International payments and settlements currency transactions Essay

International payments and settlements currency transactions - Essay Example Prestigious companies of the stature of Halliburton, Lucent Technologies and Monsanto face allegations of bribery to gain unnatural advantage in business and billions of dollars involved. A discussion on this issue including an assessment of the impact of the Foreign Corrupt Practices Act and the Organisation of Economic Cooperation and Development Convention forms 'Section-2' of this paper. The objective of this section is to understand the law and to suggest a way forward for businesses and governments to control this menace. Utilitarian analysis of bribery serves no purpose at all since there is no ground for choosing an option that allows for bribery. International trade involves the exchange of goods and services ('goods') and international payments. There are several ways to make payment for goods received, each involving certain methods and procedures and the inherent advantages and disadvantages. The choice of mode of payment depends upon the contract negotiated between the exporter and the importer. Within this parameter, each partner to the agreement will tend to look for the most cost-effective and secure way of making the transaction. Open account trading is the simplest where the supplier makes an invoice and the buyer pays. Rarely followed in trade, only between the US, UK, and some European countries, and there is no further reference to this mode in this paper. Documentary Collection Exporters, to obtain payment from customers in another country, use the collection services provided by banks. The International Chamber of Commerce has established a set of, standard and internationally accepted, rules known as the 'Uniform Rules for Collection', (1995 Revision, ICC publication No. 522). The bank may be required to handle financial documents such as the bill of exchange or promissory note and other secondary documents like the Bill of Lading, Invoice, Certificates of Inspection and so on. When both types of documents are to be collected, it is called documentary collection. Clean collection is of only financial documents. The crucial financial document is the 'Bill of Exchange'. It is an agreement to pay a fixed sum by the buyer to the seller on a fixed date. It is an instrument made out in writing and signed by the maker (drawer, the importer) directing another person (drawee, usually a bank) to make payment to a third party (payee, the exporter). Called 'Bill of Exchange' in International law, it is called a 'Draft' in the Uniform Commercial Code. A bill of exchange differs from a promissory note, in that, it is a firm commitment to pay rather than a promise to pay and a third party - the drawee is involved. A bill of exchange may also be subject to meeting certain conditions by the payee. A draft has no value unless the Importer accepts it. However, the payment made immediately (Sight Draft, or Documents against Payment D/P) or at a mutually agreed future date, endorsed on the draft (Time Draft, or Documents against Acceptance D/A, or Usance). The advantages of this mode of payment are: It is relatively safe for exporter offering a measure of protection. The

Literature review Walkable Streets Essay Example | Topics and Well Written Essays - 1500 words

Literature review Walkable Streets - Essay Example Walkable streets are actually shared spaces. They are actually designed for all types of people irrespective of being on foot, cars, on wheelchairs, or even bicycles. A walkable street actually makes you have the urge to step outside. This means that there are interesting things like trees, people, apartment buildings and homes as you move along. A walkable street is the one that does not make you feel like you are risking your life when crossing it. This is because it has sidewalks, lighting, curb ramps, benches, and signals that will all aid you while crossing it. In summary, a walkable street would lead to any destination that you want to go (Urban Ecology, 2011).Many communities are actually embracing the mobility of pedestrians as a substitute to reducing dependency on automobiles. This shift is attributed to the fact that dependency on automobiles is ecologically unsustainable because of increased pollution, and also reduced walking diminishes social interaction and mixing of p opulations (Pivo, Gary, & Fisher, 2010). According to Hutarabat Lo (2009) he argues that there are several ways that can make a place walkable. Sidewalks should be erected where there are sidewalk gaps with priority being given to those areas that encourage walking like schools, stations of transit, stadiums, and around congested public areas. Moreover, certain obstructions like utility poles and posts can actually decrease the walkable width of the sidewalk. Proper lighting and maintenance of the side walk is to be sustained so as to reduce obstructions, encourage walking, and improve safety. In addition, another way of making the sidewalks safer is by implementing buffers because they absorb carbon dioxide from automobile emissions and also aiding in water drainage. Making of crosswalks is safer and a key component to walkability. Curb extensions decrease the radii of corners of the curb at various intersections. Moreover, curb extensions calm the traffic and also decrease the dis tance pedestrians have to cross. While on the streets with parking, the curb extensions allow pedestrians to see the oncoming traffic better where they would otherwise be forced to walk into the street to see past the parked cars. The zebra crossings or striped crosswalks also provide safer avenues for crossing because they provide better visibility for both the pedestrians and drivers (Zehner, 2012). Walkable streets in relationship with public transit A walkable street must contain a relatively large number of friendly pedestrians. This is because many people are of the belief that the different physical street designs features are sufficient enough to create walkability. The best designed streets are actually not walkable if we walk in them. On the other hand, streets that are poorly designed are memorably walkable if it contains a large number of people. Very little is more enjoyable and attractive to humans than an inherently vibrant, festive place filled with blissful and soci able people (Nozzi, 2011). Whether driving,