 Background 3 1.2 Overview of the Company 3 1.3 ONGC Group of Companies 4 1.4 Basic Information 5 1.5 Organization Structure (CRC) 5 1.6 Vision and Mission Statement 6 1.6.1 World Class 6 1.6.2 Integrated In Energy Business 6 1.6.3 Dominant Indian Leadership 6 1.7 Strategic Vision 6 1.8 Salient Features about ONGC 6 1.8.1 ONGC in Global Rankings 6 1.8.2 ONGC- Achievements in ensuring Energy Security of India 7 1.9 Corporate Social Responsibility 7 1.10 Future Outlook 8 1.11 ONGC Offices All Over India 8 1.12 Organization Structure of the Finance Function of ONGC 9 2. FINANCIAL STATEMENT ANALYSIS 11 2.1 Financial Performance of ONGC (2012-13) 11 2.1.1 Sales of ONGC 11 2.1.2 Net Profit of ONGC from the Year 2007-13 11 2.1.3 Debt-To-Equity Ratio 12 2.1.4 Dividend of ONGC from 2007-13 12 2.1.5 Earning Per Share from 2007-13 12 2.1.6 Retained Earnings from 2007-13 13 2.1.7 Degree of Operating Leverage 13 2.1.8 Working Capital & Net worth Analysis 14 3. BUDGETING PROCESS IN ONGC 15 3.1 Budget Preparation in ONGC, Head Quarters...
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