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Demand Guarantee
A demand guarantee is a guarantee that must be honoured by the guarantor upon beneficiary's demand. The beneficiary is not required to first make a claim or take any action against the obligor of the guaranteed obligation that the guarantee supports. A demand guarantee is enforceable notwithstanding any deficiencies in the enforceability of the underlying obligation. Terminology *The guarantor is the person providing the guarantee. *The obligor is the person whose obligations are supported by the guarantee. *The underlying obligation is the primary debt or contractual obligation of the obligor that the guarantee supports. *The beneficiary is person to whom the obligor owes the underlying obligation and who benefits from the guarantee. Conditional Guarantees Traditionally, an English law guarantee is a secondary, conditional obligation: It is a promise to pay (or perform) the obligations of a distinct obligor should the obligor itself fail to perform. Therefore: *The beneficiary of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guarantee
Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a legal concept which produces an economic effect. A personal guarantee by contrast is often used to refer to a promise made by an individual which is supported by, or assured through, the word of (speak enough) the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs. At law, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "oblig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Status
Legal status is the status or position held by an entity as determined by the law. It includes or entails a set of privileges, obligations, powers or restrictions that a person or thing has as encompassed in or declared by legislation Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred to .... Jack Balkin has defined the term by writing that "In law, status is generally a characteristic of an individual that has some legal consequences. Examples are being a servant, a woman, or a minor. Sometimes legal status refers to a characteristic wholly created by law, such as being a Social Security recipient." Thus, legal status is "a feature of individuals and their relationships to the law". Tiffany Graham added to Balkin's definition: "legal status refers to a set of characteristics that define ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surety Bond
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of International Banking Law & Practice
The Institute of International Banking Law & Practice is a non-profit American educational and research organization that studies banking law and practice. It was founded in 1987. The Institute's efforts to harmonize international law and practice have resulted in the ISP98 (International Standby Practices) and ICLOCA (International Center for Letter of Credit Arbitration). It has also played an important role in reforms such as U.S. Revised UCC Article 5 and the United Nations Convention on Independent Guarantees and Standby Letters of Credit. The institute has also helped combat commercial and financial instrument fraud. General The Institute sponsors projects, programs, and publications intended to harmonize letter of credit law and practice. The Institute issued the International Standby Practices (ISP98) (ICC Publication 590). Its principles have also played an important role in the revision of U.S. UCC Article 5, the formation of the United Nations Convention on Inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Latin Phrases (F–O)
__NOTOC__ This is a list of Wikipedia articles of Latin phrases and their translation into English. ''To view all phrases on a single, lengthy document, see: List of Latin phrases (full)'' The list also is divided alphabetically into twenty pages: * List of Latin phrases (A) * List of Latin phrases (B) * List of Latin phrases (C) * List of Latin phrases (D) * List of Latin phrases (E) * List of Latin phrases (F) * List of Latin phrases (G) * List of Latin phrases (H) * List of Latin phrases (I) * List of Latin phrases (L) * List of Latin phrases (M) * List of Latin phrases (N) * List of Latin phrases (O) * List of Latin phrases (P) * List of Latin phrases (Q) * List of Latin phrases (R) * List of Latin phrases (S) * List of Latin phrases (T) * List of Latin phrases (U) * List of Latin phrases (V) See also * Latin influence in English * Latinism Lists *List of abbreviations used in medical prescriptions *List of ecclesiastical abbreviations *List of Germanic and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solvency
Solvency, in finance or business, is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity. Solvency can also be described as the ability of a corporation to meet its long-term fixed expenses and to accomplish long-term expansion and growth. This is best measured using the net liquid balance (NLB) formula. In this formula, solvency is calculated by adding cash and cash equivalents to short-term investments, then subtracting notes payable. There exist cryptographic schemes for both proofs of liabilities and assets, especially in the blockchain space. See also *Accounting liquidity * Debt ratio *Going concern *Insolvency In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet in ... * Quick ratio Notes References * * * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Account
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer (depositor) relationship is one of debtor-creditor. Some banks charge fees for transactions on a customer's account. Additionally, some banks pay customers interest on their account balances. Types of accounts * How banking works In banking, the verbs "deposit" and "withdraw" mean a customer paying money into, and taking money out of, an account, respectively. From a legal and financial accounting standpoint, the noun "deposit" is used by the banking industry in financial statements to describe the liability o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Liquidity
In accounting, liquidity (or accounting liquidity) is a measure of the ability of a debtor to pay their debts as and when they fall due. It is usually expressed as a ratio or a percentage of current liabilities. Liquidity is the ability to pay short-term obligations. Calculating liquidity For a corporation with a published balance sheet there are various ratios used to calculate a measure of liquidity. These include the following: * The current ratio is the simplest measure and calculated by dividing the total current assets by the total current liabilities. A value of over 100% is normal in a non-banking corporation. However, some current assets are more difficult to sell at full value in a hurry. * The quick ratio is calculated by deducting inventories and prepayments from current assets and then dividing by current liabilities, giving a measure of the ability to meet current liabilities from assets that can be readily sold. A better way for a trading corporation to meet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Deposits
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possess intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can cause good money to lose its value. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basel III
Basel III is the third Basel Accord, a framework that sets international standards for bank capital adequacy, stress testing, and liquidity requirements. Augmenting and superseding parts of the Basel II standards, it was developed in response to the deficiencies in financial regulation revealed by the financial crisis of 2007–08. It is intended to strengthen bank capital requirements by increasing minimum capital requirements, holdings of high quality liquid assets, and decreasing bank leverage. Basel III was published by the Basel Committee on Banking Supervision in November 2010, and was scheduled to be introduced from 2013 until 2015; however, implementation was extended repeatedly to 1 January 2022 and then again until 1 January 2023, in the wake of the COVID-19 pandemic. The new standards that come into effect in January 2023, that is, the Fundamental Review of the Trading Book (FRTB) and the Basel 3.1: Finalising post-crisis reforms, are sometimes referred to as B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basel II
Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. It is now extended and partially superseded by Basel III. The Basel II Accord was published in June 2004. It was a new framework for international banking standards, superseding the Basel I framework, to determine the minimum capital that banks should hold to guard against the financial and operational risks. The regulations aimed to ensure that the more significant the risk a bank is exposed to, the greater the amount of capital the bank needs to hold to safeguard its solvency and overall economic stability. Basel II attempted to accomplish this by establishing risk and capital management requirements to ensure that a bank has adequate capital for the risk the bank exposes itself to through its lending, investment and trading activities. One focus was to maintain sufficient consistency of regulations so to limit competi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank For International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. History The BIS was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland. It opened its doors in Basel, Switzerland, on 17 May 1930. The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of Versailles after World War I, and to act as the tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
