How Marketing Sector Plays A Business Or Organisation Essay

Marketing sector plays a vital role in a business or organisation. It is a sector that helps to inform and influence the society at large about the activities made by a business or organisation (Elliot, 2010). Working under the marketing sector would be challenging as it requires marketers to have competent attitudes and skilful (Elliot, 2010). Although there are several flaws can be identified to make marketing as a profession such as working long hours and working with an organisation that does not embrace the marketing concept (Klein, 2004), it is a profession that is meaningful to me. To work as a marketer, certain tasks require going one place to another to meet different people. It is a job that not always makes you stay in office. Hence, it is not a monotonous job in comparison to other jobs that have to do a repetitive work. It is one of the reasons why I chose to work under the marketing sector in the future. Where, marketers able to meet and socialise with people that have a different background. Therefore, it helps to expand and broaden my knowledge on numerous matters. Another reason would be because of exploration and comprehension of consumer behaviour. By understanding the behaviour of consumers, marketers able to help a business or organisation to produce a product that is highly demanded by consumers. Thus, it also expected to result in increase the profits of the company. Last but not least, chose to work under a marketing sector would be meaningful to meShow MoreRelatedStrategic Marketing : Business World, Tourism And Hospitality Industry Essay1379 Words   |  6 PagesIntroduction: In the present modern ever competitive business world, tourism and hospitality industry contributes a great portion in any economy. Great Yarmouth has to respond positively to the customer perceptions and expectations with the view to ensuring the quality product and services and delivery of that service. The tourism sector of Great Yarmouth is considered as the single sector which directly and indirectly indicates the economic impact about  £531 million per annum and responsible forRead MoreMacro and Micro Environment656 Words   |  3 Pagesexternal marketing environments; micro and macro. These environments’ factors are beyond the control of marketers but they still influence the decisions made when creating a strategic marketing strategy. micro and macro environments Micro Environment Factors The suppliers: Suppliers can control the success of the business when they hold the power. The supplier holds the power when they are the only or the largest supplier of their goods; the buyer is not vital to the supplier’s business; theRead MoreThe Basic Hr Strategic Model1227 Words   |  5 PagesThe basic HR strategic model is unique to business and organisations. There are three steps to it, the strategic analysis, strategic choice and strategic complementation which in many ways it supports the cooperate strategy, business and operational strategy, functionalities of strategic approaches to plan, forecast the changing factors and deliver ways to achieving results. Businesses often review their strategies and create an action plan to implement the action and monitor the results. In manyRead MoreThe Role of Marketing Strategies in UNICEF909 Words   |  4 Pagesâ€Å"Marketing is a vital part of any organization’s success in fulfilling its mission and reaching tho se whom it exists to serve.† Siri Espy, Marketing Strategies for Nonprofit Organizations UNICEF Background UNICEF is the driving force that helps build a world where the rights of every child are realised. With the global authority to influence decision makers and the variety of partners at grassroots level to turn the most innovative ideas into reality. This makes UNICEF unique among world organisationsRead MoreEssay on Business and Management: A Career for Me579 Words   |  3 PagesBusiness and Management is a course I believe that I have the qualities and skills to create a successful career in this area. Ever since I can remember, I recall always wanting to organise everyone and give them certain tasks to do. In fact, even when I was just playing with my friends. I remember how I used to organise all the plays and concerts that we did. I have been inspired by my own Father a director of a successful business organization which has been managed by him over years and also supportingRead MoreHow Into An Idea Of Entrepreneurship? Essay725 Words   |  3 PagesHow to tune an idea in En trepreneurship? The other day one of my younger cousins came to see me and we had a long chat. At one point he said he was contemplating on a technology-based business idea in which he is keen to invest. I asked him to share the idea with me in detail. Then he explained what he wanted to do, how to implement the idea, approximate cost, budget, tentative loss-profit calculation, marketing procedure and supply chain management system, etc. I found out that the proposal is newRead MoreUnit 1 P6 Describe How Political, Legal and Social Factors Are Impacting Upon the Business Activities of the Selected Organisations and Their Stakeholders1360 Words   |  6 PagesIntroduction P6: This report describes the influence of political, legal and social factors on the activities of Coca-Cola Enterprises Ltd and Croydon Health Services NHS. The report also identifies how the aforementioned factors may affect its stakeholders. All businesses will be affected by factors in its environment. The following are the 3 main factors affecting businesses; 1. Social Factors Social factors refer to the changes in the lifestyle, behavior, attitudes and tastes of differentRead MoreCase Study : Bt Technologies ( Btt ) Essay1574 Words   |  7 Pagesindustries such as the automotive and aerospace sectors and the agricultural and construction equipment industries. These products are separated into four separate SBU’s (Strategic Business Units) – which is where BT Technologies’ main sources of income are derived from. These four SBU’s are: †¢ BT Hydraulics †¢ BT Metal †¢ BT Power †¢ BT Aerospace Aside from these high quality products, BT Technologies have also created themselves into a â€Å"knowledge-based organisation† through their continuous research and developmentRead MoreHow Do You Tune An Idea? Essay1177 Words   |  5 PagesHow to tune an idea? The other day, one of my younger cousins came to see me and we had a long chat. At one point, he said that he was contemplating on a technology-based business idea in which he showed his zest and zeal to endow. I asked him to share the thoughts with me in detail. Then he explained, what he wanted to do, how to implement the thinking, approximate cost, budget, tentative loss-profit calculation, marketing procedure and supply chain management system etc. I found out that the proposalRead MoreThe Issues Facing Small Business1655 Words   |  7 PagesAbstract The purpose of this journal to critically evaluate the issues facing small business owners in the pursuit of business growth with recommendations as to how government policy might be informed to support SMEs to achieve their growth objectives. It will be highlight by innovation through this journal. Key words: †¢ Innovation †¢ Economic growth †¢ SME †¢ Job creation †¢ Technology †¢ Government policy Introduction Definition of SME: â€Å"Similarly, recent EU definitions specify that a small company

Wings of Desire and Antigone Conflicts and Opposites Essay

Annotated Bibliography MacKay, L.A. Antigone, Coriolanus and Hegel. Transactions and Proceedings of the American Philological Association 93 (1962): 166-174. Web. 19 Mar 2012. JSTOR http://www.jstor.org/discover/10.2307/283759?uid=2uid=4sid=47698786493307 The author, LA MacKay through this article has provided a comprehensive insight into the themes of revolt and conflict illustrated through the characters and sentiments of the play, Antigone and therefore proves to be a valuable resource for the study of the same. The article has been published by the Transactions and Proceedings of the American Philological Association and the author has composed various analytical essays, particularly on the subject of Creon and Antigone which†¦show more content†¦These opposites essentially represent not only the tendency of this world to possess conflicting images, but also an individual’s tendency to have conflicting emotions as well as the struggles between individuals. Antigone and Wings of Desire are two exceptional works of art, that although seem vastly diverse in terms of setting, form and style are however, in my opinion, linked through their portrayal of the struggles experienced by individuals as well as the demonstrati on of conflicting images and forces. Antigone is a play that was first written by Sophocles in 442 BC and later adapted and rewritten by Jean Anouilh. The story follows the epic tragic heroine Antigone and her downfall through her opposition against the King Creon. Wings of Desire, directed by Wim Wenders is a 1987 Franco-German film. It revolves around two angels, one of who is named Damiel who falls in love with a human. He wishes to renounce his immortality for a chance to be with the woman he loves and to experience human emotions and sensations. Unlike most Greek tragedies, Antigone is not essentially about the opposing powers of good and evil. Instead, the play demonstrates the conflict between one’s duty towards their family and their country and social expectations. â€Å"Antigone presents a conflict between family loyalty and loyalty to the state, between demands of the state and the will of the individual† (MacKay, 166). The kingShow MoreRelatedMoral Lessons in Antigone3823 Words   |  16 PagesThe play Antigone was written by Sophocles around four hundred forty B.C.E, in the height of the golden age of Greece. Theater was then, as it is now, a medium through which to implicate the outlooks of its writer and to examine moral issues, whilst providing entertainment. The subjects discussed through theater were often deeply rooted in the dialogue of the characters in the plays and struck the chords of the audience such that enlightenment could take place, and in that day and age this purposeRead Moretheme of alienation n no where man by kamala markandeya23279 Words   |  94 Pagesï » ¿ANTIGONE KEY LITERARY ELEMENTS SETTING This tragedy is set against the background of the Oedipus legend. It illustrates how the curse on the House of Labdacus (who is the grandson of Cadmus, founder of Thebes, and the father of Laius, whose son is Oedipus) brought about the deaths of Oedipus and his wife-mother, Jocasta, as well as the double fratricide of Eteocles and Polynices. Furthermore, Antigone dies after defying King Creon. The play is set in Thebes, a powerful city-state north of

When It All Began Free Essays

When I began kindergarten I was able to print my name in large letters. But the school was teaching me to write from scratch. I was put into advanced writing because the school linked writing to reading, and I was an advanced reader. We will write a custom essay sample on When It All Began or any similar topic only for you Order Now I was not an advanced writer. At that age, I lacked the small-muscle control for precise penmanship, and I usually found my writing lessons an unpleasant, frustrating struggle. I squeaked through without being singled out as a poor student, but I began to dislike and feel anxious about writing. In my first and last week of first grade, I learned what it meant to fall behind. We were no longer in reading and writing groups. Before recess one day, everyone in class was assigned to write their name ten times. With my usual care and diligence, I began to work. When it was time for recess, I was the only student who hadn’t finished. Doing a half-ass job just to be done on time had never occurred to me. In my six-year-old view of life, doing something meant doing it as best as I could, there were no other options. Seeing my unfinished work, my teacher jumped to the worse conclusion. While the other kids went out for brief chance to play, she and her aide kept me inside for a lecture on how I needed to work harder. They assumed I had no finished because I had not tried, and when I told them I couldn’t work faster, the ignored this as if it must be a lie. As so often happens to student in schools, I was presumed to be lazy, dishonest, and driven by the worst intentions. At age six, all I understood from my teacher’s lecture was that I had done very badly on my assignment and should have been able to do much better. She and her aide even made me promise that I would finish all my future assignments on time, a promise that, as I told them and they wouldn’t believe, I didn’t think I could keep. Their intense disapproval and this need to make false promise upset me deeply, and made me doubt my own abilities in a way that I never had before. If they were so certain that only lazy people write as badly as I did, yet I knew I wasn’t lazy, I could only conclude something was wrong with me. It must be that I’m no good at writing. And since my deficiency had earned me such disapproval, I was ashamed of it. My parents took me out of school that week, but my belief that I was a bad writer lasted for years after my last school day. I was afraid to write because I was sure I would fail. With most of what I did, I had no concept of failure, only of needing to improve or try again or take a different approach. Being out of school, with its flexibility and lack of external judgments, rarely involves failure. Someone out of school who doesn’t understand a math concept has no more failed than a baby who falls down while trying to walk, she simply hasn’t learned it yet. As my family began homeschooling, writing was the only subject I wanted to avoid. Through my school lessons and failure had only been with penmanship, I also feared composition, it was all writing, and I had developed a mental block against anything under that name. My mother worried, she could see that all other aspects of homeschooling were going smoothly, but what about this one important life skill that I hated and feared. Believing that she had to keep me from falling behind, she tried making me do writing assignments. She didn’t give them to me often, for they were miserable ordeals for the both of us. But every few months or so she would start worrying that she wasn’t teaching her daughter to write, and would try giving me an assignment or a series of them. Sometimes she tried to find ways to make writing fun. She had me practice penmanship by writing favorite phrases in pretty colors. She asked me to write short stories twice, I never finished either one, and fo r a while she had me keep a journal. None of it worked. Even the fun assignments were only fun for a few minutes, then the fun wore off and fear, frustration, and resentment took over. When I did other projects, I was enthusiastic and full of ideas, but whenever I had to write, I became listless, uninspired, and uncreative. I brought nothing to the assignment, she had to lead me, or drag me all the way because I was only working toward her expectations, not my own ideas. I wrote badly. I could tell how poor my work was, which reinforced my belief that I couldn’t write. My style and content were unrelentingly dull and generic. I was too afraid of writing to be able to put my imagination or my identity into it. I did not progress. To progress, one has to analyze what one is doing and look for ways to improve, and I was frozen in the glare of my knowledge that I was a bad writer. Since every writing assignment only made matters worse, my mother tried the only other possibility. She allowed me no to write, she neglected the subject. She let me fall behind a grade level. She removed the pressure and gave me a chance to outgrow and forget my fear. Except for thank-you notes, I wrote nothing at all. When I was almost twelve, after some years of no writing, Mom again suggested that I try keeping a journal. Unlike the previous journal, which had been an assignment for educational purposes, she made it clear that this one was entirely my decision and that writing skills wouldn’t be an issue. If I wanted to do it at all, I would be free to scribble any old illegible and incomprehensible mess I chose. Furthermore, she wouldn’t expect to see any more of it than I felt like showing her, a few years earlier, I wouldn’t even had consider taking such a suggestion without being pushed into it, but my time away from the dreaded subject had taken the edge off of my fear. I was intrigued by the idea of keeping a record of my life that I could look back on later. This idea was safe enough, with its complete lack of outside pressure and no need to even think about whether my writing was correct, that I felt comfortable giving it a try. I wrote in my journal daily, enjoyed it, and put no effort at all into the quality of my writing. Nearly the whole journal consists of two kinds of sentences, the short, simple kind I had use in my assigned writing, and long monotonous run-ons that I had never used before. The run-ons, some of which went on for pages, came from my completely ignoring the technical side of writing and, for the first time in my life, simply rambling unselfconsciously. Then I decided to write a book. I had been keeping the journal for a year when I had the idea. My inspiration was TV, light reading, and daydreams. For the first time in my life, I was planning a serious writing project that I eagerly wanted to work on. It arose from my own ideas and interest, which was on overwhelmingly important aspect that has to occur at its own moment. Giving children assignments tied to their interests is a poor substitute for letting them follow those interests into whatever learning comes naturally. My mom had tried giving me writing assignments on things that interested me. But being interested in the subject doesn’t mean I want to write about them, so such attempts to tie assignments to interests are often ineffective. When I started writing, I worked slowly, carefully, and well. No one minded, no one checked up on me to see what I was accomplishing. My parents showed friendly interest, as they would if I had a new toy or a new playmate, but they never expressed interest. Motivated wholly by desire to express my ideas, I was energetic and creative. Instead of captive forced to struggle with a hated duty, I became an artist at work, passionate, inspired, striving toward an ideal that had come from my own thoughts. At last I opened my mind and let myself be influenced by all the good writing I had seen. I had, after all, been reading profusely for nearly my whole life. All those years, I had seen and enjoyed good writing again and again yet never imitated it. Now with me writing my book, I considered style for the first time and followed the examples of the authors I had read. As I gathered my observations together and used them without fear, I gained my first solid evidence that I had been wrong for seven years, I could write. I worked on my book on and off for several months before I got absorbed in other things and lost interest. When I wrote, I was very slow, because, with my lack of experience, it took a long time to do the sophisticated work I wanted to do. In the end, I only wrote a total of three pages. But however little I had put down on paper, I had learned a tremendous amount and found confidence in my ability to write. After abandoning the book, I did not write seriously for the next three years or even continue with the journal. This was very different from my old no writing days, though, I was only uninterested, not afraid. Writing a thank-you note or an occasional letter to Grandma was now pleasant and non-threatening. I wasn’t writing compositions every week, but who cares. I had already gained as much as a student needs to, adequate writing skills, confidence in my ability, and knowledge that I would be able to learn more about writing anytime I chose. At age sixteen, at an outdoor concert, I picked up a political flier urging people to write to Congress in opposition to welfare. I felt strongly about this issue and wanted to influence the outcome, so I quickly decided to write. I let ideas for what to say in the letter float through my mind for a couple of days. I was writing because I had an idea that I wanted to express, and again, I drew on my reading experience as I attempted to express myself well. This time I used the writing style I had seen in the political commentary pieces I read in the magazines and newspapers. With that letter, I found that I loved the process of writing. I developed a passion for putting words together to express my thoughts and feelings, and I been writing ever since. After the welfare letter, I began to write profusely on a variety of topics. I was starting fresh, seeing my college writing assignments simply as what they were, a set of requirements that I voluntarily agreed to so I could get help with my work, instead of linking them to my grade-school nightmare. How to cite When It All Began, Essay examples

The Day That Changed My Life free essay sample

I became very angry it got to the point that I learned how to block out the pain. My anger arose so fast I needed to release this anger that began to consume my life. Abuse Is what I knew, I began picking fights with anyone that I could find or anyone that said something to make me mad. When I was 13 the rage became so unbearable I got into a fight at school. When I fought the only thing I focused on was the fight itself, I couldnt see anything that was going on around me all my attention was consumed. I felt someone grab my arm I urn and swung.As I was tackled to the ground I had realized what I had Just done. I punched a cop. I was arrested. My mom came and picked me up at the police station. Charges were dropped but my Mom was told if I continued on this path it was only a matter of time before I did something regrettable. We will write a custom essay sample on The Day That Changed My Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Her solution was to move out of Colorado and took me to Maine. In the beginning of my new life in Maine things were not any better for me I had so much anger I would lash out all the time. I had a very hard time keeping friends because I lashed out all the time.All this did was made me even angrier and I began to hate everything and everyone. Once I became of age to work I began to Just focus on making money and not worrying about anything or anyone. My mother did the best she could but bills became my responsibility. By the age of 21 1 held three Jobs Just so my mother and I could survive. The Job I hated the most ended up becoming the most member able, It was McDonalds in the small town of Gray. While working there on my breaks I would go over to Cumberland Farms and started to hang out with this guy Justine.On September 19, 2004 at seven oclock at night I went in to Cumberland farms to visit my friend and thats when I saw her. Down and the curls bounced as she laughed and talk. She wore a beautiful solid pink button up shirt and a pair of black paints with pink pin stripes. A pink lace shawl wrapped around her waist flowed gently as if there had been a light breeze in the room. It started out with a brief introduction, her name was Jamie. I could barely mutter out my own name let alone start a conversation. Before I knew it I had to go back to ark and she was going out to a club with Justine as soon as he got off work.I was angry at myself for not asking for her number, but I Just couldnt do it. What would a girl like that want with a guy like me? I went back to work but all I could think of was Jamie, who knew that someone that put up a front for so long could feel this way. I ran the drive thru and messed up order after order. Was I going completely crazy? Things like this dont happy in real life, my life defiantly was no fairy tale My head set start beeping yet again, other order for me to mess up. The car pulled around and it was Jamie little did I know she was having the same feelings.When she got to the window and I asked her for the money for her order. She gave it to me then I gave her food, then I asked her if she need anything else like my phone number and she said heres mine call me when you get out and maybe we can get together. I waited about ten minutes and called her and she asked when I got off work so I said about one in the morning. She said she would be outside when I got out. It was the longest four hours of my life but for the first time I found myself not angry anymore, I was excited.Even if it meant that we would be Just friends it didnt matter to me. When I got out of work she was in the parking lot. I got in her car and we headed to the only place opened late at night, Dunking Donuts in Winding. We stayed in the car in the parking lot talking till the sun came up. We did the same thing the next two nights I became comfortable with her, a feeling that I had never felt before. I shared my past with someone that Just a few days ago was a complete stranger. She understood me, and didnt Judge me. Over the next ten years she helped me to come a lot calmer.She also made me realize that when I was with her and happy I didnt have any anger. I was able to let go of everything that had happened to me and just focus on her. We spent a lot of time talking about how I could deal with my anger in ways that were nonviolent. When I use to get mad fighting was the best way to deal with the person that made me mad. Jamie through time and patience helped me to focus on talking things out instead of fighting and only fight if I had no other choice. To tell you the truth I thought she was crazy at first but I came to understand her.

India And Pakistan Conflict Essays - IndiaPakistan Relations

India And Pakistan Conflict India's nuclear tests are a wake-up call to the world, and particularly to the nuclear weapons states. India's tests got the world's attention. The country that was really woken up by these tests was Pakistan. These tests have refueled the conflict between Pakistan and India. The two countries have fought three wars, two of them over the disputed region of Kashmir. The region is small, but nestled in the foothills of the Himalayas, its strategic importance and beauty make it a prized possession. Great Britain carved the Muslim state of Pakistan out of Indian territory. This is the primary source of there conflict. When the English did this they had to force some of the Hindus out of the Muslum Pakistan and likewise for Muslums in India. Political Issues

Wwi - Total War Essays - Economic Warfare, Politics, Free Essays

Wwi - Total War Essays - Economic Warfare, Politics, Free Essays Wwi - Total War By 1939 France and Great Britain had declared war on Germany. Germany had invaded Poland and was working towards European domination while on the other side of the globe Japan had launched a massive attack on China and Korea and was steadily moving over the Pacific in an attempt to gain complete control over Greater East Asia. Italy was attempting to conquer the Mediterranean and was, thus far, triumphant. All was being broadcast globally on the radio. This was becoming a war unlike any in the 20th century, even the First World War couldnt compare to this gruesome fight against fascism, communism and world domination. For the first time ever there was a war on nearly every continent and ocean as well as every head and heart. This essay will examine how the media, economic and militaristic mobilization as well as the ideological opinions contribute to the view of the world being engrossed in what has now been called the last noble war. This war characterized itself by the complete mobilization of man and his

ENG C291 Probabilistic Methods in Structural Engineering ( Curriculum Essay

ENG C291 Probabilistic Methods in Structural Engineering ( Curriculum BACHELOR OF ENGINEERING IN CIVIL) - Essay Example echniques for providing significant mathematical measures for designing reliable and secure structures, which are more oriented towards maintaining their elevation and integrity, without being distracted or disturbed by external/internal calamities. Structural engineering is sub-domain of engineering, which deals with the evaluation and analysis of large/small structural designs, offering self-sustenance, reliability, and load resistance features. As part of the civil engineering and architecture designing discipline; this particular subject carries a very deep association with the art of mathematical modeling, geometrical designing, proportion-based physical calculations, etc. As can be witnessed practically; the two common factors between all the structural samples are integrity and reliability, which are often achieved through precise mathematical and statistical calculations. In this regard, generally, the structures over which calculations or analysis is performed, are called structural systems (more technically, filtering systems). According to Augusti et al. (1984), these systems are roughly defined by three important aspects, which shape their overall integrity. These aspects include ‘input’ to the system q uantities acting over the system, system quantities which are pre-included part of any system, and ‘output’ quantities, which are resulted from a system. With these in hand, an engineer working on these structures (systems) can take necessary actions for analyzing structural properties, and set different regulatory parameters, for the sake of reliability and integrity assurance. For instance, a system (structure) can be considered, which has its foundations on a horizontal plane. This system is getting influenced by external horizontal and vertical forces on fixed and arbitrary upper ends, and is leaning slightly towards one end, which is decided by the vector product of both forces. Within this system, the horizontal and vertical forces can be

Professional organization Essay Example | Topics and Well Written Essays - 250 words

Professional organization - Essay Example ACN will be in equipping me with the necessary information that will enhance my capacity to advance my nursing education, research, and eventually my career. Importantly, participating in AACN’s activities will be essential in developing my capacity in providing quality care to my patients in an effective and efficient manner that promoted safety. AACN invites new members to participate in its program that matches new deans with mentors who have expertise in the field. Through participating in this program, my experienced mentor will help me achieve the objectives of learning the approaches to become conversant with my roles as a nurse leader and build my leadership skills in the nursing field. Besides, participating in these programs will be instrumental in capacity building of my leadership skills in finance. The Doctor of Nursing Program (DNP) is the future in nursing education and research. In this case, this program will move the advanced nursing practice from its current master’s level to the doctorate level. In line with this, I want to expand my practice in nursing and enroll in this program. In effect, AACN has been on the forefront in building capacity and developing this program in nursing. Hence, my membership with this organization will be of the essence since it has already established the necessary framework to guide its members to join DNP programs while its database will provide literature for nursing

Systemic family therapy(psychotherapy) TEAM Essay

Systemic family therapy(psychotherapy) TEAM - Essay Example Within the systems approach, there are three different ways problems are approached, namely, the strategic approach, the structural approach and the systemic approach. The strategic family therapist addresses problems in light of uncertain and inconsistent hierarchies within the family system (Watson n.d., p.381). He/she elicits "power and control issues, and directs change by means of family assignments or paradoxical injunctions" (Haley 1976, Madanes 1981, cited in Watson n.d., p.381). A structural family therapist looks into family structure, subsystems, and boundaries with an ideal family structure in mind and tries to reorganize the boundaries of families. The systemic approach has its origin in the work of the Milan therapy team inspired by Mara Selvini Palazzoli along with L.Boscolo, G. Cecchin and G. Prata (Wright & Watson 1991, p.407). Systemic therapy involves conceptualization of family problems from a systemic perspective, which plays an important role in the treatment pr ocess. Systemic therapists offer information and advice that liberate the family and enable them to solve their own problems. A systemic opinion is "offered by conceptualizing the presenting symptom as a solution to some other hypothetical or implied problem that would or could occur should the symptom not be present" (Tomm, cited in Wright & Watson 1991, p.427). This is called reframing. ... They offer different and contradicting views of reality, referred to as split opinions, which enable the family to be more open to change (Wright & Watson 1991, p.428). Therapists require the family to follow a pattern of behavior that is different from what it is used to. This is referred to as a ritual. Rituals help families to make new connections which in turn help them find new realities, leading to change and resolution of issues. The reflecting team In systemic family therapy, a reflecting team consisting of consultants or co-therapists from different fields helps the family in finding its own solution. The family is invited to sit behind a one-way mirror and observe the team's discussion on a previously held conversation between the family and the therapist. The team's voicing out aloud about the family's problems and possible solutions directs the family to consider alternate views of the family situation, problems and possible solutions. Andersen has suggested several assumptions and working guidelines for the reflecting team (cited in Jenkins 1996, p.1). A reflecting team follows the assumption that information needs to shared and not withheld, and based on this, the team can share its thoughts with the family during discussions. When there are multiple ideas discussed, there are different perceptions of reality, and the family's perception of its situation is also enriched on hearing these differences. Consequently, the family gets an opportunity to view its problems and possible solutions from alternate perspectives. These enriched pictures of the family and its dilemma form "an ecology of ideas" (Bogdan, cited in Jenkins 1996, p.1). Listening to the multitude of ideas and opinions of the reflecting team members helps the clients

Rights and Duties in a Letter of Credit Transaction

Rights and Duties in a Letter of Credit Transaction Introduction The letter of credit is the most commonly used method of payment for goods in international trade. This thesis highlights the imbalance of the rights and duties of the parties in a letter of credit transaction by emphasising deficiencies in the letters of credit system. In addition, on those areas where there is lack of justice and equity and which make the system of the letters of credit vulnerable for fraudulent activities. This thesis is structured in five chapters. First chapter after briefly discussing the structure of the letter of credit system, such as parties to the letter of credit transaction, kinds of letters of credit, step by step procedure of the transaction, different type of the documents used and the common defects in those documents, it also explains about the division of the risk under such a transaction and how the applicant’s risk has increased under UCP and very often the buyer is paying for the goods he had not contracted for. Second chapter after brief discussion of the drafting and interpretation of the UCP, explains about the reluctance of the courts to intervene in order to balance the rights and duties of the parties in a letter of credit transaction, status of the UCP, scope of the banks duties and in addition the disclaimer clauses under UCP. Chapter three explores the autonomy of the letters of credit, the doctrine of strict compliance and the ways in which the courts deal with documentary compliance. It further considers that overprotection of the â€Å"independence principle†, and the lack of â€Å"reasonable care† on the part of banks provides opportunities of fraud to the sellers to obtain payment without actually performing their duties to banks and buyers. Chapter four explains â€Å"fraud exception† to the autonomy principle in detail, the position of the fraud exception in England and the history of the English cases relating to the fraud. In addition it also examines the reasons for such an enormous increase in the number of cases relating to fraud. Finally, chapter five considers some of those methods, which can be used to avoid such an increase in fraud cases and also provides few suggestions to balance the rights and duties amongst all the parties to the letter of credit transaction. Chapter 1 Structure of a Letter of Credit Transaction Commercial letters of credit have been used for the centuries as a most common method of payment, in international trade. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP). A commercial letter of credit is a contractual agreement between a bank (issuing bank), on behalf of one of its customers (buyer), authorizing another bank (advising or confirming bank), to make payment to the beneficiary (seller). The issuing bank, on the application of its customer (buyer), opens the letter of credit, and makes a commitment with the buyer to honour the credit, if the documents presented by the beneficiary are conforming to the terms and conditions of the credit. Thus, the issuing replaces the customer to make payment to the seller. Elements of a Letter of Credit An undertaking given by issuing bank to make payment Issuing bank gives undertaking on behalf of a applicant To pay a given amount of money to the seller On presentation of required documents under the letter of credit Within a specified time as provided by the letter of credit Documents must be in compliance to the terms and conditions of the letter of credit Documents must be presented at a specified place provided by the letter of credit Beneficiary Beneficiary is normally the provider of the goods or services and is entitled to payment as long as he can provide the conforming documents required by the letter of credit. The letter of credit is a distinct and separate transaction from the underlying contract (contract between seller and buyer). All parties deal in documents and not in goods. The issuing bank is not liable for the performance of the underlying contract between the buyer and seller. The issuing banks obligation to the buyer-applicant is to examine all documents to insure that they are in compliance with the terms and conditions of the credit. To get the payment it is for the beneficiary to provide all the required documents. If the seller-beneficiary conforms to the letter of credit, the seller must be paid by the bank. Issuing Bank Letters of credit only concerns with the documents, not with the goods, therefore the duty of issuing bank to pay to the beneficiary and than to be reimbursed from its customer will only be completed upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is entitled to have a reasonable time after receipt of the documents from the beneficiary, to examine the documents and then to make the payment. The issuing bank provides a guarantee to the seller that if the documents presented by the beneficiary are in compliance with the terms and conditions of the credit, then the bank will make the payment to the seller. Generally the documents presented include a commercial invoice, bill of lading or airway bill and an insurance document etc. Advising Bank An advising bank is usually a foreign correspondent bank of the issuing bank which advises the seller-beneficiary. Generally, the beneficiary wants to use a local bank to insure that the letter of credit is valid. In addition, the advising bank is responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. Therefore, if the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay. Confirming Bank At the request of the issuing bank, the correspondent bank may confirm the letter of credit for the seller-beneficiary and obligates itself to insure payment under the letter of credit. The confirming bank is usually the advising bank. There are two main types of Letters of credit: (1) Revocable (2) Irrevocable Revocable Letter of Credit Revocable letter of credit is not a commonly used type of the letters of credit. This type of letter of credit can be revoked by the issuing bank at any time, without notification to the beneficiary, for any reason. Such type of letter of credit can not be confirmed by the correspondent bank and the bank will act as an advising bank only. A revocable letter of credit can not be revoked after the presentation of the documents, if the documents are conforming to the terms and conditions of the letter of credit and the payment has been made. Irrevocable Letter of Credit Use of irrevocable letters of credit is very common in international trade. Irrevocable letter of credit can not be revoked or changed without the consent of the beneficiary. Issuing bank will make the payment to the seller, if the seller presents the documents complying with the terms of the credit, as agreed between seller and buyer. Such a letter of credit can only be changed with the permission of both buyer and seller. If it is not clear from the letter of credit that whether it is revocable or irrevocable, it automatically considers as irrevocable. Irrevocable letters of credit are of two kinds: Unconfirmed credit In case of unconfirmed letter of credit, advising bank does not confirm the credit to the seller and the issuing bank is the only party responsible for payment to the beneficiary. Advising bank will only pay to the seller after getting payment from the issuing bank and there is no risk for the advising bank. Confirmed credit In this type of credit, advising bank confirms credit to the seller. When the advising bank confirms that the documents presented are conforming to the terms of the credit, it will make the payment to the seller, and after that advising bank will contact with the issuing bank to get the payment. This type of letter of credit is commonly used, when the seller is unfamiliar with the issuing bank. Such a type of letter of credit is quite expensive because the banks have some liability. Step-by-step process In international trade as the buyer and seller are in different countries so when the buyer and the seller of the goods agree to conduct business, than because of the gap of time between delivery of goods and the payment, usually the seller wants a letter of credit as a guarantee of payment from the buyer. Than the buyer makes a request to his bank called the issuing to open a credit in the favour of the seller. at the request of the buyer, issuing bank issues a letter of credit in favour of the seller and forwards it to the corresponding bank called the advising or conforming bank., which is usually located in the seller’s country. Advising bank than either confirms the credit or not, depending upon the type of credit, and forward it to the seller. Seller than ships the goods and collects the documents required in order to meet the requirements of the letter of credit and finally to get the payment in time. Seller presents the required documents to the advising or confirming bank in order to get the payment in time. Advising or confirming bank examines the documents presented by the seller to check that whether they are conforming to the terms and conditions of the letter of credit. If the documents are in compliance, advising or confirming bank, in case of confirmed letter of credit, will make payment to the seller and will be reimbursed from the issuing bank and in case of unconfirmed letter of credit, advising or confirming bank will forward the documents to the issuing bank. Than the Issuing bank will, after examine of the documents, debit the buyers account if the documents are in compliance to the terms of the letter of credit. In the end, Issuing bank forwards the documents to the buyer. Most commonly used documents in a letter of credit transaction include: Commercial Invoice This includes description of the goods, their price, FOB origin, and name and address of the buyer and the seller. The buyer and seller information must be in compliance with the description provided in the letter of credit. Bill of Lading It is a document which shows the receipt of goods for shipment by a freight carrier. It is an evidence of the control of the goods and also acts as an evidence of the carriers obligation to transport the goods to their proper destination. Warranty of Title A warranty given by a seller to a buyer of goods that states that the title being conveyed is good. It is generally issued to the purchaser. Letter of Indemnity It is a letter specifically indemnifies the purchaser against a certain stated circumstance. Indemnification is generally used to guarantee that shipping documents will be provided in good order when available. Common Defects in the documents presented A discrepancy is some defect in the documents presented by the seller, which show their non-compliance with the terms of the letter of credit. Issuing bank can not change the terms and conditions of the letter of credit with out t he permission of the buyer. Therefore to avoid any delay in getting payment. Beneficiary should be careful in preparing the required documents. Common defects in the documents presented by the seller include: If the description of the goods is not consistent. There is some error in the insurance documents. If the draft amount is not equal to invoice amount. Loading and destination ports are not same as provided by the letter of credit. Merchandise description is not same as in the credit. If any of the documents required by the credit is not presented. Documents are generally inconsistent such as quality, etc. If the names of the documents required are not correct, as mentioned in the credit. Invoice is not signed as provided in the letter of credit. If prior to the presentation of the draft, Letter of Credit has expired. If the date mention in the bill of lading is different from the date stated in the credit. If there are some changes in the invoice which are not authorized by the letter of credit. In international sales, as the seller and the buyer are in different countries, there is a common problem of payment due to the difference of time between dispatch and delivery. Obviously, seller would like to receive payment for the goods when delivering them to the carrier and the buyer would prefer to delay the payment of the price until receipt of the goods. Therefore, a letter of credit solves this problem between the seller and the buyer. Generally, there are three separate transactions in a letter of credit transaction. The first is between a seller and a buyer, called an underlying transaction, by which the seller provides contracted goods to the buyer. The second transaction is between the buyer-applicant and the bank (issuer of the letter of credit), in which the bank issues a letter of credit to the seller-beneficiary. Finally, the letter of credit itself creates a relationship between the issuer and the beneficiary, in which, the issuer makes payment for goods upon the beneficiary’s presentation of the required documents, in accordance with the terms and conditions of the letter of credit as agreed between seller and buyer. The bank’s performance of payment is conditional on the delivery of conforming documents by the beneficiary. The banks are called issuers and are usually the applicant’s bank. Normally the issuing bank opens a letter of credit in its own name and requests its correspondent bank to notify the seller about the letter of credit. Sometimes, the issuing bank asks the correspondent bank not only to inform the seller of the issuing bank’s undertaking but also to add a confirmation. In this case, the credit is known as a confirmed credit and the correspondent bank as a confirming bank. The payment obligation of the issuing bank depends upon the beneficiary’s presentation of complying documents to the confirming bank or to any other nominated bank, in accordance with the terms and conditions of the credit. Under general practice, presenting â€Å"complying documents† means that they comply with the conditions of the credit â€Å"on their face†. From banking point of view, compliance â€Å"on their face† of the presented documents is sufficient. The â€Å"independence principle† (which will be discussed later) is the fundamental principle of the letter of credit system, which prohibits banks from looking beyond facial compliance of the documents, and therefore exclude whether or not there is actual performance by the seller-beneficiary. In fact, letters of credit system has emphasised the independence principle to such an extent that banks are ignoring the performance of the underlying contract very confidently. As a result, all the risk is on the honest buyers, who are sometime paying for goods that they had not contracted for. Importance of the research The primary purpose of the letter of credit system is to facilitate international trade, rather than to provide an opportunity to the banks to make profit. As the fraud is very common in these days, but UCP is not designed to prevent fraud. The number of frauds relating to the letters of credit has increased over the years. Buyers are particularly vulnerable to such practices under the letter of credit system. This situation shows that there is some ambiguity in the letter of credit system and a lack of balance between the rights and duties of the parties to a letter of credit transaction, which is being exploited very easily by fraudsters. Division of risk under a Letter of Credit Transaction As we have discussed above, a letter of credit transaction consists of three linked but independent contracts. The first step is that the buyer makes a contract with the seller for the sale of goods, called the underlying contract. Subsequently the buyer signs an application form requesting the bank to open a credit, which is an arrangement between the buyer and the bank. The third step is that the issuing bank informs the seller, who is the beneficiary of the letter of credit, of the credit and promises to pay against the stipulated documents provided the terms and conditions of the credit are met. The letter of credit allocates risk between the applicant and the beneficiary. By postulating a letter of credit, the beneficiary may greatly reduce the risk of not being paid and ultimately allowing the beneficiary of the letter to reallocate the risk of non-payment for delivered goods which do not conform to the underlying sale contract. Generally, banks are reluctant to dishonour a credit, since to do so may damage the bank’s reputation as a credit issuer. The cost of honour, however, falls on the honest applicant, not the bank. â€Å"If the beneficiary has breached the underlying transaction, payment under the credit to him will occasion loss, but that loss will not be the bank’s; it will be the applicant’s.† Increase in the applicant’s risk and decrease in the bank’s risk under UCP UCP is the governing law of the letters of credit, therefore there should be a balance regarding the rights and duties of the parties, but UCP contains rules that reduce bank risk. There is no provision asking for judicial intervention to compensate letter of credit parties in case of bank’s negligence. The provisions in favour of banks fall into two categories. The first provides sweeping immunity from liabilities that national legal systems may impose. Example of such a disclaimer is Article 15. Under Article 15, banks assume no liability for the genuineness, falsification or legal effect of any documents and therefore the issuer is immune from the liability for paying against forged documents, which on their face appear regular. Therefore, the payment by the issuing bank does not show that the buyer has received the goods, which he had contracted for. The security, which the beneficiary is getting under the letter of credit system is not the same with the security of the buyer. The second category of pro-bank provisions contains rules that set precise boundaries on what the banks must do, which reduces uncertainty about bank responsibility and provides clear guidance to bank employees. For example, the customer cannot stipulate non-documentary conditions of payment, and time limits on examination of documents are fixed rather than open-ended. In case of any loss, the buyer, which is the applicant for a credit, can take action against the seller for breach of contract or fraud, but has no right of action against the bank for bank’s negligence in examining the documents, which can be ineffectual for several reasons, such as insolvency of either the applicant or the beneficiary. Hence the burden of risk on the applicant is more than any party in a letter of credit transaction and in most of the cases, buyers are paying for the goods, they have not contracted for. Chapter 2 UCP and letters of credit Originally UCP has been drafted by the Banking Commission of the ICC, which was comprised of the representatives of the banking community, which shows the dominance of the banks and banking experts. Their dominance in UCP drafting, hints that in drafting UCP, ICC was acting as a private legislature. It looks that the rules contain in the UCP are much beneficial for the banks than any other party, and giving a limited chance to the judiciaries to interfere to protect customers from any careless behaviour of the banks. The authority to interpret the UCP rests in the ICC Commission on Banking Technique and Practice, which can apply these interpretations to solve the problems arising in any case. Because of wide publicity and distribution of commission’s answers, their interpretation can be considered as an official interpretation of the UCP. Commission can enhance, interpreting, and sometimes amend the provisions of the UCP. The banks which deal with the letters of credit, act upon these interpretations and any amendments. As in theory, commission is only answerable to ICC members, therefore the chances of any challenge to such interpretation is very low. Role of courts in balancing the rights and duties of the parties In Discount Records Ltd. v. Barclay Bank Ltd., the judge was reluctant to â€Å"interfere with bankers’ irrevocable credit and not least in the sphere of international banking†. The position is same in many other cases. The apparent reason for the reluctance of the judges to interfere looks that they are afraid from the threats of the banking experts that their decisions would have an unfavourable affect on international trade. The difficulties of the courts to balance the rights and duties of all parties to a letter of credit transaction have increased. In Mannesman Handel AG v. Kaunlaran Shipping Corporation, the Swiss bank argued that the bank was in rejecting the documents by the German company relying on the independence principle and the discrepancies appeared on the documents. The court was asked not to apply the good faith principle otherwise the court â€Å"would be calculated to undermine if not destroy the doctrine of strict compliance and to blur if not extinguish the distinction between transactions concerning goods and transactions concerning documents.† Normally the judicial decisions relating to the legal aspects of documentary credits base on either the express intentions of the parties or established business practice at the time, the parties entered in a contractual relationship. In cases where the UCP provisions are different from business practice, a court will apply the UCP if the UCP is incorporated in the contract of the parties. It shows that courts have assented to the entire documentary credit system being run by the banking industry and eventually abstaining the courts to intervene to balance the legal rights and duties amongst all the parties. Should the UCP have the status of law? Leading scholar Professor Ross Buckley says: â€Å"originally, the UCP was neither designed nor intended to be law. It was prepared as a set of standard terms to be incorporated by reference into letters of credit by those parties who chose to do so.† This has also been confirmed by the UCP in the preface of UCP 500, which states that the UCP is not legislation but a compilation of rules made by bankers for their own industry. Therefore there is a dispute as to whether the UCP is a code of the law, or just customary practices, or some mutually consented regulations relating to letters of credit. However in fact, UCP is the governing law of the letters of credit. The Scope of the Banks Duties Before analysing the wording of the disclaimers used, the scope of the duties undertaken by the banks involved must be identified. Whereas the type of credit and the documentary stipulations therein will usually have been negotiated by the commercial parties and included in their sales contract, the terms and conditions under which a bank undertakes to open a documentary credit will normally appear in the banks standard application form which the importer will be required to complete. Although the application would normally refer to the UCP, it is important to note that the provisions of the UCP would not automatically apply in English law if not expressly incorporated by the parties to the credit and, even if expressly incorporated, its provisions can be excluded, or modified by the express terms of the credit. The duty to issue an efficacious credit The importers failure to procure the issue of a documentary credit which conforms to the terms of the sales contract may be treated by the exporter as a breach of a condition precedent to his performance and a repudiation of the contract by the importer. Whether the applicant can sue the issuing bank in respect of its culpable failure to issue (or to issue in good time) a conforming and efficacious credit is, however, by no means clear. The duty to issue a conforming credit An initial problem arises where the applicant requires the issue of a confirmed credit, that is, a credit in which a second bank, normally in the beneficiarys country, adds its own independent undertaking, to pay against the stipulated documents, to that of the issuing bank. Is the issuing bank in breach of contract towards the applicant if it is unable to procure the confirmation? The answer must depend upon the issuers conduct on receiving the application from the applicant. The second aspect of the duty to issue a conforming credit raises the question of liability for the acts of other banks involved in the transaction. Clearly, if the issuing bank opens a credit which specifies documentation other than that called for by the applicant, then in the absence of a disclaimer it will be in breach of its contract with the applicant under the doctrine of strict compliance. The position should be the same where the issuing bank unreasonably delays issue of the credit so that the beneficiary incurs loss. A difficulty arises, however, when it is not the issuing bank itself which causes the error or delay in complying with the applicants instructions, but the issuers correspondent bank. The doctrine of privity of contract would appear to prevent contractual liability arising in this context. However, in any event, it appears that there is no reason for holding that, in the absence of a disclaimer; an issuing bank should not be liable for the consequences of errors by its correspondents. Duty to receive and examine documents The doctrine of strict compliance means that issuing banks which pay against non-conforming documents are in breach of their contractual obligations to the applicant. The issuer is not, however, a guarantor of the documents conformity; its duty is discharged by the exercise of reasonable care to ascertain that the documents comply on their face with the terms of the credit. Duty to make payment under the terms of the credit The party with the primary interest in enforcing the banks obligation to pay against conforming documents is the beneficiary although it is clear that this obligation is also owed to the applicant. Furthermore, any variation of the payment terms would be a clear breach of contract. Duties of correspondent banks In so far as the confirming bank gives an undertaking in exactly the same terms as the issuing bank, it clearly owes precisely the same duties to the beneficiary. However, since a confirming bank looks to the issuing bank alone for reimbursement, it may be prima facie unlikely that it owes any duty to the applicant, even where the applicant is paying the confirmation fee. There are, however, some judicial dicta which might support the recognition of such a duty. Bank’s risk under UCP (exemption clauses) Article 15 and 18 (b) of the UCP 500, limits the liability of the banks in a letter of credit transaction and which have almost made it a risk free transaction for the banks. Article 15 says: â€Å"Banks assume no liability to or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document(s) or for the general and/or particular conditions stipulated in the document(s) or superimposed thereon, nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s) or for the good-faith or acts and/or omissions, solvency, performance or standing of the consignors, the carriers, the forwarders, the consignee or the insurers of the goods or any other person whomsoever.† Article 18(b) further states: â€Å"Banks assume no liability or responsibility should the instructions they submit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).† The UCP 500 places the applicant-buyer in an absurdly vulnerable position through its disclaimer clauses. To some extent there is a lack of duties on the part of the bank to verify the authenticity of the documents. Hence it might not be wrong to say that albeit there is a waste increase in the use of letters of credit, does not signify that the UCP is fairly drafted. Letters of credit and its users It is also very important that whether all the parties to the letter of credit, particularly applicant-buyer are conscious about the presence of these exemptions, e.g. by providing a copy of these exemption clauses of the UCP or by giving a notice of these exemption clauses. It is a rule that to enforce an exemption clause, a reasonable notice should be given to the other party but in practice, buyers are assume to have the notice of the UCP and that they are familiar with the provisions of the UCP. Further, the application for the issuance of a letter of credit and the letter of credit document itself only contain a simple sentence: â€Å"Subject to UCP for Documentary Credits†, without any attachment of the provisions of the UCP or any notice of such exemption clauses. Hence it is debatable that why the courts do not look, while dealing with the cases relating to the letters of credit, that whether a reasonable notice has been given relating to the exemption clauses and do not interfere to balance the rights and duties of the parties to a letter of credit transaction? Chapter 3 Doctrine of strict compliance and independence principle It is a basic rule of the letter of the credit transaction and which is widely recognised that the letters of credit are transactions independent of the underlying contracts on which they are based. According to this principle, the issuer has no concern with the underlying contracts between buyer and seller. Its concern is with documents only, rather than the goods or any type of services. Obviously there are some doubts about this principle, i.e. to what extent this principle should be applied. Which some tome may cause injustice to the applicant under certain circumstances. Independence Principle Generally, letter of credit is a contract between the issuer and the seller of the goods, which is independent of the underlying contract between the seller and the buyer. The independence principle is mentioned in Article 3 and Article 4 of the UCP. Article 3 states: â€Å"Credits, by their nature, are separated transactions from the sales or other contract(s), even if any reference whatsoever to such contract(s) is included in the Credit.† Article 4 further says: â€Å"In credit operations all parties concerned deal with documents and not with goods, services and/or other performances to which the documents may relate.† From the very beginning independence principle governs letter of credit transactions and very clearly states that the credits are completely separate from their underlying transactions and the issuer makes payment depending on the conformity of the documents presented according to the terms and conditions of the credit without considering the performance of the underlying contract by the beneficiary. Rights and Duties in a Letter of Credit Transaction Rights and Duties in a Letter of Credit Transaction Introduction The letter of credit is the most commonly used method of payment for goods in international trade. This thesis highlights the imbalance of the rights and duties of the parties in a letter of credit transaction by emphasising deficiencies in the letters of credit system. In addition, on those areas where there is lack of justice and equity and which make the system of the letters of credit vulnerable for fraudulent activities. This thesis is structured in five chapters. First chapter after briefly discussing the structure of the letter of credit system, such as parties to the letter of credit transaction, kinds of letters of credit, step by step procedure of the transaction, different type of the documents used and the common defects in those documents, it also explains about the division of the risk under such a transaction and how the applicant’s risk has increased under UCP and very often the buyer is paying for the goods he had not contracted for. Second chapter after brief discussion of the drafting and interpretation of the UCP, explains about the reluctance of the courts to intervene in order to balance the rights and duties of the parties in a letter of credit transaction, status of the UCP, scope of the banks duties and in addition the disclaimer clauses under UCP. Chapter three explores the autonomy of the letters of credit, the doctrine of strict compliance and the ways in which the courts deal with documentary compliance. It further considers that overprotection of the â€Å"independence principle†, and the lack of â€Å"reasonable care† on the part of banks provides opportunities of fraud to the sellers to obtain payment without actually performing their duties to banks and buyers. Chapter four explains â€Å"fraud exception† to the autonomy principle in detail, the position of the fraud exception in England and the history of the English cases relating to the fraud. In addition it also examines the reasons for such an enormous increase in the number of cases relating to fraud. Finally, chapter five considers some of those methods, which can be used to avoid such an increase in fraud cases and also provides few suggestions to balance the rights and duties amongst all the parties to the letter of credit transaction. Chapter 1 Structure of a Letter of Credit Transaction Commercial letters of credit have been used for the centuries as a most common method of payment, in international trade. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP). A commercial letter of credit is a contractual agreement between a bank (issuing bank), on behalf of one of its customers (buyer), authorizing another bank (advising or confirming bank), to make payment to the beneficiary (seller). The issuing bank, on the application of its customer (buyer), opens the letter of credit, and makes a commitment with the buyer to honour the credit, if the documents presented by the beneficiary are conforming to the terms and conditions of the credit. Thus, the issuing replaces the customer to make payment to the seller. Elements of a Letter of Credit An undertaking given by issuing bank to make payment Issuing bank gives undertaking on behalf of a applicant To pay a given amount of money to the seller On presentation of required documents under the letter of credit Within a specified time as provided by the letter of credit Documents must be in compliance to the terms and conditions of the letter of credit Documents must be presented at a specified place provided by the letter of credit Beneficiary Beneficiary is normally the provider of the goods or services and is entitled to payment as long as he can provide the conforming documents required by the letter of credit. The letter of credit is a distinct and separate transaction from the underlying contract (contract between seller and buyer). All parties deal in documents and not in goods. The issuing bank is not liable for the performance of the underlying contract between the buyer and seller. The issuing banks obligation to the buyer-applicant is to examine all documents to insure that they are in compliance with the terms and conditions of the credit. To get the payment it is for the beneficiary to provide all the required documents. If the seller-beneficiary conforms to the letter of credit, the seller must be paid by the bank. Issuing Bank Letters of credit only concerns with the documents, not with the goods, therefore the duty of issuing bank to pay to the beneficiary and than to be reimbursed from its customer will only be completed upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is entitled to have a reasonable time after receipt of the documents from the beneficiary, to examine the documents and then to make the payment. The issuing bank provides a guarantee to the seller that if the documents presented by the beneficiary are in compliance with the terms and conditions of the credit, then the bank will make the payment to the seller. Generally the documents presented include a commercial invoice, bill of lading or airway bill and an insurance document etc. Advising Bank An advising bank is usually a foreign correspondent bank of the issuing bank which advises the seller-beneficiary. Generally, the beneficiary wants to use a local bank to insure that the letter of credit is valid. In addition, the advising bank is responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. Therefore, if the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay. Confirming Bank At the request of the issuing bank, the correspondent bank may confirm the letter of credit for the seller-beneficiary and obligates itself to insure payment under the letter of credit. The confirming bank is usually the advising bank. There are two main types of Letters of credit: (1) Revocable (2) Irrevocable Revocable Letter of Credit Revocable letter of credit is not a commonly used type of the letters of credit. This type of letter of credit can be revoked by the issuing bank at any time, without notification to the beneficiary, for any reason. Such type of letter of credit can not be confirmed by the correspondent bank and the bank will act as an advising bank only. A revocable letter of credit can not be revoked after the presentation of the documents, if the documents are conforming to the terms and conditions of the letter of credit and the payment has been made. Irrevocable Letter of Credit Use of irrevocable letters of credit is very common in international trade. Irrevocable letter of credit can not be revoked or changed without the consent of the beneficiary. Issuing bank will make the payment to the seller, if the seller presents the documents complying with the terms of the credit, as agreed between seller and buyer. Such a letter of credit can only be changed with the permission of both buyer and seller. If it is not clear from the letter of credit that whether it is revocable or irrevocable, it automatically considers as irrevocable. Irrevocable letters of credit are of two kinds: Unconfirmed credit In case of unconfirmed letter of credit, advising bank does not confirm the credit to the seller and the issuing bank is the only party responsible for payment to the beneficiary. Advising bank will only pay to the seller after getting payment from the issuing bank and there is no risk for the advising bank. Confirmed credit In this type of credit, advising bank confirms credit to the seller. When the advising bank confirms that the documents presented are conforming to the terms of the credit, it will make the payment to the seller, and after that advising bank will contact with the issuing bank to get the payment. This type of letter of credit is commonly used, when the seller is unfamiliar with the issuing bank. Such a type of letter of credit is quite expensive because the banks have some liability. Step-by-step process In international trade as the buyer and seller are in different countries so when the buyer and the seller of the goods agree to conduct business, than because of the gap of time between delivery of goods and the payment, usually the seller wants a letter of credit as a guarantee of payment from the buyer. Than the buyer makes a request to his bank called the issuing to open a credit in the favour of the seller. at the request of the buyer, issuing bank issues a letter of credit in favour of the seller and forwards it to the corresponding bank called the advising or conforming bank., which is usually located in the seller’s country. Advising bank than either confirms the credit or not, depending upon the type of credit, and forward it to the seller. Seller than ships the goods and collects the documents required in order to meet the requirements of the letter of credit and finally to get the payment in time. Seller presents the required documents to the advising or confirming bank in order to get the payment in time. Advising or confirming bank examines the documents presented by the seller to check that whether they are conforming to the terms and conditions of the letter of credit. If the documents are in compliance, advising or confirming bank, in case of confirmed letter of credit, will make payment to the seller and will be reimbursed from the issuing bank and in case of unconfirmed letter of credit, advising or confirming bank will forward the documents to the issuing bank. Than the Issuing bank will, after examine of the documents, debit the buyers account if the documents are in compliance to the terms of the letter of credit. In the end, Issuing bank forwards the documents to the buyer. Most commonly used documents in a letter of credit transaction include: Commercial Invoice This includes description of the goods, their price, FOB origin, and name and address of the buyer and the seller. The buyer and seller information must be in compliance with the description provided in the letter of credit. Bill of Lading It is a document which shows the receipt of goods for shipment by a freight carrier. It is an evidence of the control of the goods and also acts as an evidence of the carriers obligation to transport the goods to their proper destination. Warranty of Title A warranty given by a seller to a buyer of goods that states that the title being conveyed is good. It is generally issued to the purchaser. Letter of Indemnity It is a letter specifically indemnifies the purchaser against a certain stated circumstance. Indemnification is generally used to guarantee that shipping documents will be provided in good order when available. Common Defects in the documents presented A discrepancy is some defect in the documents presented by the seller, which show their non-compliance with the terms of the letter of credit. Issuing bank can not change the terms and conditions of the letter of credit with out t he permission of the buyer. Therefore to avoid any delay in getting payment. Beneficiary should be careful in preparing the required documents. Common defects in the documents presented by the seller include: If the description of the goods is not consistent. There is some error in the insurance documents. If the draft amount is not equal to invoice amount. Loading and destination ports are not same as provided by the letter of credit. Merchandise description is not same as in the credit. If any of the documents required by the credit is not presented. Documents are generally inconsistent such as quality, etc. If the names of the documents required are not correct, as mentioned in the credit. Invoice is not signed as provided in the letter of credit. If prior to the presentation of the draft, Letter of Credit has expired. If the date mention in the bill of lading is different from the date stated in the credit. If there are some changes in the invoice which are not authorized by the letter of credit. In international sales, as the seller and the buyer are in different countries, there is a common problem of payment due to the difference of time between dispatch and delivery. Obviously, seller would like to receive payment for the goods when delivering them to the carrier and the buyer would prefer to delay the payment of the price until receipt of the goods. Therefore, a letter of credit solves this problem between the seller and the buyer. Generally, there are three separate transactions in a letter of credit transaction. The first is between a seller and a buyer, called an underlying transaction, by which the seller provides contracted goods to the buyer. The second transaction is between the buyer-applicant and the bank (issuer of the letter of credit), in which the bank issues a letter of credit to the seller-beneficiary. Finally, the letter of credit itself creates a relationship between the issuer and the beneficiary, in which, the issuer makes payment for goods upon the beneficiary’s presentation of the required documents, in accordance with the terms and conditions of the letter of credit as agreed between seller and buyer. The bank’s performance of payment is conditional on the delivery of conforming documents by the beneficiary. The banks are called issuers and are usually the applicant’s bank. Normally the issuing bank opens a letter of credit in its own name and requests its correspondent bank to notify the seller about the letter of credit. Sometimes, the issuing bank asks the correspondent bank not only to inform the seller of the issuing bank’s undertaking but also to add a confirmation. In this case, the credit is known as a confirmed credit and the correspondent bank as a confirming bank. The payment obligation of the issuing bank depends upon the beneficiary’s presentation of complying documents to the confirming bank or to any other nominated bank, in accordance with the terms and conditions of the credit. Under general practice, presenting â€Å"complying documents† means that they comply with the conditions of the credit â€Å"on their face†. From banking point of view, compliance â€Å"on their face† of the presented documents is sufficient. The â€Å"independence principle† (which will be discussed later) is the fundamental principle of the letter of credit system, which prohibits banks from looking beyond facial compliance of the documents, and therefore exclude whether or not there is actual performance by the seller-beneficiary. In fact, letters of credit system has emphasised the independence principle to such an extent that banks are ignoring the performance of the underlying contract very confidently. As a result, all the risk is on the honest buyers, who are sometime paying for goods that they had not contracted for. Importance of the research The primary purpose of the letter of credit system is to facilitate international trade, rather than to provide an opportunity to the banks to make profit. As the fraud is very common in these days, but UCP is not designed to prevent fraud. The number of frauds relating to the letters of credit has increased over the years. Buyers are particularly vulnerable to such practices under the letter of credit system. This situation shows that there is some ambiguity in the letter of credit system and a lack of balance between the rights and duties of the parties to a letter of credit transaction, which is being exploited very easily by fraudsters. Division of risk under a Letter of Credit Transaction As we have discussed above, a letter of credit transaction consists of three linked but independent contracts. The first step is that the buyer makes a contract with the seller for the sale of goods, called the underlying contract. Subsequently the buyer signs an application form requesting the bank to open a credit, which is an arrangement between the buyer and the bank. The third step is that the issuing bank informs the seller, who is the beneficiary of the letter of credit, of the credit and promises to pay against the stipulated documents provided the terms and conditions of the credit are met. The letter of credit allocates risk between the applicant and the beneficiary. By postulating a letter of credit, the beneficiary may greatly reduce the risk of not being paid and ultimately allowing the beneficiary of the letter to reallocate the risk of non-payment for delivered goods which do not conform to the underlying sale contract. Generally, banks are reluctant to dishonour a credit, since to do so may damage the bank’s reputation as a credit issuer. The cost of honour, however, falls on the honest applicant, not the bank. â€Å"If the beneficiary has breached the underlying transaction, payment under the credit to him will occasion loss, but that loss will not be the bank’s; it will be the applicant’s.† Increase in the applicant’s risk and decrease in the bank’s risk under UCP UCP is the governing law of the letters of credit, therefore there should be a balance regarding the rights and duties of the parties, but UCP contains rules that reduce bank risk. There is no provision asking for judicial intervention to compensate letter of credit parties in case of bank’s negligence. The provisions in favour of banks fall into two categories. The first provides sweeping immunity from liabilities that national legal systems may impose. Example of such a disclaimer is Article 15. Under Article 15, banks assume no liability for the genuineness, falsification or legal effect of any documents and therefore the issuer is immune from the liability for paying against forged documents, which on their face appear regular. Therefore, the payment by the issuing bank does not show that the buyer has received the goods, which he had contracted for. The security, which the beneficiary is getting under the letter of credit system is not the same with the security of the buyer. The second category of pro-bank provisions contains rules that set precise boundaries on what the banks must do, which reduces uncertainty about bank responsibility and provides clear guidance to bank employees. For example, the customer cannot stipulate non-documentary conditions of payment, and time limits on examination of documents are fixed rather than open-ended. In case of any loss, the buyer, which is the applicant for a credit, can take action against the seller for breach of contract or fraud, but has no right of action against the bank for bank’s negligence in examining the documents, which can be ineffectual for several reasons, such as insolvency of either the applicant or the beneficiary. Hence the burden of risk on the applicant is more than any party in a letter of credit transaction and in most of the cases, buyers are paying for the goods, they have not contracted for. Chapter 2 UCP and letters of credit Originally UCP has been drafted by the Banking Commission of the ICC, which was comprised of the representatives of the banking community, which shows the dominance of the banks and banking experts. Their dominance in UCP drafting, hints that in drafting UCP, ICC was acting as a private legislature. It looks that the rules contain in the UCP are much beneficial for the banks than any other party, and giving a limited chance to the judiciaries to interfere to protect customers from any careless behaviour of the banks. The authority to interpret the UCP rests in the ICC Commission on Banking Technique and Practice, which can apply these interpretations to solve the problems arising in any case. Because of wide publicity and distribution of commission’s answers, their interpretation can be considered as an official interpretation of the UCP. Commission can enhance, interpreting, and sometimes amend the provisions of the UCP. The banks which deal with the letters of credit, act upon these interpretations and any amendments. As in theory, commission is only answerable to ICC members, therefore the chances of any challenge to such interpretation is very low. Role of courts in balancing the rights and duties of the parties In Discount Records Ltd. v. Barclay Bank Ltd., the judge was reluctant to â€Å"interfere with bankers’ irrevocable credit and not least in the sphere of international banking†. The position is same in many other cases. The apparent reason for the reluctance of the judges to interfere looks that they are afraid from the threats of the banking experts that their decisions would have an unfavourable affect on international trade. The difficulties of the courts to balance the rights and duties of all parties to a letter of credit transaction have increased. In Mannesman Handel AG v. Kaunlaran Shipping Corporation, the Swiss bank argued that the bank was in rejecting the documents by the German company relying on the independence principle and the discrepancies appeared on the documents. The court was asked not to apply the good faith principle otherwise the court â€Å"would be calculated to undermine if not destroy the doctrine of strict compliance and to blur if not extinguish the distinction between transactions concerning goods and transactions concerning documents.† Normally the judicial decisions relating to the legal aspects of documentary credits base on either the express intentions of the parties or established business practice at the time, the parties entered in a contractual relationship. In cases where the UCP provisions are different from business practice, a court will apply the UCP if the UCP is incorporated in the contract of the parties. It shows that courts have assented to the entire documentary credit system being run by the banking industry and eventually abstaining the courts to intervene to balance the legal rights and duties amongst all the parties. Should the UCP have the status of law? Leading scholar Professor Ross Buckley says: â€Å"originally, the UCP was neither designed nor intended to be law. It was prepared as a set of standard terms to be incorporated by reference into letters of credit by those parties who chose to do so.† This has also been confirmed by the UCP in the preface of UCP 500, which states that the UCP is not legislation but a compilation of rules made by bankers for their own industry. Therefore there is a dispute as to whether the UCP is a code of the law, or just customary practices, or some mutually consented regulations relating to letters of credit. However in fact, UCP is the governing law of the letters of credit. The Scope of the Banks Duties Before analysing the wording of the disclaimers used, the scope of the duties undertaken by the banks involved must be identified. Whereas the type of credit and the documentary stipulations therein will usually have been negotiated by the commercial parties and included in their sales contract, the terms and conditions under which a bank undertakes to open a documentary credit will normally appear in the banks standard application form which the importer will be required to complete. Although the application would normally refer to the UCP, it is important to note that the provisions of the UCP would not automatically apply in English law if not expressly incorporated by the parties to the credit and, even if expressly incorporated, its provisions can be excluded, or modified by the express terms of the credit. The duty to issue an efficacious credit The importers failure to procure the issue of a documentary credit which conforms to the terms of the sales contract may be treated by the exporter as a breach of a condition precedent to his performance and a repudiation of the contract by the importer. Whether the applicant can sue the issuing bank in respect of its culpable failure to issue (or to issue in good time) a conforming and efficacious credit is, however, by no means clear. The duty to issue a conforming credit An initial problem arises where the applicant requires the issue of a confirmed credit, that is, a credit in which a second bank, normally in the beneficiarys country, adds its own independent undertaking, to pay against the stipulated documents, to that of the issuing bank. Is the issuing bank in breach of contract towards the applicant if it is unable to procure the confirmation? The answer must depend upon the issuers conduct on receiving the application from the applicant. The second aspect of the duty to issue a conforming credit raises the question of liability for the acts of other banks involved in the transaction. Clearly, if the issuing bank opens a credit which specifies documentation other than that called for by the applicant, then in the absence of a disclaimer it will be in breach of its contract with the applicant under the doctrine of strict compliance. The position should be the same where the issuing bank unreasonably delays issue of the credit so that the beneficiary incurs loss. A difficulty arises, however, when it is not the issuing bank itself which causes the error or delay in complying with the applicants instructions, but the issuers correspondent bank. The doctrine of privity of contract would appear to prevent contractual liability arising in this context. However, in any event, it appears that there is no reason for holding that, in the absence of a disclaimer; an issuing bank should not be liable for the consequences of errors by its correspondents. Duty to receive and examine documents The doctrine of strict compliance means that issuing banks which pay against non-conforming documents are in breach of their contractual obligations to the applicant. The issuer is not, however, a guarantor of the documents conformity; its duty is discharged by the exercise of reasonable care to ascertain that the documents comply on their face with the terms of the credit. Duty to make payment under the terms of the credit The party with the primary interest in enforcing the banks obligation to pay against conforming documents is the beneficiary although it is clear that this obligation is also owed to the applicant. Furthermore, any variation of the payment terms would be a clear breach of contract. Duties of correspondent banks In so far as the confirming bank gives an undertaking in exactly the same terms as the issuing bank, it clearly owes precisely the same duties to the beneficiary. However, since a confirming bank looks to the issuing bank alone for reimbursement, it may be prima facie unlikely that it owes any duty to the applicant, even where the applicant is paying the confirmation fee. There are, however, some judicial dicta which might support the recognition of such a duty. Bank’s risk under UCP (exemption clauses) Article 15 and 18 (b) of the UCP 500, limits the liability of the banks in a letter of credit transaction and which have almost made it a risk free transaction for the banks. Article 15 says: â€Å"Banks assume no liability to or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document(s) or for the general and/or particular conditions stipulated in the document(s) or superimposed thereon, nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s) or for the good-faith or acts and/or omissions, solvency, performance or standing of the consignors, the carriers, the forwarders, the consignee or the insurers of the goods or any other person whomsoever.† Article 18(b) further states: â€Å"Banks assume no liability or responsibility should the instructions they submit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).† The UCP 500 places the applicant-buyer in an absurdly vulnerable position through its disclaimer clauses. To some extent there is a lack of duties on the part of the bank to verify the authenticity of the documents. Hence it might not be wrong to say that albeit there is a waste increase in the use of letters of credit, does not signify that the UCP is fairly drafted. Letters of credit and its users It is also very important that whether all the parties to the letter of credit, particularly applicant-buyer are conscious about the presence of these exemptions, e.g. by providing a copy of these exemption clauses of the UCP or by giving a notice of these exemption clauses. It is a rule that to enforce an exemption clause, a reasonable notice should be given to the other party but in practice, buyers are assume to have the notice of the UCP and that they are familiar with the provisions of the UCP. Further, the application for the issuance of a letter of credit and the letter of credit document itself only contain a simple sentence: â€Å"Subject to UCP for Documentary Credits†, without any attachment of the provisions of the UCP or any notice of such exemption clauses. Hence it is debatable that why the courts do not look, while dealing with the cases relating to the letters of credit, that whether a reasonable notice has been given relating to the exemption clauses and do not interfere to balance the rights and duties of the parties to a letter of credit transaction? Chapter 3 Doctrine of strict compliance and independence principle It is a basic rule of the letter of the credit transaction and which is widely recognised that the letters of credit are transactions independent of the underlying contracts on which they are based. According to this principle, the issuer has no concern with the underlying contracts between buyer and seller. Its concern is with documents only, rather than the goods or any type of services. Obviously there are some doubts about this principle, i.e. to what extent this principle should be applied. Which some tome may cause injustice to the applicant under certain circumstances. Independence Principle Generally, letter of credit is a contract between the issuer and the seller of the goods, which is independent of the underlying contract between the seller and the buyer. The independence principle is mentioned in Article 3 and Article 4 of the UCP. Article 3 states: â€Å"Credits, by their nature, are separated transactions from the sales or other contract(s), even if any reference whatsoever to such contract(s) is included in the Credit.† Article 4 further says: â€Å"In credit operations all parties concerned deal with documents and not with goods, services and/or other performances to which the documents may relate.† From the very beginning independence principle governs letter of credit transactions and very clearly states that the credits are completely separate from their underlying transactions and the issuer makes payment depending on the conformity of the documents presented according to the terms and conditions of the credit without considering the performance of the underlying contract by the beneficiary.

A Streetcar Named Desire, by Tennessee Williams Essay -- A Streetcar Na

Street Car Named Desire A Streetcar Named Desire, written by Tennessee Williams in 1947, has been called the best play ever written by an American. The geological setting of the play, New Orleans, creates a remarkably blended mood of decadence, nostalgia, and sensuality. The plot of the play comes about through the conflict between a man and his sister-in-law who comes to live at his house with he and his wife. Stanley Kowalski immediately captures the attention of the audience through Williams' excellent portrayal of the intensely strong willed character. The portrayal of Stanley Kowalski plays a major role in the success of the play. Williams forms Stanley into an extremely masculine character who will always have his way or no way at all and makes his opinions very clear to those around him. This profound masculinity places Stanley in direct opposition to Blanche DuBois. "The high-minded yet oddly fragile Blanche takes an immediate dislike to the loutish, working-class Stanley, while Stanley immediately recognizes Blanche for what she has become: a woman who finds consolation in indiscriminate sex and alcohol." (Authors & Artists, 165). This clashing forms the conflict which eventually roots itself deeply into the plot of the play. Stanley represents the symbol of the New South. Stanley's aggressiveness leads to his ease in taking total control over a situation. This characteristic also allows Stanley to completely secure the respect of all the men who associate with him, however, his aggression also shines a light upon a very destr uctive side of his character. In many ways, Stanley's brutality leads to the major conflict between Blanche and himself. "And look at yourself! Take a look at that worn out Mardi Gras outfit, rented for fifty cents from some rag picker! And with that crazy crown on! What queen do you think you are?" (Williams, 127). Stanley becomes very blunt in his contempt and aggression towards Blanche. Another view into the excessive aggression of Stanley appears in the third scene. In this scene, Williams provides a look at a very negative side of Stanley. Stanley physically assaults his wife, Stella, after she returns to the house during his poker game. "How anyone could find Stella Kowalski's comatose endurance of Stanley healthy or whole-hearted is, indeed, a subject for wonder." (Drama Criticism, 401). Stanley also shows his vi... ...own here. Stella, Stella!" (Williams, 59). Stanley also appears to fight Blanche for the purpose of saving his life with the woman he loves. "When Blanche threatens Stanley's marriage by cajoling her sister to abandon her husband, Stanley brandishes Blanche's weaknesses for all to see in an effort to preserve his home and family." (Authors & Artists, 165-66). These characteristics show the loving and caring side of Stanley as well as offering a contrasting view to his dark, brutal side. Tennessee Williams creates a brilliant play in A Streetcar Named Desire, featuring an amazing and complex character in Stanley Kowalski. The reader must constantly reevaluate the character of Stanley Kowalski as he presents many questions to the reader throughout the play. During the play, as the conflict develops between Blanche DuBois and Stanley Kowalski, the audience must constantly consider which character portrays the villain and which portrays the victim. "Ultimately, however, Stanley prevails. He has gotten rid of Blanche, who has lost everything, and as we see in the closing lines of the play, he is able to soothe Stella's grief, and their life goes on." (Masterplots, 6316).