Search results for: Contracts for International Sale of Goods

Authors: Glenda B. Minguito, Jenith L. Banluta

Abstract:

One of the critical aspects of humanitarian operations is the distribution of relief goods to the affected community. The common assumption is that relief goods are prepositioned during disasters which are not applicable in developing countries like the Philippines. During disasters, the on-the-ground government agencies and responders have to procure, sort, weigh and pack the relief goods. There is a need to review the relief goods preparation as it seriously affects the delivery of necessary aid for human survival. This study also identifies the ideal location of the assembly hub to minimize the distance to the affected community. This paper reveals that location and resources are dependent on the type of disasters encountered at the local level. The Center-of-Gravity method and Multiple Activity Chart were applied in the analysis.

Keywords: humanitarian supply chain, location decision, resource allocation, local level

Procedia PDF Downloads 119

Authors: María Dolores Caro, Eugenio M. Fedriani, Ángel F. Tenorio

Abstract:

The transportation of dangerous goods by lorries throughout Europe must be done by using the roads conforming the European Road Transport Network. In this network, there are several parking areas where lorry drivers can park to rest according to the regulations. According to the "European Agreement concerning the International Carriage of Dangerous Goods by Road", parking areas where lorries transporting dangerous goods can park to rest, must follow several security stipulations to keep safe the rest of road users. At this respect, these lorries must be parked in adapted areas with strict and permanent surveillance measures. Moreover, drivers must satisfy several restrictions about resting and driving time. Under these facts, one may expect that there exist enough parking areas for the transport of this type of goods in order to obey the regulations prescribed by the European Union and its member countries. However, the already-existing parking areas are not sufficient to cover all the stops required by drivers transporting dangerous goods. Our main goal is, starting from the already-existing parking areas and the loading-and-unloading location, to provide an optimal answer to the following question: how many additional parking areas must be built and where must they be located to assure that lorry drivers can transport dangerous goods following all the stipulations about security and safety for their stops? The sense of the word “optimal” is due to the fact that we give a global solution for the location of parking areas throughout the whole European Road Transport Network, adjusting the number of additional areas to be as lower as possible. To do so, we have modeled the problem using graph theory since we are working with a road network. As nodes, we have considered the locations of each already-existing parking area, each loading-and-unloading area each road bifurcation. Each road connecting two nodes is considered as an edge in the graph whose weight corresponds to the distance between both nodes in the edge. By applying a new efficient algorithm, we have found the additional nodes for the network representing the new parking areas adapted for dangerous goods, under the fact that the distance between two parking areas must be less than or equal to 400 km.

Keywords: trans-european transport network, dangerous goods, parking areas, graph-based modeling

Procedia PDF Downloads 254

Authors: Abeeb Abiodun Bakare

Abstract:

The advent of blockchain technology has birthed a revolutionary innovation: smart contracts. These self-executing contracts, encoded within the immutable ledger of a blockchain, hold the potential to transform the landscape of traditional contractual agreements. This research paper embarks on a comprehensive exploration of the legal implications surrounding smart contracts, delving into their enforceability and their profound impact on traditional contract law. The first section of this paper delves into the foundational principles of smart contracts, elucidating their underlying mechanisms and technological intricacies. By harnessing the power of blockchain technology, smart contracts automate the execution of contractual terms, eliminating the need for intermediaries and enhancing efficiency in commercial transactions. However, this technological marvel raises fundamental questions regarding legal enforceability and compliance with traditional legal frameworks. Moving beyond the realm of technology, the paper proceeds to analyze the legal validity of smart contracts within the context of traditional contract law. Drawing upon established legal principles, such as offer, acceptance, and consideration, we examine the extent to which smart contracts satisfy the requirements for forming a legally binding agreement. Furthermore, we explore the challenges posed by jurisdictional issues as smart contracts transcend physical boundaries and operate within a decentralized network. Central to this analysis is the examination of the role of arbitration and dispute resolution mechanisms in the context of smart contracts. While smart contracts offer unparalleled efficiency and transparency in executing contractual terms, disputes inevitably arise, necessitating mechanisms for resolution. We investigate the feasibility of integrating arbitration clauses within smart contracts, exploring the potential for decentralized arbitration platforms to streamline dispute resolution processes. Moreover, this paper explores the implications of smart contracts for traditional legal intermediaries, such as lawyers and judges. As smart contracts automate the execution of contractual terms, the role of legal professionals in contract drafting and interpretation may undergo significant transformation. We assess the implications of this paradigm shift for legal practice and the broader legal profession. In conclusion, this research paper provides a comprehensive analysis of the legal implications surrounding smart contracts, illuminating the intricate interplay between code and law. While smart contracts offer unprecedented efficiency and transparency in commercial transactions, their legal validity remains subject to scrutiny within traditional legal frameworks. By navigating the complex landscape of smart contract law, we aim to provide insights into the transformative potential of this groundbreaking technology.

Keywords: smart-contracts, law, blockchain, legal, technology

Procedia PDF Downloads 17

Authors: David Gibbs-Kneller

Abstract:

Only parties to a contract can enforce it. This is the privity of the contract. Carriage contracts frequently involve intermediated relationships. While the carrier and cargo-owner will agree on a contract for carriage, there is no privity or consideration between the cargo-owner and third parties. To overcome this, the contract utilizes ‘bailment on terms’ or the rule in Morris. Morris v C W Martin & Sons Ltd is authority for the following: A sub-bailee and bailor may rely on terms of a bailment where the bailor has consented to sub-bailment “on terms”. Bailment on terms can play a significant part in making litigation decisions and determining liability. It is used in standard form contracts and courts have also strived to find consent to bailment on terms in agreements so as to avoid the consequences of privity of contract. However, what this paper exposes is the false legal basis for this model. Lord Denning gave an account adumbrated of the law of bailments to justify the rule in Morris. What Lord Denning was really doing was objecting to the doctrine of privity. To do so, he wrongly asserted there was a lacuna in law that meant third parties could not avail themselves upon terms of a contract. Next, he provided a false analogy between purely contractual rights and possessory liens. Finally, he gave accounts of authorities to say they supported the rule in Morris when they did not. Surprisingly, subsequent case law on the point has not properly engaged with this reasoning. The Pioneer Container held that since the rule in Morris lay in bailments, the decision is not dependent on the doctrine of privity. Yet the basis for this statement was Morris. Once these reasons have been discounted, all bailment on terms rests on is the claim that the law of bailments is an independent source of law. Bailment on terms should not be retained, for it is contrary to established principles in the law of property, tort, and contract. That undermines the certainty of those principles by risking their collapse because there is nothing that keeps bailment on terms within the confines of bailments only. As such, bailment on terms is not good law and should not be used in standard form contracts or by the courts as a means of determining liability. If bailment on terms is a pragmatic rule to retain, it is recommended that rules governing carriage contracts should be amended.

Keywords: bailment, carriage of goods, contract law, privity

Procedia PDF Downloads 159

Authors: Alireza Naserpoor

Abstract:

Derivatives are the most important innovation which has happened in the past decades. When it comes to financial markets, it has changed the whole way of operations of stock, commodities and currency market. Beside a lot of advantages, Conventional derivatives contracts have some disadvantages too. Some problems have been caused by derivatives contain raising Volatility, increasing Bankruptcies and causing financial crises. Standard Parallel Salam contract as an Islamic financial product meanwhile is a financing instrument can be used for risk management by investors. Standard Parallel Salam is a Shari’ah-Compliant contract. Furthermore, it is an alternative to conventional derivatives. Despite the fact that the unstructured types of that, has been used in several Islamic countries, This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. In this paper after introducing parallel Salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel Salam contract and proceed to describe standard scenarios for trading this instrument and practical experience in Iran Mercantile Exchange about this instrument. Afterwards, we make a comparison between SPS and Futures contracts as a conventional derivative. Standard parallel salam contract as an Islamic financial product, can be used for risk management by investors. SPS is a Shariah-Compliant contract. Furthermore it is an alternative to conventional derivatives. This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. despite the fact that the unstructured types of that, has been used in several Islamic countries. In this article after introducing parallel salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel salam contract and proceed to describe standard scenarios for trading this instrument containing two main approaches in SPS using, And practical experience in IME about this instrument Afterwards, a comparison between SPS and Futures contracts as a conventional derivatives.

Keywords: futures contracts, hedging, shari’ah compliant instruments, standard parallel salam

Procedia PDF Downloads 351

Authors: Muktar Haruna

Abstract:

This research work examines the International Financial Reporting Standard (IFRS) adoption and value relevance of earnings of listed consumer goods companies in the Nigerian. The population of the study comprises 22 listed consumer goods companies, out of which 15 were selected as sample size of the study. The scope of the study is a 12-year period covering from 2006 to 2018. Secondary data from the annual report of sampled companies were used, which consists of earnings per share (EPS), the book value of equity per share (BVE) as independent variables; firm size (FSZ) as a control variable, and market share price of sampled companies from Nigerian stock exchange as dependent variable. Multiple regressions were used to analyze the data. The results of the study showed that IFRS did not improve the value relevance of earnings after the adoption, which translates to a decrease in value relevance of accounting numbers in the post-adoption period. The major recommendation is that the Nigerian Reporting Council should ensure full compliance to all provisions of IFRS and provide uniformity in the presentation of non-current assets in the statement of financial position, where some present only net current assets leaving individual figures for current assets and liabilities invisible.

Keywords: IFRS, adoption, value relevance, earning per share, book value of equity per share

Procedia PDF Downloads 127

Authors: Mohamed El-Khateeb

Abstract:

Encompassing inventory, warehousing, and transportation management, logistics is a crucial predictor of firm performance. This has been extensively proven by extant literature in business and operations management. Logistics is also a fundamental determinant of a country's ability to access international markets. Available studies in international and transport economics have shown that limited transport infrastructure and underperforming transport services can severely affect international competitiveness. However, the evidence lacks the overall impact of logistics performance-encompassing all inventory, warehousing, and transport components- on global trade. In order to fill this knowledge gap, the paper uses a gravitational trade model with 155 countries from all geographical regions between 2007 and 2018. Data on logistics performance is obtained from the World Bank's Logistics Performance Index (LPI). First, the relationship between logistics performance and a country’s total trade is estimated, followed by a breakdown by the economic sector. Then, the analysis is disaggregated according to the level of technological intensity of traded goods. Finally, after evaluating the intensive margin of trade, the relevance of logistics infrastructure and services for the extensive trade margin is assessed. Results suggest that: (i) improvements in both logistics infrastructure and services are associated with export growth; (ii) manufactured goods can significantly benefit from these improvements, especially when both exporting and importing countries increase their logistics performance; (iii) the quality of logistics infrastructure and services becomes more important as traded goods are technology-intensive; and (iv) improving the exporting country's logistics performance is essential in the intensive margin of trade while enhancing the importing country's logistics performance is more relevant in the extensive margin.

Keywords: low-cost, recycling, reuse, solid waste, wastewater treatment

Procedia PDF Downloads 168

Authors: Abdulrahman Aloufi

Abstract:

E-commerce has evolved to become a functional and mainstream tool of global trading, including in the Kingdom of Saudi Arabia. Consequently, online consumers need protection just as much as consumers in the offline world. In 2019, the Ministry of Commerce in Saudi Arabia established a so-called ‘e-commerce law’; however, this law does not cover the court enforcement of contracts entered into by international vendors, so it is not applicable in cross-border situations. The purpose of this paper is to identify the gaps present in this new e-commerce law in Saudi Arabia.

Keywords: consumer protection, e-commerce law, Saudi consumer, international vendor

Procedia PDF Downloads 143

Authors: Sarma Binti Aralas

Abstract:

The relationship between property rights and trade specialization is examined for developing and developed countries using panel data analysis. Property rights is measured using the international property rights index while trade specialization is measured using the comparative advantage index. Cross country differences in property rights are hypothesized to lead to differences in trade specialization. Based on the argument that a weak protection of natural resources implies greater trade in resource-intensive goods, developing countries with less defined property rights are hypothesized to have a comparative advantage in resource-based exports while countries with more defined property rights will not have an advantage in resource-intensive goods. Evidence suggests that developing countries with weaker environmental protection index but are rich in natural resources do specialize in the trade of resource-intensive goods. The finding suggests that institutional frameworks to increase the stringency of environmental protection of resources may be needed to diversify exports away from the trade of resource-intensive goods.

Keywords: environmental protection, panel data, renewable resources, trade specialization

Procedia PDF Downloads 421

Authors: Abdikarim Barqadle Igale

Abstract:

The main objective of this study is to find out the indicators of excellent supply chain management based on game theory. The study employed a survey design to collect data. A total of 268 respondents participated in this research. The results indicate that both companies (Coca-cola & Yousran International) managed to effectively use the physical and information flows but were different from the focus on the items in the two key areas. The Coca-cola, for instance, sustained to utilize the flows of excellent planning, starting from row materials, timing, transformation, transportation, and storage of goods to reach consumer’s hands on one side and solid linkage to strategic partners to plan and work together for long-term control of better day-to-day supply chains of goods and materials down to customers’ consumption on the other. Meanwhile, the Yousran International heavily concentrated on the physical side with moderate rapports with strategic partners for long-term improvement on supply chain. The study proposes that strong combination of effective use of both physical and information flows are good indicators of better supply chain management in today’s emerging companies.

Keywords: game theory, physical flow, supply chain management, indicators

Procedia PDF Downloads 263

Authors: Taeho Park, Ming Zhou, Sangryul Shim

Abstract:

With the emergence of the global economy, today’s business environment is getting more competitive than ever in the past. And many supply chain (SC) strategies and operations have significantly been altered over the past decade to overcome more complexities and risks imposed onto the global business. First, offshoring and outsourcing are more adopted as operational strategies. Manufacturing continues to move to better locations for enhancing competitiveness. Second, international operations are a challenge to a company’s SC system. Third, the products traded in the SC system are not just physical goods, but also digital goods (e.g., software, e-books, music, video materials). There are three main flows involved in fulfilling the activities in the SC system: physical flow, information flow, and financial flow. An advance of the Internet and electronic communication technologies has enabled companies to perform the flows of SC activities in electronic formats, resulting in the advent of an electronic supply chain management (e-SCM) system. A SC system for digital goods is somewhat different from the supply chain system for physical goods. However, it involves many similar or identical SC activities and flows. For example, like the production of physical goods, many third parties are also involved in producing digital goods for the production of components and even final products. This research aims at identifying process flows of both physical and digital goods in a SC system, and then investigating all risk elements involved in the physical, information, and financial flows during the fulfilment of SC activities. There are many risks inherent in the e-SCM system. Some risks may have severe impact on a company’s business, and some occur frequently but are not detrimental enough to jeopardize a company. Thus, companies should assess the impact and frequency of those risks, and then prioritize them in terms of their severity, frequency, budget, and time in order to be carefully maintained. We found risks involved in the global trading of physical and digital goods in four different categories: environmental risk, strategic risk, technological risk, and operational risk. And then the significance of those risks was investigated through a survey. The survey asked companies about the frequency and severity of the identified risks. They were also asked whether they had faced those risks in the past. Since the characteristics and supply chain flows of digital goods are varying industry by industry and country by country, it is more meaningful and useful to analyze risks by industry and country. To this end, more data in each industry sector and country should be collected, which could be accomplished in the future research.

Keywords: digital goods, e-SCM, risk analysis, supply chain flows

Procedia PDF Downloads 391

Authors: Ting Hsiang Chang, Cheng Zuo Tsai

Abstract:

In recent years, sports culture dominated in Taiwan, which spurred the rapid development of the sports industry. More innovative and high-tech sporting goods were developed to provide choices for consumers. Nowadays, Taiwan has gradually entered the aging society where people pay more attention to health promotion, delay of aging and other related issues among senior. However, it is an undeniable fact that moderate exercise is a great help to delay aging. Therefore, how senior select the appropriate sporting goods, including sports shoes, sportswear, sports equipment, and even the sports brands when engaged in various kinds of sports, are explored in this research. Therefore, this study sets the reference indicators by exploring the brands of sporting goods, that senior aged 50-70 choose in a fog peak district, the Taichung City, as the subjects of study by answering a questionnaire. Also, this study offers recommendations in terms of the design, marketing or selling of sporting goods for the senior, and how owners of sports brands or related sports industries should target them.

Keywords: senior, aging, sporting goods, sports brand

Procedia PDF Downloads 174

Authors: Xiao Luo, Jayashree Arcot, Timothy P. Gill, Jimmy C. Louie, Anna M. Rangan

Abstract:

Excessive consumption of added sugar is negatively associated with many health outcomes such as lower diet quality, dental diseases and other non-communicable diseases. Sugar-sweetened baked goods are popular discretionary foods that contribute significant amounts of added sugar to people’s diets worldwide. Food reformulation is of the most effective methods to reduce consumption of added sugar without significantly altering individual's diet pattern. However, sucrose, as the major sugar in baked goods, plays several vital functional roles such as providing sweetness and bulking, and suitable substitutes must be able to address these. The review examines the literature on sugar-reduced baked goods to summarise the feasible reformulations of low/no added sugar baked goods, and indicates the future directions for healthier baked goods reformulation. Based on this review, polyols and non-nutritive sweeteners (NNS) are suitable for alternative sweeteners to partially or fully replace sucrose in baked goods. Low-calorie carbohydrates such as oligofructose, polydextrose, maltodextrins are the mostly used bulking agents to compensate the loss of bulk due to the removal of sucrose. This review found that maltitol seems the most suitable sole sucrose substitution at present, while diverse mixtures of NNS( stevia, sucralose, acesulfame-K), other polyols and inulins can also deliver the functionalities of sucrose in baked products.

Keywords: alternative sweeteners, baked goods, reformulation, sugar reduction

Procedia PDF Downloads 244

Authors: Sayor Ajfar Aaron, Sajjat Hossain Abir, Ashif Newaz, Md Mushfiqur Rahman

Abstract:

Investigating the convergence of blockchain technology and artificial intelligence, this paper examines their synergistic effects on data integrity and decision-making within smart contracts. By implementing AI-driven analytics on blockchain-based platforms, the research identifies improvements in automated contract enforcement and decision accuracy. The paper presents a framework that leverages AI to enhance transparency and trust, while blockchain ensures immutable record-keeping, culminating in significantly optimized operational efficiencies in various industries.

Keywords: artificial intelligence, blockchain, data Integrity, smart contracts.

Procedia PDF Downloads 8

Authors: Sara Sousa

Abstract:

The environmental goods and services have often been neglected in crucial decisions affecting the environment mainly because the difficulty in estimating their economic value, since we are dealing with non-market goods and, thus, without a price associated. Nevertheless, the inexistence of prices does not necessarily mean these goods have no value. The environment is a key element in today's society that seeks to be as sustainable as possible, where the environmental assets have both use and non-use values. To estimate the use value, researchers may apply the revealed preference methods. This paper provides a theoretical review of the main concepts and methodologies on the economic valuation of the environment, with particular emphasis on the revealed preference techniques. Based on a detailed literature review, this study concludes that, despite some inherent limitations, the revealed preference methodologies – travel cost, hedonic price, and averting behaviour – represent essential tools for the researchers who accept the challenge to estimate the use value of environmental goods and services based on the actual individuals` behaviour. The main purpose of this study is to contribute to an increased theoretical information on the economic valuation of environmental assets, allowing researchers and policymakers to improve future decisions regarding the environment.

Keywords: economic valuation, environmental goods, revealed preference methods, total economic value

Procedia PDF Downloads 101

Authors: Yogendra Sisodia

Abstract:

Researchers are becoming more interested in extracting useful information from legal documents thanks to the development of large-scale language models in natural language processing (NLP), and deep learning has accelerated the creation of powerful text mining models. Legal fields like contracts benefit greatly from semantic text search since it makes it quick and easy to find related clauses. After collecting sentence embeddings, it is relatively simple to locate sentences with a comparable meaning throughout the entire legal corpus. The author of this research investigated two pre-trained language models for this task: MiniLM and Roberta, and further fine-tuned them on Legal Contracts. The author used Multiple Negative Ranking Loss for the creation of sentence transformers. The fine-tuned language models and sentence transformers showed promising results.

Keywords: legal contracts, multiple negative ranking loss, natural language inference, sentence transformers, semantic textual similarity

Procedia PDF Downloads 69

Authors: Nadezhda Kvatashidze, Elena Kharabadze

Abstract:

It is broadly known that lease is a flexible means of funding enterprises. Lease reduces the risk related to access and possession of assets, as well as obtainment of funding. Therefore, it is important to refine lease accounting. The lease accounting regulations under the applicable standard (International Accounting Standards 17) make concealment of liabilities possible. As a result, the information users get inaccurate and incomprehensive information and have to resort to an additional assessment of the off-balance sheet lease liabilities. In order to address the problem, the International Financial Reporting Standards Board decided to change the approach to lease accounting. With the deficiencies of the applicable standard taken into account, the new standard (IFRS 16 ‘Leases’) aims at supplying appropriate and fair lease-related information to the users. Save certain exclusions; the lessee is obliged to recognize all the lease agreements in its financial report. The approach was determined by the fact that under the lease agreement, rights and obligations arise by way of assets and liabilities. Immediately upon conclusion of the lease agreement, the lessee takes an asset into its disposal and assumes the obligation to effect the lease-related payments in order to meet the recognition criteria defined by the Conceptual Framework for Financial Reporting. The payments are to be entered into the financial report. The new lease accounting standard secures supply of quality and comparable information to the financial information users. The International Accounting Standards Board and the US Financial Accounting Standards Board jointly developed IFRS 15: ‘Revenue from Contracts with Customers’. The standard allows the establishment of detailed revenue recognition practical criteria such as identification of the performance obligations in the contract, determination of the transaction price and its components, especially price variable considerations and other important components, as well as passage of control over the asset to the customer. IFRS 15: ‘Revenue from Contracts with Customers’ is very similar to the relevant US standards and includes requirements more specific and consistent than those of the standards in place. The new standard is going to change the recognition terms and techniques in the industries, such as construction, telecommunications (mobile and cable networks), licensing (media, science, franchising), real property, software etc.

Keywords: assessment of the lease assets and liabilities, contractual liability, division of contract, identification of contracts, contract price, lease identification, lease liabilities, off-balance sheet, transaction value

Procedia PDF Downloads 289

Authors: Eke Balla Sophie Michelle

Abstract:

Forest provides a wide range of environmental goods and services among which, biodiversity or consumption goods and constitute public goods. Despite the importance of non-timber forest products (NTFPs) in sustaining livelihood and poverty smoothening in rural communities, they are highly depleted and poorly conserved. Yokadouma is a town where NTFPs is a renewable resource in active exploitation. It has been found that such exploitation is done in the same conditions as other localities that have experienced a rapid depletion of their NTFPs in destination to cities across Cameroon, Central Africa, and overseas. Given these realities, it is necessary to access the consequences of this overexploitation through negative effects on both the population and the environment. Therefore, to enhance participatory conservation initiatives, this study determines the household’s willingness to pay in community forest (CF) of Morikouali-ye, eastern region of Cameroon, for sustainable exploitation of NTFPs using contingent valuation method (CVM) through two approaches, one parametric (Logit model) and the other non-parametric (estimator of the Turnbull lower bound). The results indicate that five species are the most collected in the study area: Irvingia gabonensis, the Ricinodendron heudelotii, Gnetum, the Jujube and bark, their sale contributes significantly to 41 % of total household income. The average willingness to pay through the Logit model and the Turnbull estimator is 6845.2861 FCFA and 4940 FCFA respectively per household per year with a social cost of degradation estimated at 3237820.3253 FCFA years. The probability to pay increases with income, gender, number of women in the household, age, the commercial activity of NTFPs and decreases with the concept of sustainable development.

Keywords: non timber forest product, contingent valuation method, willingness to pay, sustainable development

Procedia PDF Downloads 411

Authors: María Dolores Caro, Eugenio M. Fedriani, Ángel F. Tenorio

Abstract:

When lorries transport dangerous goods, there exist some legal stipulations in the European Union for assuring the security of the rest of road users as well as of those goods being transported. At this respect, lorry drivers cannot park in usual parking areas, because they must use parking areas with special conditions, including permanent supervision of security personnel. Moreover, drivers are compelled to satisfy additional regulations about resting and driving times, which involve in the practical possibility of reaching the suitable parking areas under these time parameters. The “European Agreement concerning the International Carriage of Dangerous Goods by Road” (ADR) is the basic regulation on transportation of dangerous goods imposed under the recommendations of the United Nations Economic Commission for Europe. Indeed, nowadays there are no enough parking areas adapted for dangerous goods and no complete study have suggested the best locations to build new areas or to adapt others already existing to provide the areas being necessary so that lorry drivers can follow all the regulations. The goal of this paper is to show how many additional parking areas should be built in the Iberian Peninsula to allow that lorry drivers may park in such areas under their restrictions in resting and driving time. To do so, we have modeled the problem via graph theory and we have applied a new efficient algorithm which determines an optimal solution for the problem of locating new parking areas to complement those already existing in the ADR for the Iberian Peninsula. The solution can be considered minimal since the number of additional parking areas returned by the algorithm is minimal in quantity. Obviously, graph theory is a natural way to model and solve the problem here proposed because we have considered as nodes: the already-existing parking areas, the loading-and-unloading locations and the bifurcations of roads; while each edge between two nodes represents the existence of a road between both nodes (the distance between nodes is the edge's weight). Except for bifurcations, all the nodes correspond to parking areas already existing and, hence, the problem corresponds to determining the additional nodes in the graph such that there are less up to 100 km between two nodes representing parking areas. (maximal distance allowed by the European regulations).

Keywords: dangerous goods, parking areas, Iberian peninsula, graph-based modeling

Procedia PDF Downloads 553

Authors: Chenghao Ma

Abstract:

This paper mainly examines and compares the primary revenue sources in the professional sports, intercollegiate sports, and sporting goods industries in the U.S. In the professional team sport, revenues may come from different resources, including broadcasting rights, ticket sales, corporate partnerships, naming rights, licensed merchandise, luxury suites, club seating, ancillary activities, and transfer fees. Many universities use university budgets and student fees to cover the cost of collegiate athletics. Other sources of revenue include ticket sales, broadcast rights, concessions, corporate partnerships, cash contributions from alumni, and others. Revenues in the sporting goods industry are very different compared with professional sports teams and collegiate athletics. Sporting goods companies mainly sell a line of products and equipment to generate revenue. Revenues are critical for sports organizations, including professional sports teams, intercollegiate athletics, and sporting goods companies. There are similarities and differences among these areas. Sports managers are looking for new ways to generate revenues, and there are many changes of sources because of the development of the internet and technology. Compared with intercollegiate athletics, professional sport and sporting goods companies will create more revenue opportunities globally.

Keywords: revenue sources, professional sports, intercollegiate athletics, sporting goods industry

Procedia PDF Downloads 190

Authors: Moh’d A. AL-Shboul

Abstract:

Recently, and due to Arab spring and terrorism around the globe, pushing and driving most governments potentially to harmonize their border measures particularly the regional and an international transit trade within and among Customs Unions. The main purpose of this study is to investigate and provide an insight for monitoring and controlling the trade supply chain within and among different countries by using technological advancement (i.e. an electronic tracking system, etc.); furthermore, facilitate the local and intra-regional trade among countries through reviewing the recent trends and practical implementation of an electronic transit traffic and cargo that related to customs measures by introducing and supporting some case studies of several international and landlocked transit trade countries. The research methodology employed in this study was described as qualitative by conducting few interviews with managers, transit truck drivers, and traders and reviewing the related literature to collect qualitative data from secondary sources such as statistical reports, previous studies, etc. The results in this study show that Jordan and other countries around the globe that used an electronic tracking system for monitoring transit trade has led to a significant reduction in cost, effort and time in physical movement of goods internally and crossing through other countries. Therefore, there is no need to escort transit trucks by customs staff; hence, the rate of escort transit trucks is reduced by more than ninety percent, except the bulky and high duty goods. Electronic transit traffic has been increased; the average transit time journey has been reduced by more than seventy percent and has led to decrease in rates of smuggling up to fifty percent. The researcher recommends considering Jordan as regional and international office for tracking electronically and monitoring the transit trade for many considerations.

Keywords: electronic tracking system, facilitation system, regional and international corridor, supply chain security, transit trade

Procedia PDF Downloads 469

Authors: Muhammad Nouman, Salim Gul, Karim Ullah

Abstract:

Partnership has been understood as the essence of Islamic banking. However, in practice, the non-partnership paradigm dominates the operations of Islamic banks. Islamic banks adopt partnership contracts for the scheme of deposits, especially for term deposit accounts. However, they do not adopt partnership contracts (i.e., Musharakah and Mudarabah) as the main financing scheme. In practice, non-partnership contracts including Murabahah and Ijara are widely used for financing. Many authors have provided different explanations for the less utilization of the partnership contracts as a scheme of financing. However, the typology of constraints remains missing. The extant literature remains scattered, with diverse studies focused on different dimensions of the issue. Therefore, there is no unified understanding of the constraints in the application of the partnership contracts. This paper aims to highlight the major factors hindering the application of partnership contracts, and produce a coherent view by synthesizing different explanations provided in several studies conducted around the globe. The present study employs insights form the extant literature using a systematic review and provides academia, practitioners, and policy makers with a holistic framework to name and make sense of what is making partnership contracts a less attractive option for Islamic banks. A total of 84 relevant publications including 11 books, 14 chapters of edited books, 48 journal articles, 8 conference papers and 3 IMF working papers were selected using a systematic procedure. Analysis of these selected publications followed three steps: i) In the first step of analysis the constraints explicitly appearing in the literature set of 84 articles were extracted, ii) In the second step 27 factors hindering the application of partnership contracts were identified from the constraints extracted in the first step with the overlapping items either eliminated or combined, iii) In the last step the factors identified in the second step were classified into three distinct categories. Our intention was to develop the typology of constraints by connecting the rather abstract concepts into the broader sets of constraints for better conceptualization and policy implications. Our framework highlights that there are mainly three facets of lower preference for partnership contracts of financing. First, there are several factors in the contemporary business settings, prevailing social setting, and the bank’s internal environment that underpin uncertainty in the success of partnership contracts of financing. Second, partnership contracts have lower demand i.e., entrepreneurs prefer to use non-partnership contracts for financing their ventures due to the inherent restraining characteristics of the partnership contracts. Finally, there are certain factors in the regulatory framework that restraint the extensive utilization of partnership contracts of financing by Islamic banks. The present study contributes to the Islamic banking literature in many ways. It provides clarification to the heavily criticized operations of Islamic banks, integrates the scattered literature, and provides a holistic framework for better conceptualization of the key constraints in the application of the partnership contracts and policy implications. Moreover, it demonstrates an application of systematic review in Islamic banking research.

Keywords: Islamic banking, Islamic finance, Mudarabah, Musharakah, partnership, systematic review

Procedia PDF Downloads 242

Authors: Tahraoui Boualem

Abstract:

Researching the historical framework of international crime means examining the historical facts that have contributed to uncovering this serious crime affecting international interests, and the law by which the study of the subject of international crime is determined is international criminal law, which is a branch of public international law. In this context, the historical study of international crime means recognizing the existence of an international community governed by international law, which makes us acknowledge that ancient societies lacked such stable and recurring international relations. Therefore, an attempt to monitor international crime in those ancient societies is only to demonstrate a historical fact that those societies have known some features of this crime, and have contributed in one way or another to the development of international criminal law without defining its concept or legal nature. The international community has affirmed the principle of establishing peace, achieving security, and respecting human rights. As a basis for friendly relations between the people of the international community and in case of prejudice, such as the aggressors breaching the obligations imposed on them, whether in time of peace or war.

Keywords: historical framework, of international crime, peace or war., international law

Procedia PDF Downloads 64

Authors: Zahra Raeisi, Reza Akbari

Abstract:

Contracting is known as one of the important tasks in virtual organization creation. Contracting is a costly process in terms of time and effort. One way to cut the time and effort is conducting contract electronically. The online contracting enable us to form virtual organization (VO) dynamically. This work presents an agent-service oriented framework for online contracting in virtual organizations. The proposed framework considers the main aspects and steps of traditional contracting process and uses the efficiency of service and agent based methodologies in order to provide a flexible and efficient way to establish contracts electronically in a VO.

Keywords: service oriented architecture, online contracts, agent-oriented architecture, virtual organization

Procedia PDF Downloads 478

Authors: Ali Obaid Alyami

Abstract:

In Saudi Arabia, the pandemic of Coronavirus (COVID-19) has been affecting administrative contracts in many different ways. Lots of planned projects were stopped temporarily or implemented partially. Many contractors have suffered financial struggles and the absence of manpower. These administrative contracts are governed by Government Tenders and Procurement Law (GTPL) which was issued by a royal decree in 2019. This law addresses some challenges that could be stumbling blocks in the way of implementing a contract. One significant challenge is emergency circumstances that occur during the implementation of an administrative contract. The law provides some solutions for this disruption, but these solutions may not compensate for the whole damages that contractors suffer. This study will use the doctrinal methodology to analyze the rules of law and their application to the research problem. Most importantly, the issue that arises in this research is the possibility of governmental entities’ consideration, in administrative contracts, of the pandemic Coronavirus (COVID-19) as an emergency circumstance. This study points out the conditions for applying the theory of emergency circumstances on administrative contracts in addition to the definition of the theory and analyzing its elements. The other significant question is the limits on governmental entities to make a change in an administrative contract to achieve contractual rebalancing. GPTL and its implementing regulation set the conditions and limits of contractual rebalancing. However, this study finds that although GTPL provides rules for contractual rebalancing, there are some other mechanisms that contractors may take to fully compensate for the damages. For instance, when the loss cannot be minimized by GTPL, contractors might file lawsuits before the administrative judiciary. The study concludes that GTPL is a very comprehensive law system that stipulates specific rules for contractual rebalance and treats the emergency circumstances that obstruct the performance of administrative contracts.

Keywords: administrative contracts, emergency circumstances, balance of contract, administrative judiciary, government tenders, procurement law

Procedia PDF Downloads 47

Authors: Samuel I. Becher, Tal Z. Zarsky

Abstract:

The digital world becomes part of our DNA now. The way e-commerce, human behavior, and law interact and affect one another is rapidly and significantly changing. Among others things, the internet equips consumers with a variety of platforms to share information in a volume we could not imagine before. As part of this development, online information flows allow consumers to learn about businesses and their contracts in an efficient and quick manner. Consumers can become informed by the impressions that other, experienced consumers share and spread. In other words, consumers may familiarize themselves with the contents of contracts through the experiences that other consumers had. Online and offline, the relationship between consumers and businesses are most frequently governed by consumer standard form contracts. For decades, such contracts are assumed to be one-sided and biased against consumers. Consumer Law seeks to alleviate this bias and empower consumers. Legislatures, consumer organizations, scholars, and judges are constantly looking for clever ways to protect consumers from unscrupulous firms and unfair behaviors. While consumers-businesses relationships are theoretically administered by standardized contracts, firms do not always follow these contracts in practice. At times, there is a significant disparity between what the written contract stipulates and what consumers experience de facto. That is, there is a crucial gap (“the Gap”) between how firms draft their contracts on the one hand, and how firms actually treat consumers on the other. Interestingly, the Gap is frequently manifested by deviation from the written contract in favor of consumers. In other words, firms often exercise lenient approach in spite of the stringent written contracts they draft. This essay examines whether, counter-intuitively, policy makers should add firms’ leniency to the growing list of firms suspicious behaviors. At first glance, firms should be allowed, if not encouraged, to exercise leniency. Many legal regimes are looking for ways to cope with unfair contract terms in consumer contracts. Naturally, therefore, consumer law should enable, if not encourage, firms’ lenient practices. Firms’ willingness to deviate from their strict contracts in order to benefit consumers seems like a sensible approach. Apparently, such behavior should not be second guessed. However, at times online tools, firm’s behaviors and human psychology result in a toxic mix. Beneficial and helpful online information should be treated with due respect as it may occasionally have surprising and harmful qualities. In this essay, we illustrate that technological changes turn the Gap into a key component in consumers' understanding, or misunderstanding, of consumer contracts. In short, a Gap may distort consumers’ perception and undermine rational decision-making. Consequently, this essay explores whether, counter-intuitively, consumer law should sanction firms that create a Gap and use it. It examines when firms’ leniency should be considered as manipulative or exercised in bad faith. It then investigates whether firms should be allowed to enforce the written contract even if the firms deliberately and consistently deviated from it.

Keywords: consumer contracts, consumer protection, information flow, law and economics, law and technology, paper deal v firms' behavior

Procedia PDF Downloads 164

Authors: Jakub Berčík, Elena Horská, Ľudmila Nagyová

Abstract:

Nowadays, the point of sale remains one of the few channels of communication which is not oversaturated yet and has great potential for the future. The fact that purchasing decisions are significantly affected by emotions, while up to 75 % of them are implemented at the point of sale, only demonstrates its importance. The share of impulsive purchases is about 60-75 %, depending on the particular product category. Nevertheless, habits predetermine the content of the shopping cart above all and hence in this regard the role of in-store communication is to disrupt the routine and compel the customer to try something new. This is the reason why it is essential to know how to work with this relatively young branch of marketing communication as efficiently as possible. New global trend in this discipline is evaluating the effectiveness of particular tools in the in-store communication. To increase the efficiency it is necessary to become familiar with the factors affecting the customer both consciously and unconsciously, and that is a task for neuromarketing and sensory marketing. It is generally known that the customer remembers the negative experience much longer and more intensely than the positive ones, therefore it is essential for marketers to avoid this negative experience. The final effect of POP (Point of Purchase) or POS (Point of Sale) tools is conditional not only on their quality and design, but also on the location at the point of sale which contributes to the overall positive atmosphere in the store. Therefore, in-store advertising is increasingly in the center of attention and companies are willing to spend even a third of their marketing communication budget on it. The paper deals with a comprehensive, interdisciplinary research of the impact of traditional as well as innovative tools of in-store communication on the attention and emotional state (valence and arousal) of consumers on the food market. The research integrates measurements with eye camera (Eye tracker) and electroencephalograph (EEG) in real grocery stores as well as in laboratory conditions with the purpose of recognizing attention and emotional response among respondents under the influence of selected tools of in-store communication. The object of the research includes traditional (e.g. wobblers, stoppers, floor graphics) and innovative (e.g. displays, wobblers with LED elements, interactive floor graphics) tools of in-store communication in the fresh unpackaged food segment. By using a mobile 16-channel electroencephalograph (EEG equipment) from the company EPOC, a mobile eye camera (Eye tracker) from the company Tobii and a stationary eye camera (Eye tracker) from the company Gazepoint, we observe the attention and emotional state (valence and arousal) to reveal true consumer preferences using traditional and new unusual communication tools at the point of sale of the selected foodstuffs. The paper concludes with suggesting possibilities for rational, effective and energy-efficient combination of in-store communication tools, by which the retailer can accomplish not only captivating and attractive presentation of displayed goods, but ultimately also an increase in retail sales of the store.

Keywords: electroencephalograph (EEG), emotion, eye tracker, in-store communication

Procedia PDF Downloads 369

Authors: Eunice Chiamaka Allen-Ngbale

Abstract:

Cargo claims are brought by cargo interests against carriers when the goods are not delivered or delivered short or mis-delivered or delivered damaged. The objective of the cargo claimant is to seek recovery for the loss suffered through the award of damages against the carrier by a court of competent jurisdiction. Moreover, whether the vessel on which the goods were carried is or is not under charter, the bill of lading plays a central role in the cargo claim. Since the bill of lading is an important international transport document, this paper examines, by chronicling the progress of a cargo claim as governed by the English law of contract. It finds that other than by contract, there are other modes of recovery available to a consignee or endorsee of a bill of lading to obtain a remedy under the sui generis contract of carriage contained in or evidenced by a bill of lading.

Keywords: bill of lading, cargo interests, carriage contract, transfer of right of suit

Procedia PDF Downloads 117

Authors: Laura Çami (Vorpsi), Xhon Skënderi

Abstract:

In today's rapidly evolving technological landscape, the traditional principles of contract law are facing significant challenges. The emergence of new technologies, such as electronic signatures, smart contracts, and online dispute resolution mechanisms, is transforming the way contracts are formed, interpreted, and enforced. This paper examines the implications of these technological advancements on the constitutional principles of contract law. One of the fundamental principles of contract law is freedom of contract, which ensures that parties have the autonomy to negotiate and enter into contracts as they see fit. However, the use of technology in the contracting process has the potential to disrupt this principle. For example, online platforms and marketplaces often offer standard-form contracts, which may not reflect the specific needs or interests of individual parties. This raises questions about the equality of bargaining power between parties and the extent to which parties are truly free to negotiate the terms of their contracts. Another important principle of contract law is the requirement of consideration, which requires that each party receives something of value in exchange for their promise. The use of digital assets, such as cryptocurrencies, has created new challenges in determining what constitutes valuable consideration in a contract. Due to the ambiguity in this area, disagreements about the legality and enforceability of such contracts may arise. Furthermore, the use of technology in dispute resolution mechanisms, such as online arbitration and mediation, may raise concerns about due process and access to justice. The use of algorithms and artificial intelligence to determine the outcome of disputes may also raise questions about the impartiality and fairness of the process. Finally, it should be noted that there are many different and complex effects of technical improvements on the fundamental constitutional foundations of contract law. As technology continues to evolve, it will be important for policymakers and legal practitioners to consider the potential impacts on contract law and to ensure that the principles of fairness, equality, and access to justice are preserved in the contracting process.

Keywords: technological advancements, constitutional principles, contract law, smart contracts, online dispute resolution, freedom of contract

Procedia PDF Downloads 81

Authors: José M Martín-Moreno, Rafaela Pérez, Jesús Ruiz

Abstract:

In this paper we use a small open economy Dynamic Stochastic General Equilibrium Model (DSGE) for the Spanish economy to search for a deeper characterization of the determinants of Spain’s macroeconomic fluctuations throughout the period 1970-2008. In order to do this, we distinguish between tradable and non-tradable goods to take into account the fact that the presence of non-tradable goods in this economy is one of the largest in the world. We estimate a DSGE model with supply and demand shocks (sectorial productivity, public spending, international real interest rate and preferences) using Kalman Filter techniques. We find the following results. First of all, our variance decomposition analysis suggests that 1) the preference shock basically accounts for private consumption volatility, 2) the idiosyncratic productivity shock accounts for non-tradable output volatility, and 3) the sectorial productivity shock along with the international interest rate both greatly account for tradable output. Secondly, the model closely replicates the time path observed in the data for the Spanish economy and finally, the model captures the main cyclical qualitative features of this economy reasonably well.

Keywords: business cycle, DSGE models, Kalman filter estimation, small open economy

Procedia PDF Downloads 390