1,720,957 research outputs found
A Critical Evaluation of the Use of Sanctions Clauses in Letters of Credit
Get PDFWith the sharp increase in sanctions-related compliance requirements and expectations over the last decade, banks have sought various methods to mitigate the legal risk of engaging sanctioned persons or entities. The inclusion of so-called sanctions clauses in commercial contracts is one such method. In this article the author explores the use of sanctions clauses specifically in letters of credit, a practice which appears to be gaining ground. More particularly, the article explores the issues associated with the non-documentary nature of sanctions clauses, as well as the question whether the mandate given by the issuing bank to the nominated bank in respect of a letter of credit containing a sanctions clause meets the requirements of a valid contract. The author contends that sanctions clauses militate against conventional letter-of-credit practice and seriously undermine the irrevocable nature of the issuing bank's payment obligations. This is especially the case when a reference is made in a sanctions clause to internal sanctions policies or a discretion of the issuing bank in relation to honouring the credit. Consequently, banks would be well-advised not to use sanctions clauses, but if contemplated, then a reference to internal policies or a discretion of the issuing bank must be avoided at all costs. This much is in alignment with the views of leading international organisations
The applicability of the doctrine of strict compliance to demand guarantees : the South African perspective
Get PDFAbstract: Please refer to full text to view abstract.LL.M. (Commercial Law
Issuance of independent guarantees by insurance companies
Get PDFIndependent, or demand, guarantees are strong securityinstruments. They are designed to secure the properperformance of contractual obligations in commercialtransactions. In South Africa, independent guaranteesare a common feature of construction projects where theinterests of any of the main parties (that is, the contractoror the employer) may conceivably be secured. Essentially,independent guarantees constitute an undertaking by theissuer of the guarantee to pay a stipulated sum of moneyto the beneficiary of the guarantee upon the presentationof conforming documents. The question of payment is,therefore, to be determined with reference only to thedocuments, and not to facts outside of the documents.Consequently, payment under an independent guaranteeis expected to be made expeditiously, provided conformingdocuments are tendered. It is clear, therefore, that theproper functioning of the independent guarantee requiresthe use of a strong and reliable financier. Internationally,banks can probably be regarded as the dominant issuersof independent guarantees. This much is apparent ininternational jurisprudence, specifically in case lawand academic writing. In South Africa, however, banksdo not enjoy that status, since the guarantee marketis competitively shared between banks and insurancecompanies, the latter having recently emerged as equallycoveted issuers of independent guarantees. This can beevidenced by the significant number of case law involvingan insurance company as issuer, rather than a bank. Thisarticle focuses on this development in South African law. Itseeks to analyse and ultimately provide a rationale for theincreasing use of insurance companies in independent-guarantee transactions. The analysis reveals the followingfactors as the main contributors to this growing practice:the favourable security requirements of insurancecompanies, the significance of the premium attachedto guarantee policies, and the increasing flexibility ofinsurance companies in the formulation of guarantees
A comparative legal perspective on the impact of good or bad faith on the independence of documentary credits and demand guarantees
No full textAbstract : Please refer to full text to view abstract.LL.M. (Commercial Law
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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