Search results for: deposit contract

Authors: Laura Ramona Nae

Abstract:

The issue of risks faced by companies providing tourist and hotel services in the HoReCa field, related to the goods belonging to consumer tourists left in hotel storage, has acquired a new dimension in the context of the economic and geo-political influences that have recently intervened at the global level. Thus, hoteliers and not only had to create contractual mechanisms regarding the risks and to protect the businesses in this field of activity. This situation has led to a reassessment of the importance of insurance, in particular with regard to hotel liability insurance-premises liability, safety, and security of goods. Interpretation of clauses in contracts concluded between hoteliers and tourists consuming hotel services and products, all the more so in the current pandemic context of Covid 19, stressed the increase in the number of disputes generated by them. This article presents a general picture of the significance of the risks related to the activity carried out in the hospitality industry, tourism, respectively within the HoReCa field. The study mainly marks the specificities of the hotel deposit contract, as well as the related insurance specific to the field, as a way to cover these risks. The article also refers to alternative methods of out-of-court settlement of disputes (ADR) in the HoReCa domain, generally used in both Romania and the European Union.

Keywords: consumer tourist, disputes and ADR methods, deposit contract, hotel warehouse and hotelier insurance, hotel services and tourist products, HoReCa

Procedia PDF Downloads 26

Authors: Rute Abreu, Fátima David, Liliane Cristina Segura

Abstract:

The Deposit Guarantee Fund (DGF) and its communication with the Society, in general, and with the deposit client of Financial Institutions, in particular, is discussed through the challenges of the accounting and financial report. The Bank of Portugal promotes the Portuguese Deposit Guarantee Fund (PDGF) as a financial institution that enhanced the market confidence and stability on the deposit-insurance system. Due to the nature of their functions, it must be subject to regulation and supervision that provides a first line of defense against adversely affect confidence on the Portuguese financial market. First, this research provides evidence of the effectiveness of the protection mechanisms on the deposit insurance system, which provides high and equal protection to all stakeholders. Second, it emphasizes the need of requirements of rigorous accounting process and effective financial report to reduce the moral hazard implications. Third, this research focuses on the need of total disclosure of the financial information which gives higher transparency and protection to deposit client of financial institutions.

Keywords: deposit guarantee fund, Portugal, accounting, financial report

Procedia PDF Downloads 402

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.

Keywords: Islamic finance, shariah compliance, profit and loss sharing, derivatives, risks, hedging, salam contract

Procedia PDF Downloads 293

Authors: Xia Yang, Zheng Yang, Haiyong Sun, Yan Fang, Jingyu Liu, Jia Song

Abstract:

The smart contract in Ethereum is a unique program deployed on the Ethereum Virtual Machine (EVM) to help manage cryptocurrency. The security of this smart contract is critical to Ethereum’s operation and highly sensitive. In this paper, we present a formal model for smart contract, using the separated term-obligation (STO) strategy to formalize and verify the smart contract. We use the IBM smart sponsor contract (SSC) as an example to elaborate the detail of the formalizing process. We also propose a formal smart sponsor contract model (FSSCM) and verify SSC’s security properties with an interactive theorem prover Coq. We found the 'Unchecked-Send' vulnerability in the SSC, using our formal model and verification method. Finally, we demonstrate how we can formalize and verify other smart contracts with this approach, and our work indicates that this formal verification can effectively verify the correctness and security of smart contracts.

Keywords: smart contract, formal verification, Ethereum, Coq

Procedia PDF Downloads 645

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

In this work, we will modelize Waad Bil Mourabaha contract. This islamic contract provides the right to buy goods at a future date with a Mourabaha. Waad is a promise of sale or purchase of goods, declared in a unilateral way. In spite of the divergence between some schools of Islamic law about the Waad, this contract will allow us to study sophisticated and interesting contract: Waad Bil Mourabaha that can be used for hedging. In order to price Waad Bil Mourabaha contract, we will use an adapted Black and Scholes model using the Shariah compliant assumptions.

Keywords: Islamic finance, Black-Scholes model, call option, risks, hedging

Procedia PDF Downloads 482

Authors: Fazeelat Duran, Darren Bishopp, Jessica Woodhams

Abstract:

Psychological contract refers to the perceptions of an employee and their employer regarding their mutual obligations towards each other. The rationale for applying the psychological contract theory in UK policing was to investigate its impact on their wellbeing because the psychological contract is a useful tool in identifying factors having a negative effect on the wellbeing of employees. The paper will report on a study, which examined how occupational stressors and psychological contract violation may influence the wellbeing (e.g. Physical Stress and General Health) of a sample of police officers (N=127). The design of the study was cross-sectional and based on data collected through a self-report survey. The results of hierarchical regression analyses and structural equation model, suggest that occupational stressors and psychological contract violation play a critical role in both physical and psychological health. The implications of these findings and the utility of considering the psychological contract will be discussed.

Keywords: police officers, psychological contract, occupational stressors, wellbeing

Procedia PDF Downloads 395

Authors: Afy Syahidan ACHMAD, Astin NURDIANA, SURYANTINI

Abstract:

In volcanic arc environment we can find multiple volcanic deposits which overlapped with another volcanic deposit so it will complicates source and distribution determination. This problem getting more difficult when we can not trace any deposit border evidences in field especially in high vegetation volcanic area, or overlapped deposit with same characteristics. Main purpose of this study is to solve complex volcanostratigraphy mapping problems trough ridge, valley, and river continuity. This method application carried out in Old Sunda Volcanic, West Java, Indonesia. Using 1:100.000 and 1:50.000 topographic map, and regional geology map, old sunda volcanic deposit was differentiated in regional level and detail level. Final product of this method is volcanostratigraphy unit determination in reconnaissance stage to simplify mapping process.

Keywords: volcanostratigraphy, study, method, volcanic deposit

Procedia PDF Downloads 372

Authors: Parveen Banu Ansari, Venkatraman Chinnappan, Paramasivam Shankar

Abstract:

Contract testing plays a pivotal role in the current landscape of microservices architecture. Testing microservices at the initial stages of development helps to identify and rectify issues before they escalate to higher levels, such as UI testing. By validating microservices through contract testing, you ensure the integration quality of APIs, enhancing the overall reliability and performance of the application. Contract testing, being a collaborative effort between testers and developers, ensures that the microservices adhere to the specified contracts or agreements. This proactive approach significantly reduces defects, streamlines the development process, and contributes to the overall efficiency and robustness of the application. In the dynamic and fast-paced world of digital applications, where microservices are the building blocks, embracing contract testing is indeed a strategic move for ensuring the quality and reliability of the entire system.

Keywords: validation, testing, contract, agreement, microservices

Procedia PDF Downloads 23

Authors: Girlly Marchlina Listyono, Abdurrokhim Abdurrokhim, Emi Sukiyah, Pulung Arya Pranantya

Abstract:

Jakarta Area is composed by deposit which has various lithology characteristics. Based on its lithology types, colors, textures, mineral dan organic content from 22 wells scattered on Jakarta, lithofacies analysis and intra-wells data correlation can be done. From the analysis, it can be interpretated that Jakarta deposit deposited in marine, transition and terrestrial depositional environments. Terrestrial deposit characterized by domination of relatively coarse clastics and content of remaining roots, woods, plants, high content of quartz, lithic fragment, calcareous and oxidated appearace. The thickness of terrestrial deposit is thickening to south. Transitional deposit characterized by fine to medium clastics with dark color, high content of organic matter, various thickness in any ways. Marine deposit characterized by finer clastics, contain remain of shells, fosil, coral, limestone fragments, glauconites, calcareous. Marine deposit relatively thickening to north. Those lateral variety caused by tectonic, subsidence and stratigraphic condition. Deposition of Jakarta deposit from the data research was started on marine depositional environment which surrounded by the event of cycle of regression and transgression then ended with regression which ongoing until form shore line in north Jakarta nowadays.

Keywords: deposit, Indonesia, Jakarta, sediment, stratigraphy

Procedia PDF Downloads 221

Authors: Veselin Konstantinov Hristov

Abstract:

In recent years, the lease contract has become more and more applicable and occupies a key place in commercial relations and business. In Bulgaria, the legal regulation of the leasing contract is relatively new and imperfectly developed. There are many legal loopholes and it is they that determine the need for a comparative legal analysis. The purpose of the study is to analyze the various European legislations regarding the leasing contract and to find effective solutions for the legal system of Bulgaria. First of all, are examined the concept of the leasing contract, which originated in the United States of America around the 1950s and spread in Europe, and the etymology of the term "leasing". After that, the main types of lease contracts – financial and operational – are examined and analyzed in detail. Their features and characteristics were studied, as well as a comparative analysis was made between them. Next, in the research, a comparative-legal analysis of the leasing contract in different European countries was made in terms of its development and distribution, as well as its legal characteristics. The mechanism of action and functioning of the leasing contract in several European countries is analyzed. Conclusions are made regarding the legal framework under which the lease contract is most effective. Types of leasing contracts specific only to certain European countries and their advantages are examined. In conclusion, recommendations are made to improve the legal framework of the leasing contract in Bulgaria.

Keywords: alternative financing, leasing contract, financing instruments, innovation

Procedia PDF Downloads 50

Authors: Yuliya Leonidovna Kiva-Khamzina

Abstract:

The legal nature of the contract for educational services causes a lot of controversies. In particular, it raises the question about industry sector relationships, which require making a contract for educational services. The article describes the different types of contracts classifications for services provision from the perspective of civil law, deals with the specifics of the contract on rendering educational services; the author makes the conclusion that the contract for the provision of educational services is a complex institution that includes elements of the civil and administrative law. The following methods were used to conduct the study: dialectical method of cognition, the historical method, systemic analysis, classification.

Keywords: administrative aspect, civil aspect, educational service, industry, legal nature, services provision

Procedia PDF Downloads 295

Authors: Antoine F. Dedewanou, Eric N. Ekpinda

Abstract:

We investigate whether and how deposit insurance program affects savings decisions in the Economic Community of Central African States (ECCAS). Specifically, using the World Bank’s 2014 and 2011 Global Financial Inclusion (Global Findex) databases, we apply special regressor approach. We find that the deposit insurance program increases significantly, everything else equal, the probability that people save their money at a financial institution by 11 percentage points in Gabon, by 22.2 percentage points in DR Congo and by 15.1 percentage points in Chad. These effects are matched with positive effects of age and education level. But in Cameroon, the effect of deposit insurance is not significant. The policies aimed at fostering financial inclusion will be more effective if there is a deposit insurance scheme in place, along with awareness among young people, and education programs. JEL Classification: G21, O12, O16

Keywords: deposit insurance, savings, special regressor, ECCAS countries

Procedia PDF Downloads 153

Authors: D. Bäcker, H. Chaves

Abstract:

The key to improve surface cleaning of the fouling is understanding of the mechanism of separation process of the deposit from the surface. The authors give basic principles of characterization of separation process and introduce a corresponding criterion. The developed criterion is a measure for the moment of separation of the deposit from the surface. For this purpose a new measurement technique is described.

Keywords: cleaning, fouling, separation, criterion

Procedia PDF Downloads 427

Authors: Malaw Ndiaye, Karim Konate

Abstract:

Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Since there are recent studies on smart contract security, none of them systematically study the strengths and weaknesses of smart contract security. Some have focused on an analysis of program-related vulnerabilities by providing a taxonomy of vulnerabilities. Other studies are responsible for listing the series of attacks linked to smart contracts. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: blockchain, Bitcoin, smart contract, criminal smart contract, security

Procedia PDF Downloads 135

Authors: Anna Rogozińska-Pawełczyk

Abstract:

A psychological contract is an agreement between the employer and an employee that covers the parties’ informal and frequently non-verbalized obligations and expectations towards each other. The contract is a cognitive pattern-governing employee’s behaviour in the organization. A gap between employee’s expectations and the organizational reality may lead to difficult-to-solve conflicts or cause the employee to modify their behaviour towards organizational values and goals, if they are willing and ready to verbalize their expectations. The article discusses psychological contracts in the financial institutions in Poland. Its theoretical part outlines the types of psychological contracts in organizations (relational, transactional, and balanced) and shows the process of their verbalization. The purpose of the article is to present how the type of the psychological contract relates to employee’s readiness to verbalize it. The article ends with conclusions arising from the study.

Keywords: customer contact staff in banks, employee expectations, financial institutions, mutual expectations, psychological contract, verbalization of the psychological contract

Procedia PDF Downloads 453

Authors: Quangyen Tran, YeZhuang Tian, Chengfeng Li

Abstract:

Psychological contract violations may lead to damaging an organization through losing its potential employees; it is a very significant concept in understanding the employment relationships. The authors selected contents of psychological contract violation scale based on the nine areas of violation most relevant to managerial samples (High pay, training, job security, career development, pay based on performance, promotion, feedback, expertise and quality of co-workers and support with personal problems), using regression analysis, the degree of psychological contract violations was measured by an adaptation of a multiplicative scale with Cronbach’s alpha as a measure of reliability. Through the regression analysis, psychological contract violations was found have a positive impact on employees’ job satisfaction, the frequency of psychological contract violations was more intense among male employees particularly in terms of training, job security and pay based on performance. Job dissatisfaction will lead to a lowering of employee commitment in the job, enterprises in Hanoi, Vietnam should therefore offer lucrative jobs in terms of salary and other emoluments to their employees.

Keywords: psychological contract, psychological contract violation, job satisfaction, subordinate employees, employers’ obligation

Procedia PDF Downloads 301

Authors: Arnab Adhikari, Arnab Bisi

Abstract:

Since the inception, the fashion apparel supply chain is facing the problem of high demand uncertainty. Often the demand volatility compels the corresponding supply chain member to incur substantial holding cost and opportunity cost in case of the overproduction and the underproduction scenario, respectively. It leads to an uncoordinated fashion apparel supply chain. There exist several scholarly works to achieve coordination in the fashion apparel supply chain by employing the different contracts such as the buyback contract, the revenue sharing contract, the option contract, and so on. Specially, the application of option contract in the apparel industry becomes prevalent with the changing global scenario. Exploration of existing literature related to the option contract reveals that most of the research works concentrate on the one direction demand adjustment i.e. either to match the demand upwards or downwards. Here, we present a holistic approach to coordinate a dyadic fashion apparel supply chain comprising one manufacturer and one retailer with the help of bidirectional option contract. We show a combination of wholesale price contract and bidirectional option contract can coordinate the under expanded supply chain. We also propose a framework that captures the variation of the apparel retailer’s order quantity and the apparel manufacturer’s production quantity with the changing exercise price for the different ranges of the option price. We analytically explore that corresponding cost parameters of the supply chain members along with the nature of demand distribution play an instrumental role in the coordination as well as the retailer’s ordering decision.

Keywords: fashion apparel supply chain, supply chain coordination, wholesale price contract, bidirectional option contract

Procedia PDF Downloads 417

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 115

Authors: Charity Ifunanya Osakwe, Victoria Ogochuchukwu Obi-Nwosu, Chima Kenneth Anachedo

Abstract:

The study investigates how automated teller machines (ATM) and mobile banking affect deposit money banks in the Nigerian economy. The study made use of time series data which were obtained from the Central Bank of Nigeria Statistical Bulletin from 2009 to 2021. The Central Bank of Nigeria (CBN) data on automated teller machine and mobile phones were used to proxy electronic banking while total deposit in banks proxied the performance of deposit money banks. The analysis for the study was done using ordinary least square econometric technique with the aid of economic view statistical package. The results show that the automated teller machine has a positive and significant effect on the total deposits of deposit money banks in Nigeria and that making use of deposits of deposit money banks in Nigeria. It was concluded in the study that e-banking has equally increased banking access to customers and also created room for banks to expand their operations to more customers. The study recommends that banks in Nigeria should prioritize the expansion and maintenance of ATM networks as well as continue to invest in and develop more mobile banking services.

Keywords: electronic, banking, automated teller machines, mobile, deposit

Procedia PDF Downloads 16

Authors: Abdelkader Djehiche, Mostefa Gafsi, Henri Bertin, Aziz Omari

Abstract:

The flows of colloidal suspensions in porous media find many applications in fields such as Petroleum, Hydraulic engineering, deep-bed filtration. For each application, the scientific problems can be summarized the flow in porous medium of a colloidal suspension whose particles having characteristic dimension is considerable in comparison with the pores dimension. In certain cases, one can observe a deposit of particles on the surface of the pores which results in a significant modification in the physical properties of the porous medium. The objective of our study is to use a non-destructive experimental method, the attenuation of g-rays, to study the influence of the number of Peclet on the deposit of latex particles in a consolidated porous medium. The first results obtained show a good agreement between local and global measurements of the deposit of the particles in porous medium. The deposit takes place in a progressive way along the porous medium and leads to a monolayer deposit of which the average thickness is of about the size diameter of the colloidal particles.

Keywords: colloid, gamma ray, Peclet number, permeability, porous medium

Procedia PDF Downloads 151

Authors: Ahmed Stifi, Sascha Gentes

Abstract:

The contract in its simplest definition is an agreement involving parties with a number of documents which may be as little as a marriage contract involving two parties or as big as a contract of construction and operation of a nuclear power plant involving companies and stakeholders with hundreds or even thousands of documents. All parties in the construction industry, not only the contract experts, agree that the success of a project is linked primarily to the form of contract regulating the relationship between stakeholders of the project. Therefore it is essential for the construction industry to study, analyze and improve its contracts forms continuously. However, it should be mentioned that different contract forms are developed to suit the construction evolution in term of its machinery, materials and construction process. There exist some similarities in some clauses and variations in many of these forms depending upon the type of project, the kind of clients and more importantly the laws and regulations governing the transaction in the country where the project is carried out. This paper will discuss the most important forms of construction contracts starting from national level, intended to the contract form in Germany and moving on to the international level introducing FIDIC contracts and its different forms, some newly developed contracts forms namely the integrated form of agreement, the new engineering contract and the project alliance agreement. The result of the study shows that many of the contract’s paragraphs are similar and the main difference comes in the approach of the relationship between the parties. Is it based on co-operation and mutual trust, or in some cases a load of responsibility for a particular party which increases the problems and disputes that affects the success of the project negatively. Thus we can say that the form of the contract, that plays an essential role in the approach of the project management, which is ultimately the key factor for the success of the project. So we advise to use a form of contract, which enhance the mutual trust between the project parties, contribute to support the cooperation between them, distribute responsibility and risks on an equitable basis and build on the principle “win-win". In additional to the conventional role of the contract it should integrate all parties into one team to achieve the target value of the project.

Keywords: contract, FIDIC, integrated form of agreement, new engineering contract, project alliance agreemen

Procedia PDF Downloads 338

Authors: Afsheen Masood, Sumaira Rashid, Nadia Ijaz, Shama Mazahir

Abstract:

The current study examined the relationship between moral disengagement, psychological contract, organizational citizenship behavior and counterproductive work behavior. It is hypothesized that there is likely to be a significant relationship between moral disengagement, psychological contract, organizational citizenship behavior and counterproductive work behavior. It is hypothesized that moral disengagement is likely to significantly predict counterproductive work behavior. It is hypothesized that psychological contract is likely to moderate the relationship between moral disengagement, and counterproductive work behavior. Cross-sectional survey research design was used for the study. The sample consisted of 500 middle managers, age ranging between 30-45 years working in private and public sector. The measures used were Moral Disengagement Scale, Psychological Contract Scale, and Counterproductive Work Behavior. Series of Correlation analyses, Regression analysis, moderation analysis and t-test was run in order to execute descriptive and inferential analyses. The findings revealed that there was a significant positive relationship between moral disengagement and counterproductive work behaviors. Psychological contract significantly mediated the relationship between moral disengagement and counterproductive work behaviors. There were significant gender differences reported in psychological contract and counterproductive work behaviors. The insightful findings carry significant implication for organizational psychologists and organizational stakeholders.

Keywords: psychological contract, moral disengagement, counterproductive work behaviors, mediation analysis

Procedia PDF Downloads 280

Authors: Fazeelat Duran, Darren Bishopp, Jessica Woodhams

Abstract:

Negative emotions resulting from the breach of perceived obligations by an employer is called the psychological contract violation. Employees perceiving breach and feelings of negative emotions result in adverse outcomes for both the employee and employer. This paper aims to identify the relationships between contract breach, violation, stress and wellbeing and investigate whether fairness and self-efficacy mediate the relationships. A mixed method approach was used to analyze the online-surveys and semi-structured interviews with the police officers. It was identified that the psychological contract violation predicts stress and job-related well-being. Fairness and self-efficacy were identified as significant mediators to understand the underlying mechanisms of association. Whilst, in the interviews social support was identified as a popular mediator. Practical implications for employers are discussed.

Keywords: psychological contract violation and breach, stressors, depression, anxiety

Procedia PDF Downloads 216

Authors: Meshari Aljohani, Stephan Olariu, Ravi Mukkamala

Abstract:

Data is essential for enhancing the quality of life. Its value creates chances for users to profit from data sales and purchases. Users in data marketplaces, however, must share and trade data in a secure and trusted environment while maintaining their privacy. The first main contribution of this paper is to identify enabling technologies and challenges facing the development of decentralized data marketplaces. The second main contribution is to propose a decentralized data marketplace framework based on blockchain technology. The proposed framework enables sellers and buyers to transact with more confidence. Using a security deposit, the system implements a unique approach for enforcing honesty in data exchange among anonymous individuals. Before the transaction is considered complete, the system has a time frame. As a result, users can submit disputes to the arbitrators which will review them and respond with their decision. Use cases are presented to demonstrate how these technologies help data marketplaces handle issues and challenges.

Keywords: blockchain, data, data marketplace, smart contract, reputation system

Procedia PDF Downloads 130

Authors: Henry Munoz, Muhammad Mohsan, Takashi Kiyota

Abstract:

Strength and deformability characteristics of a liquefiable sand deposit including the development of earthquake-induced shear stress and shear strain as well as soil softening via the progressive degradation of shear modulus were studied via shaking table experiments. To do so, a model of a liquefiable sand deposit was constructed and densely instrumented where accelerations, pressures, and displacements at different locations were continuously monitored. Furthermore, the confinement effects on the strength and deformation characteristics of the liquefiable sand deposit due to an external surcharge by placing a heavy concrete slab (i.e. the model of an actual structural rigid pavement) on the ground surface were examined. The results indicate that as the number of seismic-loading cycles increases, the sand deposit softens progressively as large shear strains take place in different sand elements. Liquefaction state is reached after the combined effects of the progressive degradation of the initial shear modulus associated with the continuous decrease in the mean principal stress, and the buildup of the excess of pore pressure takes place in the sand deposit. Finally, the confinement effects given by a concrete slab placed on the surface of the sand deposit resulted in a favorable increasing in the initial shear modulus, an increase in the mean principal stress and a decrease in the softening rate (i.e. the decreasing rate in shear modulus) of the sand, thus making the onset of liquefaction to take place at a later stage. This is, only after the sand deposit having a concrete slab experienced a higher number of seismic loading cycles liquefaction took place, in contrast to an ordinary sand deposit having no concrete slab.

Keywords: liquefaction, shear modulus degradation, shaking table, earthquake

Procedia PDF Downloads 358

Authors: Qisheng Hu, Jianglei Han, Yue Yang, My Hoa Ha

Abstract:

When a company is considering purchasing software for commercial use, contract risk assessment is critical to identify risks to mitigate the potential adverse business impact, e.g., security, financial and regulatory risks. Contract risk assessment requires reviewers with specialized knowledge and time to evaluate the legal documents manually. Specifically, validating contracts for a software vendor requires the following steps: manual screening, interpreting legal documents, and extracting risk-prone segments. To automate the process, we proposed a framework to assist legal contract document risk identification, leveraging pre-trained deep learning models and natural language processing techniques. Given a set of pre-defined risk evaluation problems, our framework utilizes the pre-trained transformer-based models for question-answering to identify risk-prone sections in a contract. Furthermore, the question-answering model encodes the concatenated question-contract text and predicts the start and end position for clause extraction. Due to the limited labelled dataset for training, we leveraged transfer learning by fine-tuning the models with the CUAD dataset to enhance the model. On a dataset comprising 287 contract documents and 2000 labelled samples, our best model achieved an F1 score of 0.687.

Keywords: contract risk assessment, NLP, transfer learning, question answering

Procedia PDF Downloads 94

Authors: Umar Shehu Umar

Abstract:

Contract farming is a viable strategy agribusinesses rely on to strengthen vertical coordination. However, low contract compliance remains a significant setback to agribusinesses' contract performance. The present study aims to understand what drives smallholder farmers’ contract compliance behaviour. Qualitative information was collected through Focus Group Discussions to enrich the design of the survey questionnaire administered on a sample of 300 randomly selected farmers contracted by the Dangote Tomato Processing Plant (DTPP) in four regions of northern Nigeria. Novel transaction level data of tomato sales covering one season were collected in addition to socio-economic information of the sampled farmers. Binary logistic model results revealed that open fresh market tomato prices and payment delays negatively affect farmers' compliance behaviour while quantity harvested, education level and input provision correlated positively with compliance. The study suggests that contract compliance will increase if contracting firms devise a reliable and timely payment plan (e.g., digital payment), continue input and service provisions (e.g., improved seeds, extension services) and incentives (e.g., loyalty rewards, bonuses) in the contract.

Keywords: contract farming, compliance, farmers and processors., smallholder

Procedia PDF Downloads 22

Authors: Chieh Lee

Abstract:

Today, supply chain managers face extensive disruptions in raw material pricing, transportation block, and quality issue due to product complexity. While digitalization might help managers to mitigate the disruption risk and increase supply chain resilience by sharing information between sellers and buyers through the supply chain, entities are reluctant to build such a system. The main reason is it is not clear what information should be shared and who has access to the stored information. In this research, we propose a smart contract built by blockchain technology. This contract helps both buyer and seller to identify the type of information, the access to the information, and how to trace the information. This contract helps managers control their orders through the supply chain and address any disruption they see fit. Furthermore, with the same smart contract, the supplier can track the production process of an order and increase production efficiency by eliminating waste.

Keywords: blockchain, production process, smart contract, supply chain resilience

Procedia PDF Downloads 48

Authors: Charmaine Devinee Pillay

Abstract:

Employees in both public and private sectors are expected to contribute significantly to the growth and development of the organization that employs them. Good working conditions are directly linked to the optimum output emanating from the workforce’s excellent performance. Insecurity, instability and lack of benefits negatively impact on the employees’ commitment to their job. This is a qualitative case study that comprised 40 “Contract Employees” (Academic and Supporting staff) in the Faculty of Health Sciences, Walter Sisulu University, Mthatha, Eastern Cape, South Africa. Questionnaire, as instrument of data collection, was used to obtain qualitative data. Data collected were categorized in themes and sub-themes for analyses and discussion. Findings showed that “contract Employees” are highly demoralized due to job insecurity and non-benefits, among other factors, which directly affect their overall output in discharging their duties. The case study at Walter Sisulu University typifies the generalized challenges faced by workers on contract basis in South Africa. It is therefore, recommended that employers hire their workforce on permanent basis or, where “Contract Employment “is inevitable, similar conditions that go with permanent employment should be incorporated in the contract terms of “Contract Employees”. This serves as impetus for optimum performance.

Keywords: contract employee, insecurity, instability, risk factors

Procedia PDF Downloads 166

Authors: Yeukai Mupangavanhu

Abstract:

The paper examines the concept of ubuntu and the extent to which it can play a role in ensuring fairness and justice in contractual relationships. Courts are expected to balance sanctity of contract and fairness. Public policy is currently a mechanism which is used by courts when balancing the above two competing interests. It, however, generally favours the freedom and sanctity of contract. The question which is addressed in this paper is whether the concept of ubuntu is an alternative mechanism that may be used to mitigate the sometimes harsh and unfair consequences of the doctrine of freedom and sanctity of contract. A comparative study and case analysis is the methodology that is used in this article. Unfairness in contracts is generally related to the problem of inequality in bargaining power underscored by deeply entrenched social and economic inequalities that are a consequence of apartheid and patriarchy. The transformative nature of the constitution demands the inclusion of African legal ideas and values in the legal order. There is a need for the harmonisation of western ideals which are based on the classical model of law of contract with relevant African principles. In order to attain a transformative legal order that promotes a societal transformation and enhances the lives of everyone courts cannot continue to frown upon African values. Ubuntu has the potential of steering the law of contract in a more equitable direction. The substantive rules of contract law undoubtedly need to be infused with the notion of ubuntu. The reconciliation of Western and African values is at the heart of legal transformation.

Keywords: fairness, sanctity of contract, contractual justice, transformative constitutionalism

Procedia PDF Downloads 220