Professional Documents
Culture Documents
IGNOU AED-01 Solved Assignments PDF
IGNOU AED-01 Solved Assignments PDF
IGNOU AED-01 Solved Assignments PDF
in
shipping schedules, selling prices and other terms upon which the proposed
changes would be acceptable to Seller; the changes will become effective as
amendments to this
Contract upon Purchaser‘s written acceptance of the said amended terms.
8. RETURNS AND BACKCHARGES. Goods delivered hereunder may not be
returned by Purchaser without the approval of Seller and the obtaining of
appropriate documentation
(including return tags) from Seller. All returns so approved are subject to Seller‘s
restocking charge unless otherwise agreed to in writing by Seller. No backcharges
for repairs,
corrections or changes in construction of the product shall be made by Purchaser or
accepted by Seller without the prior written approval of an authorized employee at
Seller‘s factory.
9. LIMITATIONS OF LIABILITY. No representation or warranty, expressed or
implied, made by any sales representative or other agent or representative of the
Seller which is
not specifically set forth herein shall be binding upon Seller. Seller shall not be liable
for any special, incidental or consequential damages, losses or expenses directly or
indirectly
arising from the manufacture, sale, or use of the products or from any other cause
relating thereto.
10ARBITRATION. Upon thirty (30) days‘ prior written notice provided by
Purchaser or Seller to the other party, any claim arising out of or related to this
Agreement or the default
thereof, which has not been resolved by mutual agreement of the parties shall be
settled by arbitration, which shall be conducted at the District Courts of
Springfield, Massachusetts
in accordance with the Commercial Arbitration Rules of the American
Arbitration Association then in effect, as modified or supplemented herein, or as
the parties mutually agree
otherwise. Notwithstanding the rules of the arbitral body, the Parties agree (a) that
any arbitration shall be presided over by one arbitrator who has been admitted to the
practice of
law, and be in good standing or on retirement status in any of the fifty United
States or the District of Columbia, (b) that the arbitrator shall base his or her
decision on the facts as
presented into evidence and (c) that the arbitrator shall prepare a written
memorandum of decision setting forth the findings of fact and conclusions of law.
The decision of the
arbitrator or arbitrators shall be final, and judgement may be entered upon it in
accordance with the applicable law in any court having jurisdiction. Any claim
for relief made pursuant
to this Agreement shall be made within one (1) year from the date upon which the
party claiming relief knew or should have known of the cause of action
constituting such claim.
This Section shall not be deemed a limitation of Seller‘s rights or remedies to file
suit in a court of competent jurisdiction for the collection of amounts due to Seller
hereunder, whether
directly against the Purchaser or under applicable material payment bonds, unless
such rights or remedies are expressly waived by Selle
For more IGNOU Solved Assignments visit www.IGNOUHelp.in
==========================================================
==
==========================================================
==
For more IGNOU Solved Assignments visit www.IGNOUHelp.in
Solution: Cargo carried on the main deck of the vessel, or other spaces above the
main deck; cargo carried on deck is subject to damage by wind, sea water, and
being washed overboard.
Open Policy A cargo policy with no expiration date that provides automatic
coverage of cargo shipments to or from an Assured in a specified trade at agreed
rates, terms, and conditions. The marine and war policies are usually two separate
open policies. Partial Loss: Any loss to cargo or a vessel that is less than a total loss.
If the partial loss is directly caused by a peril insured against, it is a particular
average loss. Particular Average (PA) A partial loss of the property insured (vessel
or cargo, including total loss of part of a cargo shipment) caused by a peril insured
against, and which is not a General Average loss.
Pilferage
The theft of part or all of the contents from a shipping package where the
package itself is delivered at destination.
Recovery Amount received from a third party responsible for a loss on which a claim
has been paid.
Risk
A fortuitous peril or hazard; i.e. something that may happen, not something that
is inevitable.
Sacrifice
The deliberate destruction or jettisoning of property to prevent greater loss.
Settling Agent
An insurance company's representative in a foreign country who is authorized
to settle claims and make payment on behalf of the insurance company.
Special Drawing Rights (SDR)
An international monetary unit used to measure and compare the changing market
values of currencies of member countries of the International Monetary Fund. It is
equal to the market value of currencies of the 5 member countries: United States,
France, Germany, Japan and England. SR&CC Warranty (Strikes, Riots & Civil
Commotions)
A clause in marine insurance policies that excludes liability for losses caused by
the acts of strikers, locked-out workers, or persons taking part in labor
disturbances or riots or civil commotions or for losses which are directly caused by
persons acting maliciously. This coverage may be restored to the policy by means
of the SR&CC Endorsement, for an additional premium. Total Loss Only (TLO)
An insurance policy covering ONLY the total loss of an entire vessel, an entire
cargo shipment, or other property from an insured peril. A partial loss, even from
an insured peril, is NOT covered by the Total
Loss Only policy. Valuation Clause
The clause in the Marine Policy that contains a consistent basis of valuation agreed
upon by the Assured and the insurance company and which establishes the insured
value of the cargo or vessel when the insurance attaches.
Warehouse To Warehouse Clause
A clause in a cargo policy defining when coverage attaches and terminates.
Coverage attaches when the cargo leaves the warehouse at the place named in the
policy, and
continues during the ordinary course of transit after discharge at the final port.
For more IGNOU Solved Assignments visit www.IGNOUHelp.in
ii) Describe the basic principles of ECGC Operation. (10, 10) Solution:
In order to provide export credit and insurance support to Indian exporters, the
GOI set up the Export Risks Insurance Corporation (ERIC) in July,
1957. It was transformed into export credit guarantee corporation limited (ECGC)
in 1964. Since 1983, it is now know as ECGC of India Ltd.
ECGC is a company wholly owned by the Government of India. It functions under the
administrative control of the Ministry of Commerce and is managed by a Board of
Directors representing government, Banking, Insurance, Trade and Industry. The
ECGC with its headquarters in Bombay and several regional offices is the only
institution providing insurance cover to Indian exporters against the risk of non-
realization of export payments due to occurrence of the commercial and political
risks involved in exports on credit terms and by offering guarantees to commercial
banks against losses that the bank may suffer in granting advances to exports, in
connection with their export transactions.
To protect the exporters against credit risks, i.e. non-repayment by buyers
To protect the banks against losses due to non-repayment of loans by exporters
==========================================================
==
Forms of Financing:
Back to Back L/C
Bai-Murabaha TR
Bai-Salam
Musharaka.
POST-SHIPMENT FINANCE:
Post-Shipment finance is made by the bank after shipment of the goods by the
exporter, by negotiated and purchased of shipping documents. Bank made
payment on submission of documents if these are free from any discrepancies and
found suitable for purchase in all respect. Bank adjust their liability when get
foreign payment. Bank earns exchange income from such finance, which is
permissible under Islamic shariah.
Purpose:
Payment of Manufacturers/Suppliers
Salary and wages
Rent
Utility
Others
For more IGNOU Solved Assignments visit www.IGNOUHelp.in
Form of Financing:
Bai-As–Sarf FDB- Foreign documentary Bill (Former FBN/FBP)
Musharaka Documentary Bills MDB Inland (Former IBN/IBP)
==========================================================
==
Capital:
The authorised capital of the EXIM Bank is Rs. 200 crore and paid up capital is Rs. 100
crore, wholly subscribed by the Central Government. The bank can raise additional resources
through:
(i) Financing of exports and imports of goods and services, not only of India but also of
the third world countries;
(ii) Financing of exports and imports of machinery and equipment on lease basis;
(iv) Providing loans to Indian parties to enable them to contribute to the share capital
of joint ventures in foreign countries;
(v) to undertake limited merchant banking functions such as underwriting of stocks, shares,
bonds or debentures of Indian companies engaged in export or import; and
==========================================================
==
Citing the example of the duty free entitlement passbook (Depb) scheme, commerce
ministry officials pointed out that this will be allowed to continue till 2010. By that
time introduction of Goods and Services Tax (GST) and phasing out of CST will make
the scheme redundant. Even as things stand now, exporters do not find entitlement
rates under the passbook scheme attractive, since import duties are at the lowest
levels.
Officials in the ministry and export promotion councils said that with little leeway
on fiscal incentives, the Exim policy will increase fundingfor individual exporters
and export organisations for more intensive marketing than they are now eligible
under MDA and MAI.
Since both these schemes are framed for ‗focus products, focus countries,‘
products and countries where marketing expenses will be eligible for funding too
may be expanded.
The forthcoming Exim policy is expected to include more countries to this list
and also increase limits of funds that exporters will be eligible for marketing
projects submitted by them.
==========================================================
==
==========================================================
==========================================================
==========================================================
========================