Legal basis for the fraud exception in letters of credit under English Law

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zaid Aladwan
Keyword(s):  
Design Methodology ◽  
Banking System ◽  
Analysis Method ◽  
Content Type ◽  
Knowledge Condition ◽  
The Status ◽  
Legal Thinking ◽  
Fraud Exception ◽  
Evidence And Proof ◽  
Evidence Requirement

Purpose This paper aims to analyse the status of the bank’s knowledge and the hardship related to the clear evidence requirement with regard to establish the fraud exception rule in English courts. Design/methodology/approach Traditional analysis method and critical legal thinking. Findings To trigger such an exception in England, two conditions, bank’s knowledge and clear evidence, must be met to establish the fraud rule, which will be applied only if it appears in documents. The bank’s knowledge condition, the awareness of the fraud that the bank should have before the payment, is material to determine whether if the fraud rule will trigger in most of the English cases. However, if the bank is not aware of the fraud, they must honour the credit if the documents are compliant, meaning the paying bank is protected if the documents against which it made payment are tainted with fraud, even if it is not aware of the fraud. Moreover, it is not a bank’s responsibility to investigate allegations of fraud. Nonetheless, there are some reservations regarding the bank’s knowledge and clear evidence conditions, as explained above. In short, such an approach does not lead to fairness and justice for the applicant. Originality/value English courts focus more on evidence of the fraud rather than making unnecessary distinctions pertinent to the fraud exception scope. The absence of such evidence will not trigger the exception rule. Conversely, injunctions are not easily granted in England where the requirement for heavy evidence and proof of the bank’s knowledge will be obstacles. That is to say, banks are more protected in England simply because the courts want to uphold the integrity of the banking system when affirming the autonomy principle. In a case where the applicant becomes aware of the fraud, there is no other option for the applicant except to ask for an injunction from the court, which is not easy to gain under English courts. In addition, it is unclear how the court will prove that the bank is aware if there is fraud in the presented documents. In addition, the question arises as to whether the same strict standard will be required by both the applicant and the party who notified the fraud.

The implementation of the fraud exception rule: a comparative study

2020 ◽  
Vol 27 (3) ◽  
pp. 977-993
Author(s):  
Zaid Aladwan
Keyword(s):  
Comparative Study ◽  
Design Methodology ◽  
Common Law ◽  
Content Type ◽  
The Us ◽  
Legal Thinking ◽  
Fraud Exception ◽  
Letters Of Credit ◽  
The One ◽  
Do So

Purpose The purpose of this paper is to examine the application of the fraud exception rule and try to analyze the different approaches in regard to the implication of fraud rule in letters of credit. Further, this paper tries to explore if there is an obstacle when applying such exception rule in common law and whether there is an overlap with interpreting the said rule. The same fact appears in civil law courts as well. Design/methodology/approach This paper is a comparative study which uses analytical approach and critical legal thinking. Findings The scope of the fraud defence, the US legal systems demonstrate that the scope of the fraud rule is extended and covers both fraud in documents and fraud in the underlying contract, while in contrast, in UK the rule’s scope is restricted to fraud in documents only. Such an approach is reasonable, as it is justified by applying the Uniform Customs and Practice for Documentary Credits (UCP) rules strictly. That is to say, English courts apply the rules literally, even if it does not lead to fair judgements, while in contrast, American courts seek to enforce justice even if it goes beyond the rules. In any case, restricting the fraud exception to fraud in the documents is the proper approach. The reason for such restriction, on the one hand, is to maintain the integrity of letters of credit and, on the other hand, to affirm the autonomy principle. Originality/value Extending the scope of the fraud defence will require banks to go beyond the documents, which is not logical. Banks are neither expert in such transactions nor required to do so. Most importantly, banks are concerned with documents only; it is for the court to go beyond the documents. Although this approach could be criticized, it is important to ensure that the validity of the documentary credit instrument is not compromised. As established by academics, any argument need not engage the bank unless it is in respect of the presented documents. In short, “pay now, argue later” is paramount to distinguish parties’ litigations from banks vs parties’ litigations. In any case, it can be suggested that extending the fraud rule exception to include fraud in the underlying contract from Jordan perspective is not the proper one because it is necessary to maintain the integrity of letters of credit and to affirm the autonomy principle.

The “Halalification” of tourism

2017 ◽  
Vol 8 (4) ◽  
pp. 558-577 ◽  
Author(s):  
Faiza Khan ◽  
Michelle Callanan
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Market Segment ◽  
Analysis Method ◽  
Review Of Literature ◽  
Primary Research ◽  
Content Type ◽  
Starting Point ◽  
Practical Implications

Purpose The purpose of this paper is to address the confusing use of terminology associated with tourism undertaken by Muslims and to identify key concerns associated with this type of tourism. Design/methodology/approach This is an exploratory study and adopts a critical review of literature following the evolutionary concept analysis method. Content analysis of popular UK media, UK-based tour operators’ websites and tourism strategies of destinations popular with Muslim tourists were conducted to examine the use of terminology. Findings There is no clear difference between the various terms (halal, Muslim friendly, Islamic, etc.) used. Overall, academia uses the term Islamic tourism, while the industry and media use various terms. Among destinations, however, there is no clear and consistent use of terminology. A key concern of Islamic tourism is the role of certification in assuring travellers and the lack of standardisation of halal certification. Research limitations/implications The paper is based on literature review and secondary data analysis. It lacks primary research. Practical implications This study highlights the need for consistent use of terminology across industry. Another implication is the issue surrounding halal certification of food and the importance of trust in the seller/service provide. Another trend that industry providers need to consider is the growth of the Muslim millennial traveller and the needs of this market segment. Originality/value The paper highlights the importance of studying the Muslim tourist market and provides a starting point for further research. It highlights several issues such as the need to develop a typology of Muslim tourists. Of particular interest is the concern whether halal values in danger of being commodified in the absence of a universal agreed criterion for halal certification.

Marketing and delivering information literacy on the web, yesterday and today, from 2009 to 2012

2014 ◽  
Vol 31 (4) ◽  
pp. 10-13 ◽  
Author(s):  
Sharon Q. Yang
Keyword(s):  
Information Literacy ◽  
Web Sites ◽  
Academic Libraries ◽  
Design Methodology ◽  
Status Quo ◽  
Content Type ◽  
The Status ◽  
Practical Implications ◽  
The Web ◽  
Made In

Purpose – This study aims to ascertain the trends and changes of how academic libraries market and deliver information literacy (IL) on the web. Design/methodology/approach – The author compares the findings from two separate studies that scanned the Web sites for IL-related activities in 2009 and 2012, respectively. Findings – Academic libraries intensified their efforts to promote and deliver IL on the web between 2009 and 2012. There was a significant increase in IL-related activities on the web in the three-year period. Practical implications – The findings describe the status quo and changes in IL-related activities on the libraries’ Web sites. This information may help librarians to know what they have been doing and if there is space for improvement. Originality/value – This is the only study that spans three years in measuring the progress librarians made in marketing and delivering IL on the Web.

Social media as a platform for information and support for coronavirus: analysis ofCOVID-19 Facebook groups

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hossein Motahari-Nezhad ◽  
Maryam Shekofteh ◽  
Maryam Andalib-Kondori
Keyword(s):  
Health Care ◽  
Health Care Providers ◽  
Design Methodology ◽  
Information Needs ◽  
Descriptive Statistics ◽  
Public Knowledge ◽  
Care Providers ◽  
Analysis Method ◽  
Content Type ◽  
Content Analysis Method

Purpose This study aims to investigate the characteristics, as well as the purpose and posts of the COVID-19 Facebook groups. Design/methodology/approach A systematic search for COVID-19 Facebook groups was conducted on June 1, 2020. Characteristics of the groups were examined using descriptive statistics. Mann-Whitney test was used to study the differences between groups. The study of the most popular groups’ posts was also carried out using the content analysis method. Findings The groups had a combined membership of 2,729,061 users. A total of 147,885 posts were received. There were about approximately 60% public groups. A high percentage of the groups (86.5%) had descriptions. The results showed a significant relationship between the groups’ description status and the number of members (p-value = 0.016). The majority of COVID-19 Facebook groups (56%) were created to meet their members’ information needs. The highest number of studied posts were related to vaccination (35.2%), followed by curfew rules (19.6%) and symptoms (10.6%). Originality/value Translating these insights into policies and practices will put policymakers and health-care providers in a stronger position to make better use of Facebook groups to support and enhance public knowledge about COVID-19.

Disintermediation of banks in a developing economy

2019 ◽  
Vol 45 (2) ◽  
pp. 222-243 ◽  
Author(s):  
Tahseen Mohsan Khan ◽  
Syed Kumail Abbas Rizvi ◽  
Ramla Sadiq
Keyword(s):  
Design Methodology ◽  
Structural Changes ◽  
Banking System ◽  
Causality Test ◽  
Correction Model ◽  
Content Type ◽  
Balance Sheets ◽  
Panel Regressions ◽  
The Impact ◽  
Major Hypothesis

Purpose The purpose of this paper is to investigate how Pakistani banks manage their portfolios (lending vs investment) when the economic indicators are not supportive. This study investigates three aspects of the banking system in Pakistan – prevalence of disintermediation, post-crisis profitability orientation and depositor protection by financial system in unfavorable conditions. Design/methodology/approach This study is limited to identifying the key economic and financial drivers behind disintermediation and its subsequent impact on banks’ profitability and depositors’ protection. GLS panel regressions and Engle–Granger causality test as specified by the error correction model have been used to test the major hypothesis of this study. Findings This study shows that small banks have been shifting major part of their portfolios toward risk-free investments to be able to maintain their profitability more efficiently and effectively, like large banks. The study also observes that significant pairing causality exists between gross credit loans and investments confirming disintermediation hypothesis for all types of banks except Islamic or Sharia compliant banks, whereas for significant pairing causality, the results are mixed for remaining variables among gross credit loans as a proportion of assets and economic variables that include GDP growth, unemployment, KSE-100 and SBP policy rate. It is also confirmed by the results that disintermediation improves banks profitability and depositor protection, thus providing a good rationale and justification to banks for opting it. Originality/value The study focuses on the impact of structural changes in portfolios only of commercial banks’ revenue-generating assets not including other financial institutions as a part of banking system. Furthermore, data are extracted from balance sheets and is the sole property of corresponding author.

Framing the development and directions of business sustainability efforts

2016 ◽  
Vol 16 (4) ◽  
pp. 709-725 ◽  
Author(s):  
Nils M. Høgevold ◽  
Göran Svensson
Keyword(s):  
Qualitative Study ◽  
Design Methodology ◽  
Business Networks ◽  
Convenience Sample ◽  
Content Type ◽  
Business Sustainability ◽  
The Status ◽  
Practical Implications ◽  
Over Time

Purpose The purpose of this paper is to frame the development and directions of business sustainability efforts. Design/methodology/approach A qualitative study was undertaken with respect to a convenience sample of reputable companies in Norway, which have implemented significant business sustainability efforts within their organisations, their business networks, the marketplace and in the society, beyond the level of mere compliance. Findings Different directions are associated with the development of corporate efforts in connection with business sustainability. Business sustainability efforts are not static, but dynamic and based upon continuous flexibility to changes and adaptations over time. Research Limitations/implications The current study highlights the need for further research into the development and directions of corporate efforts in connection with business sustainability in the marketplace and society. A key suggestion for further research is to further explore the existence of other directions. Practical Implications The directions reported, provide a framework to assess the development or the status of companies’ business sustainability efforts in the marketplace and society. Corporate efforts in connection with business sustainability develop over time as experiences are gained and personal impressions move the identified directions forward. Originality/value This study contributes to seven interconnected directions of corporate efforts in connection with business sustainability that are both relevant and potentially fruitful to both scholars and practitioners.

Modeling schedule overrun and cost escalation percentages of highway projects using fuzzy approach

2017 ◽  
Vol 24 (5) ◽  
pp. 809-827 ◽  
Author(s):  
Ahmed Ebrahim Abu El-Maaty ◽  
Amr M. El-Kholy ◽  
Ahmed Yousry Akal
Keyword(s):  
Linear Regression ◽  
Design Methodology ◽  
Fuzzy Theory ◽  
Linear Regression Analysis ◽  
Fuzzy Approach ◽  
Analysis Method ◽  
Highway Projects ◽  
Content Type ◽  
Theoretical And Numerical Analysis ◽  
Better Than

Purpose Modeling represents the art of translating problems from an application area into tractable mathematical formulations whose theoretical and numerical analysis provides insight, answers and guidance useful for the originating application. The purpose of this paper is to determine the causal causes of schedule overrun and cost escalation of highway projects in Egypt in order to be used as independents variables in mathematical models for predicting the percentages of schedule overrun and cost escalation of such projects in Egypt. Design/methodology/approach A survey of a randomly selected samples yielded responses from 40 owners, 15 consultants and 56 contractors. The survey includes 38 schedule overrun factors and 26 cost escalation factors. The effectiveness degree of the identified factors has been identified by the triangle fuzzy approach. Findings The results of the survey show that “contractor’s technical staff is insufficient and ineligible to accomplish the project” is the most important cause of schedule overrun, while the major cause of cost escalation is inadequate preparation of the project concerning planning and execution. Originality/value The main contribution of this study is predicting the percentages of schedule overrun and cost escalation of highway projects in Egypt. Through the application of the linear regression analysis method and statistical fuzzy theory, four predictive models have been developed and it has been noted that the linear regression-based model shows prediction accuracy better than statistical fuzzy-based model in predicting percentages of schedule overrun and cost escalation.

An examination of the status and evolution of country image research

2016 ◽  
Vol 33 (6) ◽  
pp. 825-850 ◽  
Author(s):  
Irene R.R. Lu ◽  
Louise A. Heslop ◽  
D. Roland Thomas ◽  
Ernest Kwan
Keyword(s):  
International Business ◽  
Design Methodology ◽  
Consumer Behaviour ◽  
Critical Assessment ◽  
Country Image ◽  
Content Type ◽  
Product Categories ◽  
The Past ◽  
The Status ◽  
Research Procedure

Purpose Country image (CI) has been one of the most studied topics in international business, marketing, and consumer behaviour of the past five decades. Nevertheless, there has been no critical assessment of this field of research. The purpose of this paper is to understand the status and evolution of CI research. Design/methodology/approach The authors review 554 articles published in academic journals over 35 years. The authors examine publication, authorship, and research procedure trends in these articles as an empirical and quantitative assessment of the field. The authors identify weaknesses and strengths, and the authors address disconcerting and encouraging trends. Findings The authors find a number of laudatory trends: CI research is becoming less US-centric, more theory driven, more sophisticated in methodology, evaluating more diverse product categories, and making use of multiple cue studies. There are, however, two major methodological concerns: poor replication and questionable generalizability of findings. The authors also noted the influence of CI articles has been decreasing, as well as their rate of publication in top tier journals. Originality/value Since the authors present data that reflect actual practices in the field and how such practices have changed across time, the authors believe the study is of substantial value to CI researchers, journal editors, and instructors whose curriculum includes CI. The critical assessment and subsequent recommendations are accordingly empirically justified.

Offsite construction in the Australian low-rise residential buildings application levels and procurement options

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tong Lin ◽  
Sainan Lyu ◽  
Rebecca Jing Yang ◽  
Linda Tivendale
Keyword(s):  
Construction Industry ◽  
Design Methodology ◽  
Residential Buildings ◽  
Analysis Method ◽  
Structured Interviews ◽  
Content Type ◽  
High Rise ◽  
The World ◽  
Different Levels ◽  
Selection Of

PurposePrefabricated housing has become a boom industry across the world; however, the uptake of offsite construction (OSC) approaches in Australian low-rise buildings is rather low compared with high-rise buildings in other countries. This study aims to investigate and analyse the adoption of different levels of OSC approaches and the selection of different procurement options in Australian low-rise residential buildings.Design/methodology/approachThe research objectives were pursued through a mixed research method. An empirical questionnaire survey was carried out with 35 professionals in the Australian building and construction industry. Semi-structured interviews were conducted with 20 interviewees and analysed using thematic analysis method in NVivo software.FindingsThe research results found that the most suitable OSC level for Australian low-rise buildings is components-based prefabrication and identified the barriers to OSC uptake for each OSC level. The study also showed that the best option of procuring prefabricated products is from Australian manufacturers, followed by Australian suppliers/dealers and overseas manufacturers. Panelised prefabrication and components-based prefabrication are ranked as the most suitable OSC approaches for Australian manufacturers. Modular prefabrication is regarded as the most suitable for overseas manufacturer, while components-based prefabrication is the most suitable for Australian suppliers/dealers.Originality/valueThe selection of various OSC approaches and different procurement options in the low-rise residential buildings are scarcely explored topic, and thus, this study provides knowledge of interest for both researchers and practitioners.

The legal guarantees to protect foreign investment in Jordan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohamad Ali Helalat
Keyword(s):  
Host Country ◽  
Foreign Investment ◽  
Design Methodology ◽  
Foreign Investor ◽  
Foreign Investments ◽  
Content Type ◽  
Legal Principles ◽  
Bilateral Agreements ◽  
The Status ◽  
Investment System

Purpose This paper aims to indicate that the foreign investment system in Jordan includes many provisions that create an appropriate environment for encouraging foreign investments and grant a distinctive treatment for the foreign investor that allows them the status equal to the national investor. Design/methodology/approach This study deals with the protection provided by the Jordan Government for foreign investments to attract foreign investment by studying the guarantees given by Jordan including many legal principles that encourage investment. The legal guarantees for the foreign investor enhance the confidence of the foreign investor in the host country. Findings The system provides a lot of guarantees with respect to non-commercial risks to which the foreign investor may be exposed. Originality/value The paper also clarifies that the role played by bilateral agreements in the field of investments, as these agreements give foreign investments a measure of protection through the guarantees and they are considered as incentives for the investor.

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