Guarantee

With regard to the sales contract, in the frame of European Private Law the seller's right to have a second tender in order to perform in conformity with the contract (so called right to cure) is gaining ground both in national legal system and in the harmonization projects such DCFR. The right to cure will be scrutinized in a comparative-historical analysis bearing in mind the differences between obligation and guarantee's model.

In Malaysia, the question of whether the performance bond in a construction contract is a conditional or an unconditional guarantees is still one of the issues relating to performance bond. Therefore, the objective of this research is to determine the phrase(s) in the Performance Bond in a construction contract that determine whether the performance bond is a conditional or unconditional on demand guarantee. In order to achieve this objective, the research was conducted by analyzing relevant court cases. From the findings, it can be concluded that unless an undisputed meaning of the words in the performance bond to make the performance bond to be purely conditional or unconditional 'on-demand' bond, most court interpreted performance bond to be an on-demand performance bond which is only conditional upon the beneficiary asserting the basis of the claim upon the issuer of the bond contending that there has been breach of contract.

Purpose: The objective of the study was to analyze the impact of online customer satisfaction through the product quality, application safety, delivery guarantee, and the offers through online shopping. Design/methodology/approach: For this research, the purposive sampling method was used to collect 120 samples through a questionnaire– from those who are performing online shopping in Oman especially the youth. SPSS was used to analyze the collected data. Chi-square analysis, ANOVA and Kolmogorov-Smirnov ranking analyses were carried out to conclude. Findings: The results of the empirical study reveal that the perceptions of the youth confirming the product quality & service guarantee influenced comfort and satisfaction to the online customers. The study also revealed that the service tangibility concerning the guaranteed package and delivery process along with the lowest price motivated them to go for online shopping repeatedly. Research Implications: The study illustrates through Quality Safety Assurance (QSA) model, the factors viz. Product Quality, Application Safety, Delivery Guarantee, and Offers should be focused to improve the online customer satisfaction, and the best-buy offers are the factors which need more attention to increase the Omani clientele. Social implications: The study throws light on the factors and their important role towards improving customer satisfaction during online shopping and the ways and means to augment the same. Originality/Value: Only a very few have examined the factors influencing thecustomers' satisfaction of online shopping in Oman, and it is a first-hand study of its kind, and the results will be useful to the online marketers.

There is a very thin line of difference between the Contract of Indemnity and Contract Of guarantee and to find out the nature of such contract is matter of construction of the contract and depends upon facts of each case.The Paper discusses the difference between the contract of Indemnity and Contract of Guarantee by analyzing ten prominent cases on the subject .

Kajian Ilmiah bagi memenuhi kriteria Ijazah Sarjana Muda Undang-Undang Universiti Malaya. Melibatkan kajian berhubung perundangan berkaitan dengan hal ehwal penjamin bagi sesuatu pinjaman seperti tanggungjawab penjamin, kontrak jaminan dan juga liabiliti penjamin. Turut membincangkan perkara berkaitan masalah-masalah semasa yang timbul berhubung isu penjamin di Malaysia, serta perbandingan dengan undang-undang di negara lain seperti Singapura. Terdapat juga cadangan penambahbaikan terhadap perundangan berhubung isu-isu penjamin di Malaysia.

For holiday purchasers it is a risky decision to choose a travel company for their trip arrangements. Services are intangible and are hard to evaluate before the actual experience. Therefore guarantees are considered a powerful vehicle for reducing the risk of the purchasing decision as well as building long term loyalty. A guarantee is also a valuable and effective tool for quality improvement as it helps in quality assessment and forces the firm to deliver superior quality service. However, despite its proven benefits, it is not easy for travel firms to decide offering guarantees. If the firm fails to deliver what is promised, there will be immediate payouts, and the guarantee in such a case will be a very costly marketing tool. This research aims to explore if it is possible for tour operators in Egypt to offer a service satisfaction guarantee. Therefore the present investigation was oriented to fulfill the following objectives: 1) to determine the perspective of the tour operators in Egypt of the service guarantee as a management and marketing tool, to examine their perception of the features of a successful guarantee and to investigate their tendency to offer a service guarantee, 2) to develop recommendations that assist tour operators in Egypt to introduce an effective and appropriate service guarantee.
Keywords: Risks of guarantee, Unconditional guarantee, Conditional guarantee, Implicit guarantee.
Citation: Soliman, D.M. (2009). Is it Possible for Tour Operators in Egypt to Introduce Service Satisfaction Guarantee?. World Journal of Tourism, Leisure and Sports 3(1) 38-43

Guaranties and suretyships reduce the risk of default and today remain essential arrangements in many commercial and consumer transactions.  A guarantor or surety promises to pay for the debt of a third party and may become primarily liable on that debt.  Despite the significance of such a promise and the resulting obligation, U.S. law does not clearly distinguish between a guarantor and surety in a consumer or commercial context.  This is of particular relevance, because in a consumer context a guaranty often has a gratuitous or sentimental element and a guarantor may not always be fully aware of the risks and liabilities involved with a guarantee promise.  U.S. law generally considers guaranties and suretyships simply as third-party beneficiary contracts to which common law contract principles apply.  This, in turn, makes guaranties and suretyships primarily a state law concern, resulting in significant differences of suretyship laws among all U.S. jurisdictions.  As such, the U.S. lacks a uniform body of law in this area and makes consumer protection in a guaranty and suretyship context perfunctory at best.

The article provides a commentary on a lengthy inscription from Hellenistic Larissa (published by Helly & Tziafalias in 2013, cf. BE 2015. 394
and SEG 64.501), dated in the late 3rd cent. BC and more precisely in 219
by the editors. My main concern is to clarify institutional and legal questions
arising from this extremely precious document for public lands management
in Thessaly. It consists of four parts: part I (ll. 1-3), part II (ll. 39-54), part
III (ll. 55-118), and part IV (ll. 119-129). Part I is the surviving portion of
what was a decree of the polis of Larissa spelling out the terms under which
parcels of polis-land described as archaia hippoteia, belonging to the taga of
Agathokleadai, will be leased out. Part II provides the normative framework
for the required sureties. Part III contains a long list of citizens of Larissa who were successful in their bid to manage hippoteia, together with the
location of the plot, the price, the publicity fee, and the guarantors, while
part IV is a brief list of seventeen concessionaires who have paid the fines
for violating the rules on managing these plots of land. Despite the editors’
contention that the transactions can be described as sales of lands, I argue
that the use of the vocabulary of sale should not conceal the simple fact,
that the authorities of Larissa rent out these lands. First, they auctioned the
right of usufruct on hippoteia so that the higher bidder will be awarded one
of these plots; afterwards, the successful bidder had to provide guarantors
(engyoi) for the amount of the bid (timēma) and the payable rent, equal to
ten staters(dekostateiria); then, the polis-authorities had to scrutinize the guarantors and only after they approve them, the bidder could enter in the possession and management of the land. Four features of the normative system
outlined in the inscription point to auction and concession of hippoteia: i)
lack of any reference to a sale tax or duty (epōnion), there is only a publicity
fee (kērykeia); ii) imposition of fine on all those concessionaires who wish to retain the management (see Part IV), despite the violation of the terms agreed beforehand; iii) an amount of money to be paid (once or periodically it is not clear) secured by guarantors; and iv) the distinction between the bid (timēma) and the rent (dekostateiria).

El artículo se propone desentrañar la naturaleza jurídica de los re-medios del comprador que la ley chilena del consumidor predispone en caso de compraventa con disconformidad. el análisis resulta de utilidad, toda vez que se evidencian ciertos defectos terminológicos en la propia ley que no han sido detectados ni subsanados mediante su necesaria interpretación doctrinal. palabras clave: compraventa, consumidor, remedios contractuales, obligación, garantía.

The existing framework to settle unmatured debts of insolvent corporate debtors is not emphatic in itself; to include the question of invoking guarantees would only drag the dubiety. In this piece, I delve into the issue of invoking unmatured guarantees of insolvent corporate borrowers. The research engages in a methodical analysis to eventually propose a potential legal framework.

Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching the top five destinations. These flows tend to evade many high-risk countries, with the exception of those directed to extractive industries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the Group has used to pursue this objective.This evaluation assesses the effectiveness in the use of guarantee and insurance products by the WBG. It finds that these instruments have effectively advanced WBG strategic objectives, in particular facilitating the flow of private investment to high-risk sectors and countries. The diverse range of these instruments has helped to meet the demand for risk mitigation under a variety of circumstances. The Multilateral Investment Guarantee Agency, (MIGA), a relatively small institution of 100 staff, has issued $17 billion in guarantees and meets a gap in the provision of political risk insurance that private providers are unable to meet. The World Bank’s partial risk guarantee has supported large and complex public-private partnership infrastructure projects in high-risk countries. Its partial credit guarantees have introduced countries to commercial markets or reintroduced them following a crisis. The International Finance Corporation’s (IFC) guarantee instruments have led its entry in the market for local currency finance and have helped improve access to finance for underserved market segments

FULL TEXT DOWNLOAD in http://dx.doi.org/10.2139/ssrn.3723606

In the prolonged battle against european non-performing loans (NPLs) and systemic risk, Authorities have ultimately devised and made available to the affected credit institutions an additional resolution tool. Securitisation schemes, backed by a limited State guarantee, only for the senior tranche part under detailed conditions, have been legislated almost identically in Italy and Greece. Those “Asset Protection Schemes” are viewed as laboratory cases for a model co-investment (private-public) strategy, with the ambition to transform the EU banking environment and correct national NPL markets failures. The Article, originating from the distinctive implications of impaired loan portfolios’ securitisations, focuses on the contractual architecture of the Schemes and the roles of major contracting parties (originating credit institution, Issuer, Noteholders, Servicer, State, Rating Agency etc.). Funding of the portfolio acquisition is discussed from both legal and financial perspectives, revealing the important differences of securities tranches (senior, mezzanine, junior notes), their economic function and appeal to investors. Designated State involvement is depicted with emphasis on the legal nature and conditions of the offered “first-demand” guarantee, including its relevant remuneration. From the EU state-aid perspective, Schemes are assessed as aid-free measures, consistent with potential private operators’ commercial activity under normal market conditions. Such a conclusion is drawn after appraisal of model securitisation’s voluntary nature, risk allocation structure, a model-based approach for the calculation of State guarantee fee (factoring appropriate risk premia with adjusted benchmarking), and additional mechanisms to control and mitigate State’s risk.

Implementation of Schemes is advocated, on the condition that bank executives and board members comply with detailed organizational and procedural requirements of EU banking regulation, to ensure prudent risk management and financial stability. Competence of the Board and pursuit of corporate best interests are being challenged in cases of largest NPL securitisations, involving substantial bank assets which may provoke ample one-off accounting losses or even risk-weighted capital depletion. Sound business judgment is associated with an objective evaluation of existing NPL resolution alternative options, careful measurement of medium-to-long-term benefits of the cornerstone securitisation transaction along with its imminent consequences, risks, and inherently limited accessibility of the State guarantee regime. Due fulfillment of bank directors and executives’ obligations extends to the application of a coherent methodology in the preparation, structuring and execution of securitisations. They should apply a transparent and efficient investor-selection procedure, and employ internal resources and specialist financial and legal advisors to obtain expert advice on best calibration of securitisation particulars, fair and reasonable terms of the transaction, and to maximize total divestment proceeds. Legal agreements and related capital implications should be carefully and timely consulted with the Authorities, to ensure securitisation significant risk transfer recognition and avoid its potential adverse unwinding. Overall, transaction losses must prove proportionate to the deleverage benefits for the credit institution itself and the enhancement of financial stability. In those respects, the Article contributes to the evaluation of such newly established EU public policy measure for NPL resolution, particularly from the involved bank corporate and market participants’ perspective, along with its technical roadmap for due implementation.

To cite: Buyukyoran, F., Gundes, S. (2018) The Third Bosphorus Bridge and the Northern Marmara Motorway Project, 2 (1), 60-70.

Abstract
Build-operate-transfer (BOT) model is extensively used by many governments throughout the world for the realization of large-scale transportation projects. As a rapidly developing economy, Turkey is also increasingly referring to the use of the project finance model for delivering large-scale transport, energy and healthcare projects. Istanbul, located between Asia and europe, is one of the most important economic centres of the country. Based on this model, rapid urbanization and population growth are taking place in the city. Growing concerns over the insufficiency of the existing two bridges in meeting the traffic demands of cross-continental transport in Istanbul have urged central and local governments to find a solution for the traffic congestion problem. As a result, the government of Turkey has announced plans for building a new bridge to connect the european and Asian sides in early 2011. The construction of the new Bosphorus Strait Crossing Project which has started in 2012 is expected to be completed by 2015. however, since its launch, the project faced many diverse challenges such as delayed tendering, legal disputes, financial problems and social opposition. This study aims at exploring the problems experienced and the solutions developed as a response to these problems in the implementation and management of the third Bosphorus Bridge and the Northern Marmara Motorway Project using a case study approach. To achieve this objective, necessary data regarding the tendering process were collected from various sources. The conclusion provided at the end of this case study is expected to enhance our understanding of the use of BOT model for transport projects and risk allocation between different actors. Both public and private sector participants that are involved in delivering transport projects using the BOT model may benefit from the findings of this study.
Keywords: build–operate–transfer, case study, guarantees, risks, toll roads, transportation projects, Turkey

“For I know the plans I have for you,” declares the Lord. “Plans to prosper you and not to harm you, plans to give you hope and a future.”

Parts of this verse are often displayed on posters, T-shirts, bumper stickers, etc. This verse is often spoken as a promise of hope to people who are grieving or discouraged.

When this verse was birth in the flesh of Jeremiah the people were exiles in Babylon by God for the punishment of their sins, God was going to send the Babylonians to destroy Jerusalem and the temple and to carry away many of the people to Babylon.  At the time Jeremiah wrote Jeremiah 29, Nebuchadnezzar had already removed some Jews to Babylon, although the destruction of Jerusalem and the temple was still to come.

Jeremiah writes to the exiles to tell them that people of God would return to the land after 70 years. Then he reassures them in verse 11 that God has not forsaken them. They will be restored. God's plans for His Chosen People were "for good and not for disaster, to give them a future and a hope.

God had promised to bring Israel back; therefore, the exiles could be assured that they had a future and a hope. This promise was not made to all nations at the time, but only to Israel. Likewise, God has promised believers in Christ certain things that are not applicable to all of humanity but only to the born-again race of humankind! 

Shades of Jeremiah 29:11 are seen elsewhere in Scripture

Straipsnyje analizuojama XIV a. pabaigoje–XV a. pasitaikanti frazė „auf die Hand“, jos reikšmė ir už jos slypinti praktika. Remiantis Vokiečių ordino pareigūnų ir Lietuvos valdovų korespondencija, išduotais dokumentais bei kitais vienalaikiais šaltiniais, straipsnyje nagrinėjama „auf die Hand“ praktikos taikymas Ordino ir Lietuvos santykiuose (karo ir taikos metu). „Auf die Hand“ praktika buvo ne tik lygtinis belaisvio paleidimas jam asmeniškai davus priesaiką, bet ir Lietuvos valdovų ar Ordino pareigūnų garantavimas – pagalbos rankos ištiesimas – į nelaisvę patekusiam asmeniui. Lygtinai paleistas belaisvis prižadėdavo sugrįžti bet kada, kai jį iškviesdavo jo kalintojas. Garantuotojas taip pat prisiekdavo saugiai pristatyti belaisvį per duotą terminą. Šis tyrimas parodė, kad nežinomi, įtartini ar abejotinos garbės belaisviai galėjo ir nesulaukti užtarimo vien dėl rizikos, kad jie galėjo pabėgti, ir garantuotojui, kuris taip pat prisiekdavo savo garbe, tektų kompensuoti už pabėgusį belaisvį.


The “auf die Hand” practice: Releasing captives on parole between the Teutonic Order and Lithuania in the end of 14th and the first half of 15th centuries

Summary
This article presents an analysis of an occurring phrase and practice “auf die Hand” (to one’s hand) and its meaning in the end of the fourteenth and the fifteenth centuries. The main sources for such a study were correspondence between the Teutonic Order’s officers and Lithuania’s rulers, issued documents, and other contemporary written evidence. The “auf die Hand” custom was not just a practice to release captives on parole solely on their own oath, but also on the guarantee of a ruler, officer or another trustworthy person. The captive released on parole or the guarantee promises to return whenever the captor summons him. Also, the guarantor vows that the captive will safely return on a given time. This research shows that the captives with questionable honour may not have been interceded merely for the risk of escaping, because the guarantor, who had also sworn in his honour, would have to compensate for the escaped captive. No doubt such practice was adopted through contact with the Teutonic Order and knights from Western Europe, since we can observe specific features of chivalry: surrender, honour, oaths. Also, it is evident that the meaning behind “auf die Hand” had a semantic connotation – raising a hand to give an oath and giving the captive “to guarantor’s hands.”

Аннотация: В статье исследуется казус ручательства гражданина по собственному обязательству, заключенному им в качестве предпринимателя. Проблема, вынесенная в заглавие статьи, заключается в неоднозначном понимании судами казуальности, «двойного поручительства». Если истец, предъявляет два самостоятельных иска к одному и тому же лицу, суд общей юрисдикции часто удовлетворяет оба иска, в то время как третейские и арбитражные суды занимают противоположную позицию. Приведет ли такое «поручительство» к возникновению субсидиарной ответственности? Допускается ли двойная ответственность одного и того же лица за неисполнение обязательства? Является ли ручательство за себя мнимой (притворной) сделкой или оно допустимо по закону? Раскрывая историческое и современное содержание понятия «самопоручительство» автор обосновывает вывод о юридической ничтожности поручительства за себя de lege lata. Summary: The intensively extending market of banking services and the desire to guarantee fast and effective debt recovery determines the implementation of various experimental security instruments including those which are beyond the legal and conceptual framework of Civil Law. The article in question deals with an example of such " poorly engineered " legal construction – the guaranty given by a person for himself, to which author gives the name " self-suretyship ". Using the historic, critical and analytical methods the author articulates ancient and medieval legal concepts of self-suretyship and states that it has nothing common with the modern contracts of guaranty given by a person for himself. He concludes the article with the reasoned arguments for the nullity of such guaranty de lege lata.

El Instituto Catalán de Finanzas (en adelante, el “ICF”), una entidad del sector público autonómico de la Generalitat de Cataluña ha concedido una garantía cautelar requerida por el Tribunal de Cuentas por el posible alcance en el que habrían incurrido determinadas personas durante el ejercicio de cargo público en la Administración catalana. El carácter fraudulento de una garantía semejante, esto es, con cargo a recursos públicos de la obligación de resarcir el daño que los avalados hubiesen ocasionado a esos mismos recursos públicos está fuera de toda duda. En lo que sigue, me ocuparé del procedimiento seguido en el ICF para adoptar la decisión de otorgar la garantía, esto es, de lo relativo a la validez del acuerdo del acuerdo de su órgano de gobierno (la Junta de Gobierno) por el que se aprueba la concesión de ese aval en aplicación del Decreto Ley 15/2021, de 6 de julio, de creación del Fondo Complementario de Riesgos de la Generalidad de Cataluña (en adelante, el DLFCR y «el Fondo»).

A provisional attachment is a legal measure imposed to ensure that money and collateral receivables can be secured. In Maritime Enforcement Law, a provisional attachment is imposed to secure marine claims, but since maritime trade has unique characteristics; special provisions are included. In this context, the matter of imposing a provisional attachment decision about the marine claims has only consequences specific to maritime trade, such as the detention or seizure of the ship. This article has been prepared to clarify the provisional attachment of marine claims.