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Monthly Archives: November 2012
(Find a business broker) Utilizing Mobile Technology For Your Business
By Barton Clarke
There are a number of things that you can do to improve your business and to help increase the amount of success that you are seeing. You can ensure that your business is running as smoothly as possible by reviewing it regularly, and you can also help to streamline the process in a number of different ways. Something that is not to be overlooked is the mobile technology that you are using. As a matter of fact, mobile technology is benefiting many individuals and helping their businesses to be more successful. Here are a few ways that you may be able to use mobile technology in your business.
One of the most obvious ways that mobile technology is used is in laptop computers. These are not only computers that are taken on the road, but in many cases, people are now using their laptops on their desktop as well. One of the reasons why that is the case is because it can save them a considerable amount of space, allowing them to use the computer while only taking up a little bit of real estate on their desk. When they are ready to become mobile, they can easily unplug the laptop, drop it into a bag, and take it on the road with them.
Mobile phones have also helped many businesses to increase the amount of work that they are doing and to coordinate between the office in the field. With the right type of construction management software, for example, you could do construction materials testing in the field and then upload it to the office across a wireless network. This type of technology can save you not only time but also quite a bit of frustration. When it works seamlessly between the field and the office, it helps to cut down on the amount of confusion that may arise when uploading the data.
GPS devices have come a long way since they first entered the scene a decade or more ago. Not only are they faster, the accuracy of those devices is something that can assist you in many ways. Who of us has not used the GPS at one time or another to find our way to a destination? Of course, many businesses depend upon GPS devices for their very livelihood. For example, many engineering and surveying company now use GPS to make sure that they are on track. It not only gives them the greater degree of accuracy that they may desire but it also cuts down on the amount of people that are working in the field.
One other way that wireless and mobile technology may have assisted you is if you take payments from customers regularly. Many field crews are now able to take payments from their customers using wireless credit card terminals. The same is also true with many restaurants. As a matter of fact, it can help you to save a lot of time and can also mean quite a bit of repeat business if you are able to take the payment directly at the table instead of having them give you the credit card and disappearing behind the scenes to charge it.
The fraud rule in letters of credit according to Sztejn (free business listing sites)
By Nicolai Nielsen
Stejn is the landmark case in American law dealing with fraud in letter of credit transactions. It was so important that the court’s findings became codified in the Uniform Commercial Code (UCC), but throughout the common law jurisdiction Sztejn has been praised and followed.
Sztejn had bought bristles from an Indian company named Transea Traders, Ltd. To effectuate payment to the seller Transea, Sztejn opened a letter of credit with Schroder. The beneficiary presented the required documents and drew a draft to the order of Chartered Bank, which presented the draft to Schroder requesting payment. However, instead of shipping the contractually agreed upon goods, Transea had filled 50 crates with rubbish. Plaintiff, Sztejn filed a suit for judgment asking the court to declare the letter and draft thereunder void and furthermore asked the court to enjoin the issuing bank, Schroder, from accepting the draft.
The court assumed that the plaintiff’s allegations were true, namely that Transea was engaged in a scheme to defraud the plaintiff and that Chartered Bank was not an innocent holder of the draft. Particularly taking into consideration that Sztejn would be defrauded if Schroder paid Chartered Bank under the draft, the court ruled in Sztejn’s favor.
One important aspect of the decision is the position of Chartered bank. Justice Shientag showed little mercy for Chartered Bank, ruling “where the draft and the accompanying documents are in the hands of one who stands in the same position as the fraudulent seller” no hardship will be caused when enjoining the issuing bank from payment.
The posture of the presenting bank led justice Shientag to a further comment:
“If it had appeared from the face of the complaint, that the bank presenting the draft for payment was a holder in due course, its claim against the bank issuing the letter of credit would not be defeated even though the primary transaction was tainted with fraud.”
In this regard justice Shientag followed established law regarding the treatment of holders in due course of negotiable instruments.
Sztejn established the determining factors of the fraud rule in letter of credit transactions. Cognizant of the fact that the independence principle is one of the tenets of letter of credit transactions, the independence principle will only be disregarded in the case of fraud. Mere allegations of fraud however are not enough to obtain an injunction. Rather, the fraud needs to be proven. A payee under a draft, who is a holder in due course, will receive payment, regardless of the fraud committed by the drawer.
A holder in due course does not exist with sight payment or deferred payment letters of credit.
Sztejn remains a seminal decision whose echo can still be felt in Article 5 of the UCC.
