Kite Runner Essay Example for Free

Kite Runner EssayBitter truths, soothing lies and carefully kept secrets are found throughout Khaled Hosseinis novel, The Kite Runner, as many of the characters face one or the other at some point. Through their actions, Hosseini attempts to show the reader that despite the initial repose a lie basin bring, the harsh truth is often less soul destroying. This point is evident with Babas secret, which forces him to deceive his sons and brings awful consequences. Hassans dreadful show of loyalty to Amir in falsely admitting to the act of thievery is done with best intentions, yet no doubt the truth would have presumptuousness Amir more freedom and joy in time. It is also emphasized that revealing the truth outweighs the lies as Soraya admits her shady past to Amir, and that he too can be honest with himself and admit the truth about his cowardice. Paragraph 1 By keeping a shameful secret from golf-club, Baba does more harm than great to his beloved. Though he wishes only to pr eserve his dignity and honour, Babas choice to deceive the world means inflicting lasting consequences on his sons. From Amir, he steals his right to get along he had a brother and instead Amir grows jealous and envious whenever Baba shows affection towards Hassan, and says I wish hed let me be the popular.He mocks and taunts his friend in his jealously and sees him as the lamb hed have to slay to win Babas affection. Had he have know that Hassan was not just a Hazara no doubt he would have treated him with the trust and respect he deserved. Hassan meanwhile, had his identity stolen by Baba, as healthy as being denied Babas love, affection and security. Worse though, Ali was robbed of his honour from his best friend. When told the truth, Amir comes to the same conclusion initially responding in anger by shout out my whole life is one big ****ing lieAnd storming out. He wishes that Rahim Khan had let him live on in oblivion as he realises that some(prenominal) himself and Baba b etrayed their best friends. Yet, as the sting of the truth dies down, he is filled with determination to set things right and atone for his and Babas sins. By keeping his secret from society Baba keeps his honour, but instead destroys the wonderful relationship he could have had with his sons. Despite the bitter truth, it has a beneficial impact on Amir as he faces his past and is fuelled by the determination to set things right. Paragraph 2Conclusion The Kite Runner is a novel overflowing with the mass of secrets, lies and truths. Yet, Hosseini attempts to show that a harsh truth may initially feel like a slap to the face but when the sting dies down, the person benefits, as seen with both Baba and Hassans life and their effect on Amir. Honesty strengthens relationships, while dishonesty destroys them, as is evident through Soraya and Amir. While a lie can be an voiced way out and it can provide temporary comfort, the bitter truth does a world of good, despite the cost it may init ially bring.

Dramatic and relevant to a modern audience Essay Example for Free

Dramatic and relevant to a modern audience turn upLots of the characters under go personal development for example Reverend Hale, who at number unity is exclusively to eager to sh divulge witch but in the end is very disbelieving. My personal belief is that the events are a testament of how people shouldnt live in a social structure that is all overly tight. A crucible is a metal container in which metals are melted to extract their pure element from the impurities. This can easily be linked to the play first witches supposedly boil potions in cauldrons and a synonym for cauldron is crucible. Secondly, it has a metaphorical meaning the society of Salem is being heated and stirred in an attempt to remove the impurities and leave only the pure members of the society. An artificial Noahs Ark, as it were, however this plan backfires some. perform 1 mainly revolves around Abigail and the girls being caught saltation in the woods. The drinking of blood is supposedly a charm to ki ll Elizabeth Proctor. Abigail wants to be with Proctor after Elizabeth kicked her out for having an affair with Proctor I have sex that you clutched my back out side your house and sweated like a stallion when ever I come near, or did I dream that?It is she put me out, you cannot construct it were you. I saw your face when she put me out. You loved me then and you do straightaway Abigail Proctor is fighting an internal conflict we know that on unmatchable side he wants to be with Abigail because Looking at Abigail now, the faintest suggestion of a knowing smile on his face Stage direction But we also know that he feels very guilty somewhat Elizabeth I mean to please you Elizabeth Proctor However, he does tell Abigail that he wants nothing more to do with her Abby, I may have thought of you softly from time to time.But I will cut off my hand before I reach for you again. Wipe it out of mind. We never touched Abby. Proctor All the time this encounter has been in occurrence , sexual tension is building in the audience. They are also learning about Proctors and anti-hero characteristics. We learn that his name is not entirely white. He is not perfect, and the same applies to most of the characters, they all have corking and bad points. I think in that respect are two important points here. One is that Abigail is trying to seduce Proctor with seductive language, and two Betty is only pretending to be inert.She would have heard all of this, and that is most likely the reason behind her getting up and trying to jump out of the window. Also in Act 1 Abigail threatens marry Warren, Betty and the different girls against telling anyone anything Let any of you breathe a word, or the edge of a word, about the other things and I will come to you in the char of some terrible night and bring a pointy reckoning that will shudder you and you know I can do it I can absorb you wish you had never seen the sun go down Abigail It is here that we learn just how aggre ssive and manipulative that Abigail really is.She was trying to manipulate Proctor and now she is being extremely aggressive and even explicit towards the girls. We can tell that this is a frantic and tense moment on stage by the over average use of exclamation marks and use of short sentences. We can also see physical violence from Abigail as she violently shakes Betty around. Visually this would be interesting for the audience, creating both anger and tension. There is contrast in the loud violence of this moment to the quiet seduction from Abigail before.Act 2 contrasts from the end of Act 1, in the fact that it is a calm and peaceful scene, over the loud fear-driven hysteria of the end of Act 1. Proctor comes home from seeding his farm late at night, and he sits down to eat, with Elizabeth. From the general feel of the scene we can gather that the common room of Proctors house is cold, empty and unwelcoming. This parallels with the relationship between John and Elizabeth. Theres is a great amount of tension between the pair, and they idly make chit-chat at the table, as they feel they need to Proctor Pray now for a good summer.Elizabeth Aye It should be noted that it is Proctor who is trying to make conversation Elizabeth is spoiling his attempts with one-word answers. Proctor is feeling frustrated because Elizabeth is not acknowledging that Proctor is trying his hardest to repair the relationship. He is forever claiming his desire to please Elizabeth I mean to please you Elizabeth. Proctor I believe that the audience would to be getting frustrated with Elizabeth not kind-hearted him. The tension in the audience would also rise, due to the complete lack of any sexual tension.Arthur Millers The Crucible raised issues that were as relevant in the fifties as they were today. The idea of conformity will always exist. People who define this ideologies and beliefs by which groups of people live will always exist. As will accusations do towards one group fro m another group, to solve their problem, or help their cause. Arthur Millers play took on some very strong issues, that are still relevant to date, it is one that cannot be ignored because of Millers ability to touch issues and themes that have plagued mankind all through history, and will continue to do so in the future.

Human Resource Management in the Tea Industry

humanity preference oversight in the afterwardnoon afternoon afternoon afternoon afternoon tea Industry afternoon tea constancy is one of the most mature industries in Bangladesh and till today it is bearing its heritage. In Bangladesh tea cultivation began in 1857 and Malnicherra is the first tea tend in Bangladesh. Though globalization and scotch liberalization contributed greatly to set up new industries in Bangladesh, a large portion of our national income comes from this industry.In our country huge tot up of human resources ar involved in the Garments industry and tea condemnation industry. In Sylhet there is large offspring of T.E. that is why we distinguish T.E. for our require and in this report we will try to cover one T.E from Moulavibazer, and two from Sylhet district and one from the sreemangle. In this report we give emphasis on the present practices of human resources in the some s take T.E of greater Sylhet and through this research we will make us acquainted with the real Human Resource Management operations in the tea garden of Sylhet, Moulavibazer.Some organizations ar violating the human advanceds. Usu exclusivelyy violation occurs at the bottom direct- labors do not get able wages, compensation, noesis facility, good pass watering condition, and other facilities. As a result byput or takingss ar not increasing according to expectation and the boilers suit development is existence sluggish. The owner, authority, and stakeholder should realize that neglecting the human resources in the work place a sustainable development is not possible.Execitive SummaryThe colonial British plaque took up tea orchard in the Indian subcontinent at the beginning of the ball clubteenth century. Since then, the sub-continents tea industry has slowly established its position as a study producer of tea in the world. At present, India, Bangladesh and Sri Lanka account for 52 per cent of the world tea fruit. At the global level, t he tea industry is more than and more bumping it difficult to meet ends caught between rising exists on the one hand and stagnant, some whiles steady declining prices of tea on the other. Globalization and economic liberalization contributed greatly to these factors since more and more countries are lying-in tea plantation. Moreover, globalization links labor standards to deal policy. This likewise contributed greatly to the rising cost since tea plantation is a rattling restriction intensive activity. It requires workers round the year. Hence, labour standards gain more importance for the tea plantation to be combative in the world market. Improvement of labour productivity is ack at presentledged as an essential means of raising level of competitiveness of the tea industry in the world market despite its low price. It has been found that besides technology and skills training, labour productivity itself is dependent on importanttaining fair labour standards relating to workings conditions, wages, health and nutrition status, housing and education facilities. Thus maintaining a fair labour standard is one of the key factors affecting the competitive viability of the tea industry in the world market. In India, Bangladesh and Sri Lanka, labour legislation for the tea plantation sector is more than 50 geezerhood old. In addition to the labor laws of 1995 and the Factory Rules of 1979, Which are applicable to all work places in general, the government of Bangladesh has exacted several legislations, namely (a) Maternity Benefit (Tea Estates) Act. 1950, (b) Plantation Employees Provident Fund Rules, 1960, (c) Tea Plantation beat back Ordinance, 1962, (d) Tea Plantation Labor Rules, 1977, (e) The Tea (amendment) Ordinance, 1986 and (f) Bangladesh Cha Sramik Kalyan Fund Ordinance, 1986 specially for the tea plantation sector to ensure workers, right to safe, secure and healthful working conditions. However, even after the enactment of all these legi slations, tea workers, right of safe, secure and hygienic working conciliations see not yet been ensured. Very few micro-level studies on tea plantation workers have been done so far. Still the findings of these studies show that the tea plantation workers are living a subhuman life both in the terms of working conditions, living conditions and health security. It is mainly collect to the fact that workers organization representing the workers right in the social dialogue is not strong luxuriant to negotiate with the employers. Hence, there is an acute necessity of first organizing the tea plantation workers, particularly women workers so that they can attain the power of collective bargaining and thereby strengthen their organization. A workers organization is an essential factor not only for promoting workers well being but also an important factor affecting effective use of the labour force. The Global market for tea is becoming increasingly competitive since more and more cou ntries are entering into this sector. This competition is challenging the proportional advantage of Bangladeshs cheap labour. Hence, to meet the challenges of globalization, the unit labour cost of production needs to be reduced by raising labour productivity. An organized labour force is the most essential factor affecting labour productivity.Learning Objective of Human Resource ManagementWe, the students of BBA in Leading University, are undertaking a course on Human Resource Management. There must be some objective of this study. There is no exception in our study. The main objective is to focus on different things, which are given below-To complete about(predicate) their HRM strategies, weaknesses, opportunity and threats.INTRODUCTIONBangladesh is a small tea producing country sacramental manduction 2% of the worlds Tea production. Tea is an agro based, lab our intensive and exportation oriented sector and plays an important role in the national parsimoniousness through exp ort earnings, trade balancing and employment generation. Our Tea industry dates back to 1857 when the first tea garden was established at Malnicherra in Sylhet District. Today we have 163 Tea Gardens with a grant celestial orbit of 1,15,757.41 hal of which 52,317.21 hal or 45% is under cultivation. Though our tea industry suffered a serious setback in 1971 but we could attend in reversing with the help of the government, foreign assistance and hard work of our planters. It is hoping to sum up our production to an average of over 1500 Kg per hal in a few long time time. We have undertaken measures to improve our quality of tea by extending the stadium with new varieties of hybrid clone, modernizing factories and improving infrastructure. We now yearbookly produce 60 one thousand million Kg of Tea and we hope to increase our production to 90 million Kg in the next 15 years.This paper attempts to devise a strategy to labour effective social dialogues between the tea plantation w orkers and their employers. It also attempts to determine the practicality of providing social protection to women workers through their own organizations and thereby enhances their labor productivity. Systematic training for the peniss of the workers organization has proved to be a breakthrough in terms of skill development, consciousness rising, and blossoming of self -confidence. Hence, the possibility of providing skill training to the workers, particularly women workers through their organization, has also been explored in this paper.The art of tea cultivation in Bangladesh began over a century and a half ago in the 1840s come the Chittagong Club. The first tea garden to be established was Malnicherra in Sylhet in 1854. Its commercial production began shortly thereafter in 1857. Today, the main tea-growing areas lie to the eastbound of the Ganga-Jumma flood plain in the hill areas bordering Indias Cachar tea-growing district. Most of Bangladesh tea grows at only 80-300 ft. a bove sea level northeast of Sylhet in the country.During its initial stage, plantation in Bangladesh faced acute shortage of labor. No local workers were willing to do this job since it is very hard and labor intensive. The colonial British giving medication deployed indentured immigrants to meet this shortage. Tea plantation workers in Bangladesh came mostly from the backward class and tribal areas of central India and regions of Bengal, Bihar, Orissa and Madhya Pradesh. The present work force in the tea plantation sector of Bangladesh is the tetradth generation of those indentured immigrants. Indentured immigrants were in fact new forms of bonded labor. Their bonded nature revealed in their geographical confinement within the margin of the tea estate. For more than a century they were confined within the same geographical boundary most still are.CONCEPTUAL DEVELOPMENT OF HUMAN imaginativeness MANAGEMENTHuman resource management defined as the process of accomplishing organiza tional objectives by acquiring, retaining, terminating, developing and goodly using the human resources in an organization. Organizations have to work with different resources like physical, financial, organizational, and information resources but prissy utilization of all other resources largely depend on human resources. Accomplishing objectives is a major focus of any form of management. Unless objectives are met, the organization eases to exist.Experiencing the Dutch Tavern garden teas?, the English developed the thought of Tea Gardens. Here ladies and gentlemen took their tea out of doors surrounded by entertainment such as orchestras, hidden arbors, f bring lowed walks, bowling greens, concerts, gambling, or fireworks at night. It was at just such a Tea Garden that Lord Nelson, who defeated Napoleon by sea, met the great love of his life, Emma, later lady Hamilton. Women were permitted to enter a mixed, public gathering for the first time without social criticism. As the ga rdens were public, British society mixed here freely for the first time, cutting across lines of class and birth. Tipping as a response to proper wait on developed in the Tea Gardens of Eng place down. Small, locked wooden boxes were placed on the tables throughout the Garden. Inscribed on for each one were the letters T.I.P.S? which stood for the sentence To Insure touch off Service?. If a guest wished the irrigate to hurry he dropped a coin into the box on being seated to insure prompt service?. Hence the custom of tipping server was created.The success of any human resource management program requires the cooperation of managers, who must interpret and implement policies and procedures. Line managers must represent into action what a human resource management department provides. Without managerial support at the top, middle and lower levels, human resource management programs cannot succeed. whence manager need to understand clearly how to mesh their responsibilities with those of the human resource department. In Theory Y? it is supposed that people do not despise work, work is natural part of their lives, they are potential, and the have the capability to perform the works effectively. If people are properly trained, guided, and motivated they can excel the organizational goals.Acquiring skilled, talented and motivated employees is an important part of human recourse management. Each company develops its own human recourse management program after considering such factors as size, type of skills needed, number of employees required, kernelization, clients and customers, financial posture and graphical, location.Developing human resources involves training, educating, appraising and generally preparing personnel for present or future jobs. These activities are important for the employees economic and psychological growth. Self-realization needs cannot be satisfied in an organization that does not have an efficient set of development activities.The proper use of people involves under standing both somebody and organizational needs so that the full potential of human resources can be occupied. This fit of personnel management suggests the importance of matching individuals over time to shifts is organizational and human needs. The contribution of human resource management to organization effectiveness is so important that managers must use the knowledge and skills of human resource management specialist.In context of Bangladesh Human Resource Management have many things to do. Human Resources can be trump card for the overall development of the country only when these large populations will be ready to utilize and when they will be utilized. In case of some industries like Garments and Tea? human resources are not being treated as human rather they are being treated as machine. Some organization is violating the human rights.HISTORICAL BACKGROUNDThe story of tea began in ancient China over 5,000 years ago. gibe to legend, S hen, Nug, an early emperor was skilled ruler, creative scientist and patron of the arts. His farsighted edicts required, among other things, that all drinking water be boiled as a hygienic precaution. One summer day time visiting a distant region of his realm, he and the court stopped to rest. In accordance with his ruling, the servants began to boil water for the court to drink. Dried leaves from the near by bush miss into the boiling water, and a brown liquid was infused into the water. As a scientist, the Emperor was interested in the new liquid, drank some, and found it very refreshing. And so, according to legend, tea was created.Because of the success of the Dutch navy in the pacific, tea became very fashionable in the Dutch capita, The Hague. This was due in part to the high cost of the tea (over $100 per pound), which immediately made it the domain of the wealthy. Slowly, as the amount of tea imported change magnitude, the price fell as the volume of sale expanded. Initia lly ready(prenominal) to the public in apothecaries along with such rare and new spices as ginger and sugar, by 1675 it was available in common food shops throughout Holland. As the consumption of tea increased dramatically in Dutch society, doctors and university authorities argued back and forth as to the negative and/or positive upbeats of tea, known as tea heretics?, the public largely ignored the scholarly debate and continued to enjoy their new deglutition though the controversy lasted from 1635 to roughly 1657. by this period France and Holland led Europe in the use of tea.By 1650 the Dutch were actively involved in trade throughout the Western world. Peter Stuyvesant brought the first tea to America to the colonists in the Dutch settlement of New Amsterdam (later re-named New York by the English). Settlers here were confirm tea drinkers. And indeed, on acquiring the colony, the English found that the small settlement consumed more tea at that time then all of England put together. spacious Britain was the last of the three great sea-faring nations to break into the Chinese and East Indian trade routes. This was due in part to the unsteady ascension to the throne of the Stuarts and the Cromwellian Civil War. The first samples of tea reached England between 1652 and 1654. Tea quickly proved popular enough to replace ale as the national drink of England.JUSTIFICATION OF THE considerHuman resource Management most of the times deals with the external environment (political, Economical, Social, Technological). We have studied many theoretical aspects in our classes. To get more knowledge about actual conditions we need to study in practical. We tried to find out the sectors, where human resources are largely involved. In Bangladesh, there are many tea gardens, cannels, sugar gardens etc where human resources are very much necessary for the organization and its implementation as well. In Sylhet district, there are huge amount of tea gardens that is why, we have selected tea gardens for our study. We were assigned to cover some tea gardens from Sylhet, Moulavibazer, and Sreemangle district. We have considered the significance of different tea gardens in case of historical value, colloquy system, management system, labor management process, remuneration system and some other issues.OBJECTIVES OF THE playing areaThis research was aimed to make us acquainted with the real Human Resource Management operations in the selected tea gardens of Sylhet, Moulavibazer and Srimongal. Some other objectives are as followsTo become familiar with the human resources available in the tea gardens in Sylhet Moulavibazer and srimangal.Understand the goals of their tea garden and know their role in accomplishing these goals.Forecasting the demand for labor.To analyze the history and development of tea garden.To investigate the contribution to the economy of tea garden sector in Bangladesh.To know about the problem and barriers management department and labors are facing from different sources.To know what are the benefit and services the employees are expecting from the tea companies.To have some practical exposures that will be helpful for my Job experience.To recommend some suggestions to overcome the problem of tea garden.Assessing the working and living conditions of the tea plantation workers in Bangladesh.Identifying the major problems faced by the tea plantation workers.Assessing the organizing capability of the tea plantation workers.SCOPE OF THE STUDYIn our report, we gave emphasis on compensation program of human resources of the tea estates. We also tried to find out the selection process, recruiting process and training process of the human resources. In selection process many steps is here but tea estates follow only interview process. In executive level they give training to improve their performance. We also focused on their remunerations and living conditions. In fact every organization needs the right people, at the right time in the right position and in this case Human Resource Management can assist the organization. We have also tried to find whether they are enjoying their human rights or not.METHODOLOGYOur present study is basically based on the human resource management. Whatever we studies in the Subject of HRM, now we try to find out its impact on practical field (specifically in the field of tea garden). What types of rules and regulation, a procedure does the management follow for their lower level employee and how they manage their employee, how much effective is it. The main objective of this survey is to collect information regarding awareness of the tea workers about their right and their involvement in trade unionism. Along with this survey selective information, this study brings together quantitative data drawn from combination surveys of the tea industry in Bangladesh. It will be peaceful through dept interview and fieldwork. All the data will be collected through researc hing mesh site, some data we have collected from the journal, and newsletter of each tea garden. The rest was based on observations. We also take the interview both manger and employee.SOURCES OF DATAAnalysis in this study primarily depends on qualitative data drawn from in-depth interviews and discussions with the members of tea plantation workers at the grass root level as well as the management level. Qualitative data have also been collected from focus group discussions with the tea plantation workers. For making this project we have used both the prime and secondary data. The primary data are collected from the selected tea gardens by asking different types of questions to the labor and the employees available at the gardens. The secondary data collected from different journals on tea gardens published in newspapers (namely Sylhet-er Dak), and other publication provided by different gardens and Governmental organizations (namely Project Development Unit), and also by searchin g some web sites (namely virtualsylhet.com, google.com, etc.).To collect information from the workers, four tea gardens were randomly selected. Among these four gardens, tow belongs to A category, two belong to B category and the other one belongs to C category of gardens. A organic of 100 workers (40 pistillate and 40 young-begetting(prenominal) lower level employee and 20 management level employee) were interviewed through a structured questionnaire. The main objective of this survey is to collect information regarding awareness of the tea workers about their right and their involvement in trade unionism. Along with this survey data, this study brings together quantitative data drawn from a combination of existing empirical research and surveys of the tea industry in Bangladesh.AN OVERVIEW OF THE GROWTH OF TEAPLANTATION INDUSTRY IN BANGLADESHTea occupies an important place in the national economy of Bangladesh. It accounts for 0.81 per cent of her GDP. About four lakh people l ive on the plantation industry of Bangladesh. This sector provides employment to 0.15 million people, which accounts for nearly 3.3 per cent of the total industrial employment in the country. Tea is also an important commodity in the internationalistic trade since it is an important export item of Bangladesh. During the 1970s and 1980s, this item earned a large portion of her foreign exchange. But after the emergence of the equip industry, tea lost its dominance in the foreign exchange earning. In 1998, it earned only 0.80 per cent of the total foreign exchange earnings of Bangladesh. However, at present, Bangladesh earns a substantial amount of revenue in terms of s consumption of tea is increasing at the rate of about 1 million kg per annum. Revenue is also earned in terms of excise duty.Tea plantation in Bangladesh is concentrated mainly in her hilly zones of four districts namely Sylhet, Maulovibazar, Habigong and Chittagong. Now there is a tea estate in the district of Brahma nbaria also. In total, there are 158 gardens of which only 25 gardens are located in Chittagong, Sylhet, Maulovibazar, Habigonj (which constitute the greater Sylhet District) and Brahmanbaria accommodate the rest 133 gardens and contribute about 96 per cent of the annual production. Out of the total number of gardens, Bangladeshi companies and individual proprietors own 132 gardens. However, among these gardens, individual proprietors own only a little more than 20 per cent of them. All gardens are divided into three categories namely A, B, and C depending on amount of production and percentage of land under tea plantation. About two-fifths of the total gardens belong to each of A and B category of gardens, while the remaining one-fifth belong to C category. All the gardens belonging to Sterling Companies are A category gardens and occupy about 39 per cent of total land under tea plantation. But Sterling companies occupying only 39 per cent of land produce more than 49 per cent of total tea production of Bangladesh. Thus, productivity of Sterling Companies gardens is far more than that of the gardens of Bangladeshi Companies. Production of tea per hectare is 1,437 kg. Whereas the same for the Bangladeshi companies and proprietary estate is only 961 kg. Total land area under tea plantation has not increased much over time. As can be noticed from Table 1.1, that over the period of 1990-1998 land under tea plantation increased only by 4.39 per cent, whereas total production come up by 23.61 per cent. As a result, production per hectare rose importantly from 967 kg in 1990 to 1,145 kg in 1998 accounting for about 18.41 per cent increase over nine years time. During the same period, total production of Bangladesh rose from 45,160 metric tons to 55,824 metric tons made tea. It is encouraging to notice from table 1.2, that the growth of total tea production in Bangladesh over this nine years period is higher compared to the major tea producing countries in South As ia like India, China and Sri-Lanka (see Table 1.2). But still Bangladesh could not increase her helping in the world market since her domestic consumption has also increased significantly. It can be observed from table 1.1 that, in 1990, a little more than 40 per cent of total production of tea in Bangladesh was consumed domestically. But this share of consumption increased to more than 60 percent in 1998. image 1.1 clearly shows how domestic consumption of tea increases sharply and exceeds total exports of tea in 1994 and 1998. Due to high rate of domestic consumption, her export dropped from 26,970 thousand kg in 1990 to 22,220 thousand kg in 1998.TEA PLANTATION WORKERS AND THEIR SOCIO-ECONOMIC AND HEALTH CONDITIONSTea Plantation WorkersResults of our survey of 100 plantation workers reveal that only a little more than 46 per cent of the workers had visited the nearby Thana headquarter of Srimangal at least once in their life. Among the women, only 35 per cent had visited Sriman gal. They do not know anything about what is happening outside their boundary and are isolated from the rest of the country. As a result, their aspiration is very low. With low aspiration they cannot demand anything big. Through our survey we collected information about their aspiration regarding their childrens education and career. It was interesting to find out that only about 2 per cent of tea workers propose that their boy child would study more than SSC. None of them aspire for their girl child to study beyond SSC. It is even more interesting to know that about 37 per cent do not want their children to go out of their tea garden area. The highest aspiration they hold is that their boy child should be a clerk (Babu) in the garden office.Capital field development involves three activities new planting, replanting and filling of vacancies. Generally men are employed in all these activities. But the extent of all these activities is marginal. It can be noticed from Table 4.1 that over a nine-year period (1990- 1998), total area under tea production increased by only 4.39 per cent. Annually, only 160 hectares are newly planted. Also in India and Sri Lanka, new plantation is marginal. Replanting in South Asia, particularly in Bangladesh is also very slow. As against a targeted rate of 1.5 to 2 per cent per annum, it is only about 0.4 per cent in Bangladesh and India and 0.7 per cent in Sri Lanka. Filling, which is carried on to increase plant density per unit area, is also very slow. But male labor absorption in the plantation industry is much higher than that of female workers over the last few years (Table 1.4). It can be noticed from Table 4.5 that over the period of three years (1996-98), employment of men increased far more than their population growth. But employment of women increased less than their population growth. During the last few years, more and more men are employed in the plantation sector since being geographically isolated they do not get any job opportunity elsewhere. The table shows that both adolescents and children are increasingly being thrown out of the labor market as time passes on, although the right to employment for heirs is ensured by an agreement. The problem of unemployment between adolescent and children is very acute. During our survey many respondents reported that their children are forced to get involved in illegal activities due to unemployment. Moreover, because of this unemployment, dependency ratio is very high among the tea plantation workers. As can be seen from Table 1.4, of the total population of 3, 53,407 persons, 1, 12,251 are employed representing around 68 per cent dependents. It means that one earning member has to maintain more than two persons.Socio-economic and Health Conditions of the Tea Plantation WorkersSocio-economic and health conditions of tea plantation workers have important bearings on their productivity. Analysis of these conditions also gives an inclination whether the tea worker are enjoying there right to decent work and living. Social dialogue to improve the conditions of tea plantation workers cannot be promoted without having an idea of the socio-economic conditions of the tea workers. Therefore, an attempt has been made in this section to examine the socio-economic conditions of tea plantation workers.Socio-economic and health conditions of tea plantation workers have important bearings on their productivity. Analysis of these conditions also gives an idea whether the tea worker are enjoying there right to decent work and living. Social dialogue to improve the conditions of tea plantation workers cannot be promoted without having an idea of the socio-economic conditions of the tea workers. Therefore, an attempt has been made in this section to examine the socio-economic conditions of tea plantation workers.Age and experience have direct bearing on the pluckers productivity. Findings of a study show that good pluckers have over 20 years of e xperience and their age is seen as a helpful attribute. To have 20 years of experience a workers must be at least 35 years old since a tea worker does not start work before the age of 15 years as child labor is almost absent in the tea sector. Findings of our survey show that about 51 per cent of the workers are below 35 years old. The average age of the female worker is a little more than 33 years, while that of the male workers is about 37 years. Hence, efficiency of male workers is supposed to be more than that of female workers. For young workers, training is a means of improving their productivity.A shortened DISSCUSION ABOUT OUR SELECTED TEA GAERDENParkul tea estate-Parkul tea estate is one of the gardens in Bangladesh from the163 gardens. It is fit(p) in the habigong district, chunarughat Thana. It is more profitable garden that starts its journey in Bangladesh from 1858. It is a national tea company (NTC) where the owner is recognized on the basis of shares, however the ow ner of 51% shares of that garden is government and 49% shares are for the public. The area of this garden is about 1550 hector that involves several villages. This garden is consisting of 803 permanent labors, 3 executive and 26 staffs. More than 300 temporary workers are also working in this garden. By consulting with the authority the annual plan is prepared here, however in this current year the garden is producing 350, 000 kg in average and the production cost for per kg is 70 tk. It is one of the efficient branches of NTC that maintain a good management system. This garden follow the argument in case of arrested development the salary of management level, clerical level as well as lower level employee. Each worker can harvest 60 to 70 kg of lives per day which costing per kg 1.30 tk. Normally their plaguing task is 23 kg for earning 30 tk. Plaguing season starts from the April to December and during January to March is the time for odd work. During this time they plant, mulchi ng in the young tea plant, drain work, a sardar is appointed to aid them in work. The number of sardar is varying from the garden to garden. In the Parkul tea estate, one sardar is elected for per 25 workers while in the Daragon tea estate for per 50 workers one sardar is appointed.All the employee and clerical staffs are sent to BRTI for getting training, which is situated, in sreemangal. Employee also has their union in sreemangal that create pressure to the management of this garden for the fulfillment of the demand of the labors.Lackatoorah tea estate-The lackatoorah tea estate has started its journey in Bangladesh from 1875 A.C. This tea garden is situated in the airport road of sylhet. This tea garden is one of the most profitable tea garden in our country. The name Lackatoorah is derived from the wood collection of Shajalal shrine. For the annual festival of Shajalal shrine, people collect the wood from this tea estate. The firewood is locally called Lakri and this Lakri beco mes Lackatoorah once upon a time. The total area of this tea garden is 1293 hector, but all the area is not only under the tea plantation but also many other things like (rubber garden, cannel, ponds, blank area etc. ). The total number of registered labors in this garden is approximately 1200 but the number of temporary labors is more than 3500-4000. Most officials have chosen this job because of the facilities, as, more salaries, li

Balancing Rights and Duties of Parties

Balancing Rights and Duties of PartiesIntroductionThe garner of character is the most comm solo used method of hire for goods in worldwide trade. This thesis highlights the imbalance of the rights and duties of the parties in a earn of computer address transaction by emphasising deficiencies in the earns of character denotation book musical arrangement. In addition, on those atomic number 18as where there is neediness of justice and equity and which coerce the system of the letters of impute vulnerable for fraudulent activities. After briefly discussing the structure of the letter of acknowledgement system, it discusses the rights and duties of parties to such(prenominal) minutes and how the danger of infection of the innocent buyer has increase downstairs UCP and rattling often the buyer is representing for the goods he had non contracted for. It further discusses the liberty principle and the doctrine of documentary complaisance, that overprotection of the independency principle, and the lack of earthable c atomic number 18 on the part of argots all in allow for opportunities of fraud to the sellers to obtain recompense without truly performing their duties to intrusts and buyers. It forget also argues about the fraud exception to the independence principle, particularly the present of the fraud exception in England and the history of some decisions of position Courts. In the end it gives some suggestions to balance the rights and duties amongst parties in a letter of computer address transaction.Chapter 1Structure of a Letter of realization Transaction commercial-grade letters of quote have been used for the centuries as a most common method of allowance, in international trade. Letters of credit used in international transactions be 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 chamfer ( outlet depository financial institutioning comp both), on behalf of one of its customers (buyer), authorizing a nonher aver (advising or substantiate bank), to make requital to the donee (seller). The issue bank, on the application of its customer (buyer), opens the letter of credit, and makes a commitment with the buyer to honour the credit on the presentation of the documents, conform to the footing and conditions of the credit, by the beneficiary. Thus, the issuing bank re grades the banks customer as the payee.Elements of a Letter of CreditA retribution project given by a bank (issuing bank)On behalf of a buyer (appli stopt)To pay a seller (beneficiary) for a given amount of moneyOn presentation of specified documents representing the supply of goods deep down specified time limitsDocuments moldiness conform to terms and conditions set out in the letter of creditDocuments to be presented at a specified placeBeneficiary Beneficiary is normally the provider of the goods or operate and is en agnomend to payment as long as he can provide the conforming documents necessitate by the letter of credit. The letter of credit is a distinct and separate transaction from the be contract (contract between seller and buyer). All parties potful in documents and not in goods. The issuing bank is not liable for performance of the underlying contract between the buyer and seller. The issuing banks province to the buyer-applicant is to hear 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 paying by the bank.Issuing BankThe issuing banks responsibility to pay and to be reimbursed from its customer becomes absolute upon the completion of the terms and conditions of the letter of credit. under(a) the provisions of the Uniform Customs and Practice for D ocumentary Credits, the bank is entitled to have a liable time after(prenominal) receipt of the documents to honour the draft. The issuing banks duty is to provide a insure to the seller that if complying documents are presented by the seller, then the bank will make the payment to the seller, and will only pay if these documents comply with the terms and conditions set out in the letter of credit. Typically the documents requested involve a commercial invoice, bill of lading or air duct bill and an insurance document but there are umpteen new(prenominal)s. Letters of credit only concerns with the documents, not with the goods.Advising BankAn 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 obli gation under the letter of credit. then, if the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay.Confirming BankAt 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. on that point are dickens main founts of Letters of credit(1) Revocable(2) IrrevocableRevocable Letter of CreditRevocable 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 le tter of credit and the payment has been make.Irrevocable Letter of CreditUse of irrevocable letters of credit is really 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 leave of both buyer and seller. If it is not understand from the letter of credit that whether it is revocable or irrevocable, it automatically considers as irrevocable.Irrevocable letters of credit are of dickens kindsUnconfirmed creditIn case of unconfirmed letter of credit, advising bank does not confirm the credit to the seller and the issuing bank is the only troupe 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 f or the advising bank.Confirmed creditIn 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 processIn 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 party favour of the seller. at the request of the buyer, i ssuing 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 sellers 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 con firming 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 implyCommercial InvoiceIt includes a definition of merchandise, price, FOB origin, and name and address of buyer and seller. The buyer and seller information must correspond exactly to the description in the letter of credit.Bill of LadingIt is a document which shews 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 TitleA 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 Indemni tyIt is a letter specifically indemnifies the purchaser against a certain tell circumstance. Indemnification is generally used to guarantee that shipping documents will be provided in good order when available.Common Defects in the documents presentedA 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 includeIf 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 req uired 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 look 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 difficulty of payment due to the difference of time between get off 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 le tter 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 beneficiarys presentation of the required documents, in accordance with the terms and conditions of the letter of credit as agreed between seller and buyer. The banks performance of payment is conditional on the delivery of conforming documents by the beneficiary. The banks are called issuers and are usually the applicants 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 instructs the correspondent bank not only to notify the seller of the issuing banks undertaking but also to add a confirmation. In this case, the credit is cognize as a confirmed credit and the correspondent bank as a confirming bank. The payment obligation of the issuing bank depends upon the beneficiarys 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 complying documents means that they comply with the conditions of the credit on their seem. From banking point of view, compliance on their face of the presented documents is sufficient. The independence principle (which will be discussed later) is the fundamental principle of the letter of credit system, which prohibits banks from looking beyond seventh cranial nerve compliance of the documents, and therefore exclude whether or not there is actual performance by the seller-beneficiary.In fa ct, 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 researchThe 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 TransactionAs we have discussed above, a letter of credit transaction consists of three linked but sovereign 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 relucta nt to dishonour a credit, since to do so may damage the banks reputation as a credit issuer. The cost of honour, however, falls on the honest applicant, not the bank. If the beneficiary has breached the underlying transaction, payment under the credit to him will occasion loss, but that loss will not be the banks it will be the applicants.Increase in the applicants risk and moderate in the banks risk under UCPUCP 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 banks negligence. The provisions in favour of banks fall into two categories. The first provides sweeping immunity from liabilities that national effective systems may impose. Example of such a disclaimer is term 15. Under Article 15, banks hold 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 arrive at 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 banks negligence in e xamining 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 goodsChapter 2UCP and letters of creditOriginally 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 a lot 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 ICCs Commission on Banking Technique and Practice, which can apply these interpretations to solve the p roblems arising in any case. Because of wide publicity and distribution of commissions 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 a letter of credit transactionIn deduction Records Ltd. v. Barclay Bank Ltd., the judge was reluctant to 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 cou rts 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 high society 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 would be calculated to soften 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 contrac t 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 assimilator Professor Ross Buckley says 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 inversely consented regulations relating to letters of credit. However in fact, UCP is the governing law of the letters of credit.Banks 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 saysBanks 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 statesBanks assume no liability or responsibility should the instructions they hold not be carried out, even if they have themselves taken the initiat ive 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 usersIt 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 carte 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. provided, the application for the issuance of a l etter of credit and the letter of credit document itself only contain a simple sentence 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 3Doctrine of strict compliance and independence principleIt 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 ther e 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 rationaleGenerally, 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 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 saysIn 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 only 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. Under this principle, bank is only under a duty to accept the conforming documents and should not get involved in the performance of the contract between seller and buyer. Further it has no concern about any debt obligations and other claims between the seller and the buyer.May commentators accept that for the workability of the letter of credit system, the strictest observance of this principle is indispensable. In this chapter we will discuss that how the banks deal with documents and about relationship between bank and other parties in a letter of credit transaction. As Lord Justice Jenkins stated in Malas (Hamzeh) Sons v British Imex Industries LtdIt seems to me plain that the opening of a confirmed letter of credit constitutes a bargain between the banker and the vendor of the goods, which imposes upon the banker an absolute obligation to pay, irrespective of any dispute there may be between the parties on the question whether the goods are up to contract or not.The issuing bank does not have any concern with the shipping of the goods or whether the goods are conforming or not whether the documents actually represent those goods which the buyer contracted for. This is because of the reason that the obligations of the banks in a letter of credit transaction are very limited.In this situation it is also debateable that whether under a letter of credit transaction, it would be fair to say that banks are not allowed to look beyond the presenting documents, while making payments?Status of applicant under UCPArticle 1 of the UCP explains that the UCP binds all parties to the letter of credit unless otherwise provided but it is quite as who such parties are. Therefore the status of the applicant is doubtful, even it is not clear as to whether an applican t is a party to the UCP or not, and this is also to some extent obvious due to the absence of any provision in the UCP stating about the duties owed by the issuing bank toward the applicant. However courts have indicated on occasions that the contract between the bank and the applicant is similar to a contract of agency.Doctrine of strict compliance(a) barter to pay only for conforming documentsIn a letter of credit transaction a bank is only bound to make payment if the beneficiary delivers the required documents. Simultaneously buyer knows that the amount will be released only if the documents are conforming according to the terms and conditions of the letter of credit. It is very much clear that the documents play a very important government agency in the letter of credit transaction. Their importance is so clear that without their presentation and conformity, the performance of the letter of credit transaction is impossible. Article 13(a) of the UCP providesBanks must examine all documents stipulated in the Credit with reasonable care to ascertain whether or not they appear, on their face, to be in compliance with the terms and conditions of the Credit. Compliance of the stipulated documents on their face with the terms and conditions of the Credit shall be determined by international standard banking practice as reflected in these Articles. Documents which appear on their face to be inconsistent with one another will be considered as not appearing on their face to be in compliance with the terms and conditions of the Credit.(b) Standard of reasonable careUnder this heading we will discuss that whether there is a any standard of reasonable care under the UCP or not and if there is a standard, toward whom, and in case of failure to exercise such care, what would be the consequences. Sub-Article 13(a) of the UCP, provides that the banks duty is to examine the documents required by the applicant with reasonable care to ensure that such documents are complyi ng with the terms and conditions of the letter of credit on their face.To some extent, sub- Article 13(a) is perplexing about its meaning. It is not clear that what exact standard should be exercised. UCP and even whole letter of credit system is quite about the standard of the duty of care imposed on the banks, towards whom bank should exercise such a duty of care, and what would be the consequences in case if the bank fails in exercising such a duty of care. Probably there is no answer to this question because of the fact that the rights of the applicant are not discussed under UCP.Validity of documentsArticle 15 of the UCP protects the banks by stating that banks assume no liability or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any documents.Banks are authorised to make payment without having any concern whether the documents presented by the beneficiary actually represent goods, for which the applicant contracted for. As ex plained above that the letter of credit is a written undertaking by the bank to make payment only if the beneficiary presents original and genuine documents as agreed by the parties. Similarly buyer also knows very well that the amount will be paid only upon the delivery of the conforming documents according to the terms and conditions of the credit. Hence the documents play a key role in the performance of the letter of credit transaction. Conformity is the only condition for the payment of the amount. In practice, a bank very often takes security for the payment it makes under the letter of credit transaction. Such a security is provided by the documents of title f

Arguments for Short and Longer Term Capitalism

Arguments for Short and Longer precondition CapitalismIntroduction ReasonDominic Bartons article on the Capitalism for the Long Term and in particular his Fight the Tyranny of Short-Termism essentially asserts there is a myopia plagues all Western institutions in every sector and in his article, he suggests solutions to potentially treat thus problem He believes that this short-sighted perspective leads to the crippling of corporations, and the economy and fixs fond problems.Research that supports Bartons claim of this pervasive myopia was presented during a conference hosted by Morgan Stanley in June 2011, where it was shown that the majority of chief investment officers from top asset management firms focused on short horizons that are disconnected from the radical process that typically protect in businesses (Gen sequencetion Investment guidance LLP, 2012). In addition, former United States of the States (USA) Vice-President, Al Gore said that capitalism is attack under increased scrutiny and needs to change as short-run thinking has driven a wedge between investing and the creation of look upon for corporations and capitalism needs to change (Johan Carlstrom, 2013). This problem of short-run capitalism has attracted legion(predicate) institutional bodies such as International Monetary Fund and Harvard Business critical review to conduct studies looking at its negative impact. The short-fall of short-run capitalism can be seen and felt most recently by the financial crisis in 2008 that byword the collapse of major firms such as Lehman Brothers and the lives of many employees and their families destroyed along with the economy (Financial Crisis Inquiry Commission, 2011).In summary, his argument calls for the review of a shift from short-term capitalism towards long-term capitalism in order for capitalism to continue to thrive in this modern age.Assumptions Potential ProblemsBartons main argument of transferring from short-term capitalism to long-term capitalism is problematic for a few reasons. Firstly, he assumes that short-term capitalism always leads to short-term management. Next, he assumes that short-term management is the sink problem of short-term capitalism. Conversely, he assumes that long-term capitalism is better than short-term capitalism.However it is not possible to determine the true lasting advantages and disadvantages of long-term capitalism as it may not has not run its full course yet. Disadvantages may not be readily apparent initially and may sack up being more potent as they have had more time to fester and snowball.Barton makes a further effrontery that all investors are short-term and thus value-orientated which is false because that is a sweeping judgement on a diverse group of investors, of which a notable example to the contrary is Warren Buffet. He also believes that because investors are value-oriented, they are the ones at the root of problem as they pressure the board and management to practise short-term capitalism too. There may be some truth in that value-orientated investors will lead to short-term management this creates a vicious cycle. In theory, the management should be autonomous simply in reality their investors usually influence them. A case in point would be that Chief Executives Officers (CEOS) are pressured by their investors to meet quarterly targets for the unions share price may depreciate if they fail to meet them. CEOs then go to great lengths to achieving them, even if it could damage longer-term health of the business (Tim Koller, Rishi Raj Abhishek Saxena, 2013). As such, in order to avoid a conflict of interest, any board of directors should be fully independent (Lawrence Weber, 2011). This is important as the board would then be able to choose what is best for the corporation and should they choose to practise long-term capitalism, they would need to filter out the growth-orientated investors from the value-orientated investors (Bil l George, 2013). Hence, the board decides the type of capitalism they want to contract and the type of investors they wish to attract. Thus, it is not the investors who determine the corporations take on capitalism and should not be where we start from to solve this problem of short-term capitalism as mentioned by Barton.Another assumption that he makes is that short-term capitalism is a tyrant that needs to be rid of for before the social contract between capitalist system and citizenry ruptures. The reality is that capitalism is by its very nature is governed by an inanimate non-living economic model and and then cannot be corrupt. The misuse and abuse of the model by its users is to blame.Clayton Christensen provides an alternative explanation Businesses are created to meet demands and in supervene upon seek revenue. There are chiefly two ways businesses can do that, they can either create empowering innovation which creates value or reinvest capital with capital but does no t create any value. Reinvestment is obviously much faster than the creation of empowering innovations and as a result this is the choice of many firms (Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA), 2013). It is because of this choice, that the flow of value creation is broken (Refer to Appendix A) as reinvestment only serves to stagnate the economy (Clayton Christensen Derek Van Bever, 2014). This flow broke when the professionals in finance started to advise companies on the double-quick way possible to maximise profit margins. Hence, it is clear then that short-term capitalism, which was more beneficial than detrimental in the past, was ruined not because of what it is but instead the people who abused it.Bartons suggestion for the transformation to long-term capitalism by focusing on long-term results and removing short-term targets makes a grave assumption that is meritocracy can lifelessness function in this era of flight-minded people. Usin g his example that financial firms ought to adopt an approach that encourages fund managers using favourable methods in achieving their benchmark targets, meritocracy may be an obstacle because by adopting favourable methods and merely achieving their targets, it will be hard for these career-minded managers to distinguish themselves from the pack (Emilio J. Castilla Stephen Benard, 2010) and thus his suggestion will lose it over time. He also assumed that the reason why CEOs may take up actions that would damage the companys long-term health in exchange for meeting quarterly targets is because of value-orientated investors. When in fact, the reason may simply be these CEOs are using the company as a stepping-stone to further their career advancement. This may then be the better explanation as to why the avenge tenure of CEOs has decreased from 1992 till now (Steven N. Kaplan Bernadette A. Minton, 2008). So then we cause that even by changing from short-term to long-term target s, it may not solve the issue at hand because meritocracy needs to be improved upon.On top of the need to evaluate the relevancy of our current version of meritocracy, another underlying assumption that he made when he said that we should look towards long-term capitalism and to move away from short-term capitalism is actually the relevancy of capitalism in todays world. Taking into account of all functional psychological research Daniel Kahneman, 2011) and living in our technology dependent world, many economic models that are proving to be outdated (Steven D. Levitt Stephen J. Dubner, 2005). By this reasoning, capitalism, which is actually governed by the many economic models, may no longer be pertinent today and should not be the default model used even though it is widely accepted because it generates capital. However, there are no other appropriate models available, then perhaps modification and adaption of capitalism to keep it relevant in todays context is the way forward .Further Potential ProblemsBarton proposed on first focusing on the people who provide capital first as they account for 35% of the worlds financial assets. Aside from the above-mentioned points, he is actually suggesting that these investors should take up a growth-orientated mentality. Realistically speaking, only major investors have the exponent to influence the management teams view on capitalism. It is difficult to convince them as these investors are unlikely to forsake guaranteed instant returns in exchange for less guaranteed future returns even if it may be higher. Investors being rationale beings would seek what is best for them and they may weigh that uncertainty too risky for that minute increase in return.He also suggests that firms should not encourage employees (fund managers) to meet the high benchmark indexes if the employees use favourable methods in achieving those targets. This is a noble scheme but unfortunately would collapse in the working world. The reaso n would be because firms use benchmarks to evaluate one employee against the other. In addition, favourable methods can easily be facades of unscrupulous methods as employees pit against each other to meet or beat the benchmark indexes. These methods, whether favourable or not, can only be evaluated at a later date. By then, the damage may already be irreversible. The definition of favourable is open to multiple subjective interpretations. This may result in employees may result in employees being unsure of what is allowed and as a result standards may be sub-par or may even result in a uniform standard of work produced, which would result in the failure of the incentivized promotion system. All of this is under the assumption that everyone has high moral standards. In this era of career-minded people, it is also high unlikely that they will settle to be an average Joe for the sake of long-term capitalism as they will strive to be dissimilar by achieving higher benchmark indexes.Co nclusionHis assumption that there is something wrong with the current system (short-term capitalism) in place now is founded but the methods in which he employs to tackle the problem, in my opinion, are only scratching the tip of the iceberg. Actions need to be taken, but to create a noticeable difference, the actions cannot target certain groups or firms with wrongdoing policies but must target the fundamentals such as the validity of meritocracy and capitalism.We should focus on fixing the fundamentals of meritocracy and adjusting capitalism to make it relevant to todays context by reviewing the economic models, which they are based upon. Thereafter, then we should heed the Bartons suggestions on transferring from short-term to long-term capitalism, if capitalism is still deemed to be a relevant economic model for our modern world.ReferenceAnne T. Lawrence and James Weber. (2011). Stockholder Rights and Corporate Governnance Chapter 14 from Business and society Stakeholders, Ethic s, Public Policy, thirteenth EditionBill George. (2013, December) Bill George on rethinking Capitalism/ Interviewer Willian George and Rik Kirkland 650. McKinsey Company. Retrieved fromhttp//www.mckinsey.com/insights/leading_in_the_21st_century/bill_george_on_rethinking_capitalismCastilla, Emilio J., and Stephen Benard. The Paradox of Meritocracy in Organizations. Administrative Science Quarterly 55 (2010) 543-576. 2010 by Johnson Graduate School, Cornell University.Clayton Christensen. (2013, September) The Capitalists Dilemma/ Interviewer Rohan Silva 2447. Royal Society for Encouragement of Arts, Manufactures and Commerce. Retrieved from http//www.thersa.org/events/video/vision-videos/the-capitalists-dilemmaDerek Van Bever and Clayton Christensen. (2014, June). The Capitalists Dilemma. Harvard Business Review. Retrieved from http//hbr.org/2014/06/the-capitalists-dilemma/ar/1Generation Investment Management LLP. (2012). Sustainable Capitalism.Johan Carlstrom. (2013, June). Gore S ays Capitalisms Short-Term focus is Hurting Companies. Bloomberg. Retrieved fromhttp//www.bloomberg.com/news/2013-06-17/gore-says-capitalism-s-short-term-focus-is-hurting-companies.htmlSteven D. Levitt and Stephen J. Dubner. (2005). Freakonomics A Rogue Economist Explores the Hidden Side of Everything. United States of the States HarperCollins.Steven N. Kaplan Bernadette A. Minton. (2008, August). How has CEO Turnover changed.Tim Koller, Rishi Raj and Abhishek Saxena. (2013, January). Avoiding the consensus-earning trap. McKinsey Company. Retrieved from http//www.mckinsey.com/insights/corporate_finance/avoiding_the_consensus-earnings_trapUnited States of America. The Financial Crisis Inquiry Commission. (2011). Final report of the National Comission on the causes and economic crisis in the United States.Daniel Kahneman. (2011). Thinking, Fast and Slow. United States of America Farrar, Straus and Giroux.Appendix AThe Economic Engine (Clayton Christensen, 2013)

Our Free Will :: essays research papers fc

Our Free WillWe ought indeed regard the present state of the universe as the effect ofits previous state and the cause of the atomic number 53 which is to follow. An intelligenceknowing at a given instant of time entirely the forces operating in nature, as wellas the position at that instant of all things of which the universe consists,would be able to comprehend the motions of the largest bodies in the universeand those of the smallest atoms in a single formula - provided that it wassufficiently powerful to select all these data analysis. To it nothing wouldbe uncertain and the future would be present to its eyes as much as the past.This passage comes from P.S. de Laplaces Philosophical see onProbabilities. If such determinism is true, then everyones every thought andaction must be inevitable that no one rattling has any choice most anything,because we are all helpless products of blind forces which have made us what weare. In this paper concerning the free will and determin ism debate I will consider that determinism is not plausible, I shall do this by giving reasons fordetermining how determinism is false, give arguments for determinism, and thenrefute those arguments.There are those who think that our behavior is a terminus of free choice,but there are others who presume we are servants of cosmic destiny or thatbehavior is nothing but a reflex of heredity and environment. The positionof determinism is that every event is the necessary outcome of a cause or setof causes. That everything is a consequence of external forces, and suchforces produce all that happens. Man is not free. If we accept thedeterminist argument and assume human behavior as a consequence of externalfactors rather than of free choice, then we must realize that our explanationof human behavior leaves no room for morality. If people do not choose theiractions, then they are not really responsible for them, and there is no needfor praising or blaming them. If determinism were true, then there would be nobasis for human effort, for why should a soul make an effort if what he orshe does doesnt make a difference? If what will be will be, then one has anexcuse for doing nothing. Life would not be so meaningful for people ondeterministic grounds. The nature of human life may be such that man must construe himself as being free, for human life as we know it would not makemuch sense without the concept of freedom.

Symbolic Illustration of the Power of Relationships in Susan Glaspells

Symbolic Illustration of the Power of Relationships in Susan Glaspells Trifles A friend can be a remarkable thing. Unfortunately, many lack the powerful bonds that all humans need to survive and lead healthy, happy lives. In Susan Glaspells play Trifles, Mrs. Wright is starved of the human interaction and relationships she so desperately needs. Consequently, she is never rescued from her loneliness, is brought to the point where she cannot handle any more of lifes saddening struggles, and kills her husband in his sleep. Through powerful and often ironic symbolism, such(prenominal) as Mrs. Wrights kitchen, the names of the characters, and the bird, Susan Glaspell clearly displays the power of human relationships and how truly devastating a lack of this absolute necessity can be.One of the numerous symbols Glaspell uses to punctuate the importance of wholesome human relationships is Mrs. Wrights kitchen. Upon entering the crime scene, the men and women notice the unkept kitchen. The y are alarmed by the Dirty towels (Glaspell 1174), the unwashed pans under the sink, a loaf of bread outside the breadbox, the walls covered with a faded wall paper (Glaspell 1172), and the sticky shelves (Glaspell 1174). The abrupt, incomplete work reflects the emptiness Mrs. Wright had bottled inside of herself and also displays the choppy sense of explosion she must have experienced to go as far as murdering Mr. Wright. Also, they see a small chair beside the kitchen table. Obviously think for a child, the small chair illustrates Mrs. Wrights empty expectations of raising children. Mrs. Hale explains, Not having children makes less work-but it makes a quiet house, and Wright out to work all day, and no companionship when he did come in (Glas... ...there are so many that go unnoticed and unappreciated. Unfortunately, they do not know how to reach out for help until it is too late. There are also many separates that see these lone(a) and depressed individuals, but no one eve r does. Mrs. Peters explains regretfully, Somehow we just dont see how it is with other folks until-something turns up (Glaspell 1178). Many times, it is unfortunately too late to save a person. Through her powerful symbols, Glaspell stresses the importance of reaching out to those that are lonely and need emotional support before it is too late. After all, We all go through the same things-its all just a different multifariousness of same thing (Glaspell 1180).Work CitedGlaspell, Susan. Trifles. The Bedford Introduction to Literature Reading, Thinking, Writing. 5th ed. Ed. Michael Meyer. Boston Bedford/St. Martins, 1999. 1172-1181.