...CREDIT MANAGEMENT Credit management is the process for controlling and collecting payments from your customers. A good credit management system will help you reduce the amount of capital tied up with debtors (people who owe you money) and minimise your exposure to bad debts. Good credit management is vital to your cash flow. It is possible to be profitable on paper and but lack the cash to continue operating your business. Credit management tips It is best to minimise the likelihood of bad debts through good credit management practices. The following suggestions will assist you in preparing your own policies and procedures for credit management: Terms and conditions Clearly state in writing your terms and conditions of trade and your credit policy in writing. Draft terms and conditions that suit your business. It is strongly advised you seek legal advice before finalising the document to ensure it has internal consistency and covers all the key issues. It's also important to ensure the document does not contain any illegal terms and can be relied on in the event that court action is necessary to recover a debt. Include your terms on all quotes, estimates, contracts , agreements, purchase orders, and related documentation. Clearly specify what will be supplied, when the work will be done, and when and how payment is to be made. Obtain a written acceptance of the agreement along with written approval of any variations to the original agreement. Some terms and conditions...
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...Below is the list of questions you should work together to answer in this thread. Feel free to come up with more to answer together if you need them. 1. Can Big Bank’s president rescind the contract? Under what circumstances can a contract be rescinded by either party? What facts have to be alleged and proven? What is the result of a contract that is rescinded? 2. Big Bank’s president also threatens legal action. What potential causes of action could you foresee him bringing in court? Would he be successful? Why or why not? What arguments could Systems Inc. raise in its defense? What are Big Bank’s potential damages? 3. Review the facts provided and the sample contract. What provisions of the contract could you cite to support an argument that it is not in Big Banks best interest to rescind the contract? What facts could you cite to support an argument that Big Bank be responsible for some of these issues and/or not in compliance with the contract? 4. In this situation, amicable resolution of problems is greatly preferred by your company. Would this be true in all contract disputes? In what situations and why would you decide to move to litigation over amicable resolution? 5. There are three types of contract performance: complete, substantial, and material breach. Describe the differences (and similarities) among the three, and explain some of the legal ramifications for one or more of these types of performances. (e.g., what happens if one party performs...
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...Sava Gumarska v. Advanced Polymer Sciences, 128 SW 3d 304 - Tex: Court of Appeals, 5th Dist. 2004 1. Who won the case? Advanced Polymer Sciences, Inc. (APS), won in this appeals case on 3 of the 5 issues in this case. The appeals court reversed the trial court’s judgment awarding damages to AAPS, and rendered judgment that APS take nothing against SAVA. The appeals court reversed the trial court's judgment refusing to award SAVA attorneys' fees and awarding APS attorneys' fees and expenses under the declaratory judgment act and remanded the issue of whether to award attorneys’ fees to the trial court for further proceedings. On all other issues the appeals court affirmed the trial court’s judgment. 2. Why did that person win? On the issue of the trial court's conclusion that the alleged failure of APS's resin coating products was not a material breach of the Equipment Agreement between SAVA and APS. APS won as neither the Company Formation Agreement nor the Equipment Agreement between SAVA and APS contained a warranty of the performance of the resin coating products. Nor was there an express condition in the Equipment Agreement that the resin coatings to be sold to SAVA AP would perform as warranted. Further, there was evidence that the equipment covered by the Equipment Agreement was not product specific; it could be used with any resin coating products. The evidence supportted the trial court's conclusion that the alleged failure of APS's resin coating products was...
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... |700.00 lac |30.06.2012 | |03 |SOD(G) |50.00 lac |30.06.2012 | |04 |LDBP/FDBP |1000.00 lac |30.06.2012 | 01. General Documents: |Sl No. |Description |Required |Date of document |Date of document received | |01 |CIB |Yes |11.03.2010 |17.03.2010 | |02 |Letter of borrower requesting for new facilities/renewal |Yes |22.07.2010 |22.07.2010 | |03...
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...GENERAL AUDIT PROCEDURES AND DOCUMENTATION 1. When does the audit process begin?The audit process commences with the issuance of a Letter of Authority to a taxpayer who has been selected for audit. 2. What is a Letter of Authority? The Letter of Authority is an official document that empowers a Revenue Officer to examine and scrutinize a Taxpayer’s books of accounts and other accounting records, in order to determine the Taxpayer’s correct internal revenue tax liabilities. 3. Who issues the Letter of Authority? Letter of Authority, for audit/investigation of taxpayers under the jurisdiction of National Office, shall be issued and approved by the Commissioner of Internal Revenue, while, for taxpayers under the jurisdiction of Regional Offices, it shall be issued by the Regional Director. 4. When must a Letter of Authority be served? A Letter of Authority must be served to the concerned Taxpayer within thirty (30) days from its date of issuance, otherwise, it shall become null and void. The Taxpayer shall then have the right to refuse the service of this LA, unless the LA is revalidated. 5. How often can a Letter of Authority be revalidated? A Letter of Authority is revalidated through the issuance of a new LA. However, a Letter of Authority can be revalidated— Only once, for LAs issued in the Revenue Regional Offices or the Revenue District Offices; or Twice, in the case of LAs issued by the National Office. Any suspended LA(s) must be attached to the new LA issued (RMO...
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...Understanding Letter of Credit EXM104 FA Export Documentation & Methods of Payment Instructor: Emiliano Introcaso Seneca College ASSIGNMENT 02 Xueyuan Tan 041-806-084 Xtan9@learn.senecac.on.ca Due Date August 2nd 2011 – Week 9 Letters of credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism. Commercial letters of credit have been used for centuries to facilitate payment in international trade. Their use will continue to increase as the global economy evolves. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits. The general provisions and definitions of the International Chamber of Commerce are binding on all parties. Domestic collections in the United States are governed by the Uniform Commercial Code. A commercial letter of credit is a contractual agreement between a bank, known as the issuing bank, on behalf of one of its customers, authorizing another bank, known as the advising or confirming bank, to make payment to the beneficiary. The issuing bank, on the request of its customer, opens the letter of credit. The issuing bank makes a commitment to honor drawings...
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...a serial killer who committed numerous homicides in Northern California in the late 1960’s. The identity of the Zodiac Killer was never discovered, and though there was a compiled list of possible suspects, the real Zodiac Killer is still a mystery today. It is confirmed that he killed at least five people, yet he claims to have killed much more than that according to letters he sent in. During his reign of terror, he would send cryptic letters to the local newspapers. These letters included four cryptograms, which are messages in which the writer replaces letters with symbols. These puzzles were nearly impossible to decode, and they made it that much more difficult for anyone to discover his identity. In these letters, he would take responsibility for his murders and also threaten to harm more innocent people, including children. With these letters, the Zodiac Killer also made a mockery of the San Francisco Police Department and caused panic throughout the entire community (“Zodiac Killer,” 2014). Out of the four letters that were sent, only one was officially solved by a couple who happened to see the letter on the front page of the paper. The first known murders took place on December 20, 1968 in Vallejo, California. The victims were Betty Lou Jensen, a sixteen-year-old female, and David Faraday, a seventeen-year-old male. As the story goes, they were sitting in their car at a lake when the Zodiac Killer approached them. David Faraday was shot in the head once, and he...
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... Petitioners Jose C. Tupaz IV and Petronila C. Tupaz (petitioners) were Vice-President for Operations and Vice-President/Treasurer, respectively, of El Oro Engraver Corporation (El Oro Corporation). El Oro Corporation had a contract with the Philippine Army to supply the latter with survival bolos. To finance the purchase of the raw materials for the survival bolos, petitioners, on behalf of El Oro Corporation, applied with respondent Bank of the Philippine Islands (respondent bank) for two commercial letters of credit. The letters of credit were in favor of El Oro Corporations suppliers, Tanchaoco Manufacturing Incorporated[3](Tanchaoco Incorporated) and Maresco Rubber and Retreading Corporation[4] (Maresco Corporation). Respondent bank granted petitioners application and issued Letter of Credit No. 2-00896-3 for P564,871.05 to Tanchaoco Incorporated and Letter of Credit No. 2-00914-5 for P294,000 to Maresco Corporation. Simultaneous with the issuance of the letters of credit, petitioners signed...
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...homicides in Northern California in the late 1960s. His identity was never discovered; he self named himself in a series of letters which were sent to the press in regards to his killings. The letters he sent included multiple cryptographs, some of which remain unsolved. The Zodiac killer murdered victims in the cities of Vallejo, Lake Berryessa, and San Francisco in the years 1968 and 1969. Although there are only seven confirmed victims from his criminal acts, there are thirty seven homicides which the Zodiac killer claimed to have committed. On August 1, 1969, three letters were delivered to the Vallejo Times-Herald, the San Francisco Chronicle, and the San Francisco Examiner. The letters were sent from an unknown individual and unknown address. In the material presented by the letters the writer claimed to have committed the homicide of multiple victims. Each letter also included a piece of a cryptograph which the writer stated that it contained his identity. The writer demanded for the cryptographs to be published on the paper’s front page the next day or he would “cruse all weekend killing lone people in the night then move on to kill again, until I end up with a dozen people over the weekend.” On August 7, 1969, another letter was delivered to the San Francisco Examiner in which the writer referred to himself as “the Zodiac.” In the letter, the writer included details about the murders which had occurred and which were not released to the public. On August, 8 1969...
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...|Management Sciences | |Sr. No. |Core Areas |Percentage | |1. |Finance |10% | |2. |Accounting |10% | |3. |Marketing |15% | |4. |Management |15% | |5. |Business Maths |10% | |6. |Business Statistic |10% | |7. |HRM |10% | |8. |Business Communication and Report Writing |10% | |9. |Micro Economics ...
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...D4013 INDIVIDUAL ASSIGNMENT INSTRUCTIONS. Please answer each question clearly and completely. *Report format: 1.5 spacing 12-font size Times New Roman – theme font *Please follow the below cover page. DUE: 14 JUNE 2016, TUESDAY Question 1: In this assignment you will write a business letter of complaint about a specific product or service ASSIGNMENT DIRECTIONS: 1) BACKGROUND Both business owners and employees write complaint letters, sometimes called claim letters. Consumers also write complaint letters. It is important to receive fair compensation for damaged goods or poor service. You need to be firm, but fair in your demands. Companies do want to keep your business and generally do whatever they can to satisfy your demands. USE the information below to help you write a letter of complaint. Use Situation A,B or C below for your letter. In your letter, make sure you use standard business letter format, and be sure to include these things: Paragraph 1 Explain why you are writing. Describe the problem/situation. If you are complaining about poor service, try to give a chronology of events Tell what has happened and what you have done so far. In the case of poor service, what did you do at the time and what was the response to your concerns? Include product brand and model number, if necessary. In the case of poor service, try to identify the offending person(s) and their offending actions/statements. Give as much detail as possible about the problem/situation...
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...disadvantages. It is up to the firm to decide which outweighs the other before moving forward with the decision. Advantages include the ability to diversify the client base and create new opportunities for sales. When a firm becomes saturated in their current market, they might hit a plateau. One of the ways around that is to go to a new market. There is an increase in sales and profits by selling goods and services to a market the company never had before boost sales and increases revenues. In addition, foreign sales over the long term, once export development costs have been covered, can increase overall profitability. Firms can also benefit with lower costs per unit. The foreign market will allow the firm to expand production to meet the new demand. The increase in production can offer lower cost per unit and lead to greater use of existing capacities. A firm can also experience a potential company expansion. Firms who venture into the exporting business usually have to have a presence or representation in the foreign market. This might require additional personnel which would lead to an...
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...NATIONAL UNIVERSITY Syllabus Department of Management Detailed Syllabus Second Year Four-Year B.B.A. (Honours) Course Effective from the Session : 2009–2010 National University Syllabus for 4 years B. B. A. Honours Course Subject : Management Second Year (Honours) |Subject Code |Subject Title |Marks |Credit | | |Business Communication and Report Writing (In English) |100 |4 | | |Computer and Information Technology |100 |4 | | |Taxation in Bangladesh |100 |4 | | |Business Statistics (In English) |100 |4 | | |Macro Economics |100 |4 | | |Human Resource Management |100 |4 | | |Viva-Voce |100 |4 | | |Total = ...
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...of protecting individual civil liberties; while those who oppose it argue that the Act is an egregious assault on individual liberties as it violates their constitutional rights. The hypothesis of this paper is to dissect and analyze Sections of the Patriot Act to see if they are in violation of the United States Constitution. Specifically the paper will analyze Sections 505, 215 of the Patriot Act to see if they violate the Constitution. The first violation in question comes from Section 505 of the Patriot Act. Section 505 expands the Federal Bureau of Investigation or the FBI’s authority to issue National Security Letters or NSLs demanding customer records from various public establishments. According to the American Civil Liberties Union (2011), an organization dedicated to the protection of the constitutional rights of the people, “The National Security Letter provision of the...
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...100 Instructor Date Week Three Assignment: Do Monopolies Exist? To answer the question of the existence of monopolies does not require an extensive discovery process. A simple flick of the light switch on the way out to mail a letter should be enough evidence to convince an otherwise skeptical public of the existence of monopolies. A monopoly is established when the barriers of entry into its market is sufficient to block out its competitors and when the price elasticity of demand is such that the firm can charge as much or as little as possible to its customers. Though it is true that “all firms compete for consumer dollars” (Brue and Flynn, 2010, pg. 237), all firms are not created equal. A monopoly’s customers will give the firm their money regardless as long as the firm keeps its potential competitors at arms-length. If you wish to send a first-class letter, there is no other viable option other than the United States Postal Service (USPS). This is because the barrier of entry into this market strong enough to block all other firms. The USPS has competitors in the parcel delivery service; UPS, DHL, and FedEx to name a few. However, none of those firms can compete with the price of sending a letter (currently $.45) to anywhere in the United States. Of course, if the postal service were to significantly raise the postage rate competition would surely ensue. The same case can be made concerning the monopoly that is enjoyed by electricity companies...
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