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Surety for Banks
Surety for Banks Another field of cooperation between Insurance and Banks Agenda • Credit Risk – a brief summary • Surety - Introduction • How to underwrite Surety • Surety for Banks • Surety for Banks at Swiss Re: BTI • The Surety Market: some statistics 2 Credit Risk A brief summary Credit and Credit Risk Definition • Credit Agreement between counterparties (typically creditor and debtor) by which something of value - good, services or money - is given in exchange for the promise to (re)pay at a later date • Credit Risk Risk of an economic loss due to deterioration of the credit quality or a default of an obligor on its financial obligations vis-à-vis third parties and/or the Insurance. Very different risk approach to typical insurance such as life or property insurance with an evaluation of frequency and severity of risk events and no recovery in case of a claim. 4 Credit Risk: How to manage? • Keep it do nothing set up reserves • Insure it • Sell it sell the credit (partially or completely) sell the credit risk (--> swap it) 5 Credit Insurance Products Insurance Market Solutions Trade Credit Financial Bank Trade Political Risk Surety Insurance Guaranty Finance Insurance Consumer Loan Documentary Confiscation, Construction, Domestic Credit Insurance, Trade Finance Currency Typical Supply, Customs Insurance Mortgage Inconvertibility, Indemnity, Products Performance, Export Credit Commodity Contract "Credit Bonds Insurance Trade Finance Frustration, Enhancement" Political Violence Specialized Credit Multiline insurers, Typical Surety -
Surety Today July 8, 2019 – Presentation (00392449).DOCX
SURETY TODAY PRESENTATION Given by Michael Stover and Thomas Moran Wright, Constable & Skeen, LLP Baltimore/Richmond July 8, 2019 NOTICE, CONDITIONS PRECEDENT AND PREJUDICE TO THE SURETY UNDER THE A312 (2010) PERFORMANCE BOND. I. THE LAW OF CONDITIONS PRECEDENT (Stover) We start first with the simple concept that “a surety bond is a contract.”1 Therefore, a bond, as a contract, must be interpreted in accordance with established rules of contract construction.2 Further, under the law of suretyship, the surety's liability for damages is limited by the terms of the bond.3 Courts have long recognized that the liability of a surety should not be extended by implication beyond the terms of the bond.4 Under contract law, there arises a type of provision known as the “condition precedent.” A condition precedent is defined as “a fact, other than a mere lapse of time, which, unless excused, must exist or occur before a duty of immediate performance of a promise arises.”5 In other words, when a condition precedent exists in a contract and it is Party A’s obligation to satisfy the condition, Party A must perform that condition before Party B has any obligation to perform under the contract and there can be no breach of the contract by Party B until the condition precedent is either performed by Party A or the condition is excused.6 In terms of a surety bond, if an obligee must satisfy a condition precedent before the surety’s obligation under 1 Goldberg, Marchesano, Kohlman, Inc. v. Old Republic Sur. -
Standby Trust Agreement
STANDBY TRUST AGREEMENT Trust Agreement (the "Agreement"), entered into as of the 9.-'day of 6\-.. ,1995 by and between WYETH LABORATORIES, INC., a New York Corporation (herein referred to as the "Grantor") and CoreStates Bank, N.A. (the "Trustee"). WHEREAS, the U.S. Nuclear Regulatory Commission (the "NRC"), an agency of the U.S. Government, pursuant to the Atomic Energy Act of 1954 as amended, and the Energy Reorganization Act of 1974, has promulgated regulations in Title 10, Chapter I of the Code of Federal Regulations, Parts 30, 40, 70 or 72. These regulations, applicable to the Grantor, require that a holder of, or an applicant for, a Part 30, 40, 70 or 72 license provide assurance that funds will be available when needed for required decommissioning activities; and WHEREAS, the Grantor has elected to use a "surety bond" to provide all of such financial assurance for the facilities identified herein; and WHEREAS, when payment is made under the surety bond, this standby trust shall be used for the receipt of such payment; and WHEREAS, the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this Agreement, and the Trustee is willing to act as trustee; Information in this record was deleted in accordance with the Freedom of Infor4na ion Act, exemptions . , FOll s NOW, THEREFORE, the Grantor and Trustee agree as follows: t Section 1. Definitions. As used in this Agreement: (a) The term "Grantor"means the NRC licensee who enters into this Agreement and any successors or assigns of the Grantor. -
8.. Colonialism in the Horn of Africa
UvA-DARE (Digital Academic Repository) The state, the crisis of state institutions and refugee migration in the Horn of Africa : the cases of Ethiopia, Sudan and Somalia Degu, W.A. Publication date 2002 Link to publication Citation for published version (APA): Degu, W. A. (2002). The state, the crisis of state institutions and refugee migration in the Horn of Africa : the cases of Ethiopia, Sudan and Somalia. Thela Thesis. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. UvA-DARE is a service provided by the library of the University of Amsterdam (https://dare.uva.nl) Download date:30 Sep 2021 8.. COLONIALISM IN THE HORN OF AFRICA 'Perhapss there is no other continent in the world where colonialism showed its face in suchh a cruel and brutal form as it did in Africa. Under colonialism the people of Africa sufferedd immensely. -
Glossary of Legal Terms
GLOSSARY OF LEGAL TERMS This glossary defines a number of terms in common legal use. Many books on the law for non-lawyers contain glossaries. Check your library or bookstore. See especially, Lile Denniston’s The Reporter and the Law (New York: Hastings House, 1980), Barron’s Dictionary of Legal Terms (New York: Barron’s Educational Series, 1998) and Black’s Law Dictionary (West Publishing Company, Minneapolis). acquittal A finding of “not guilty,” certifying the innocence of a person charged with a crime. adversary system The trial methods used in the U.S. and some other countries, based on the belief that the trust can best be determined by giving opposing parties full opportunity to present and establish their evidence, and to test by cross-examination the evidence presented by their adversaries, under established rules of procedure before an impartial judge and/or jury. alternative dispute resolution Processes that people can use to help resolve conflicts rather than going to court. Common ADR methods include mediation, arbitration and negotiation. Amicus curiae A friend of the court; one not a party to the case who volunteers to offer information on a point of law or some other aspect of the case to assist the court in deciding a matter before it. appeal A request by the losing party in a lawsuit that the judgment be reviewed by a higher court. appellant The party who initiates an appeal. Sometimes called a petitioner. appellate court A court having jurisdiction to hear appeals and review a trial court’s decision. appellee The party against whom an appeal is taken, sometimes called a respondent. -
Part 1: Introduction to American Legal Case Reading and Discussion
Rei32020_Read1.qxd 1/30/07 2:44 PM Page 1 PART 1 INTRODUCTION TO AMERICAN LEGAL CASE READING AND DISCUSSION Rei32020_Read1.qxd 1/30/07 2:44 PM Page 2 Reading 1 The United States Legal System— The Courts and the Law Hierarchy of State and Federal Courts In the United States, state and federal constitutions provide for the establishment of the court system and give courts judicial power. The federal court system and most state court systems organize their courts in a hierarchy consisting of lower- level or trial courts, appellate courts, and a supreme court (see Figs. 1 and 2). Jurisdiction If a court has subject-matter jurisdiction, it has the authority to adjudicate or deter- mine the outcome of a legal matter. The Constitution of the United States, to bal- ance the power of the federal and state governments, specifically limits the scope of jurisdiction over the types of cases that federal courts may hear. Thus, it can be said that federal courts have limited jurisdiction. Under Article III, Section 2 of the U.S. Constitution, their jurisdiction includes, among other things, all cases “arising under this Constitution, the Laws of the United States, and Treaties,” controversies in which the United States is a party and “Controversies between two or more States” or “Citizens of different States.” Also considered courts of limited or special jurisdiction are those courts that, by statute, are limited to particular types of cases they can hear—for example, state probate and juvenile courts. State courts may be regarded as courts of general jurisdiction because they have the authority to hear a broader range of cases. -
Environmental Management of Threatening Government Public Policy Jess Mikeska University of Nebraska-Lincoln
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Dissertations, Theses, and Student Research from Business, College of the College of Business Summer 7-2014 Environmental Management of Threatening Government Public Policy Jess Mikeska University of Nebraska-Lincoln Follow this and additional works at: http://digitalcommons.unl.edu/businessdiss Mikeska, Jess, "Environmental Management of Threatening Government Public Policy" (2014). Dissertations, Theses, and Student Research from the College of Business. 48. http://digitalcommons.unl.edu/businessdiss/48 This Article is brought to you for free and open access by the Business, College of at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Dissertations, Theses, and Student Research from the College of Business by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. ENVIRONMENTAL MANAGEMENT OF THREATENING GOVERNMENT PUBLIC POLICY by Jess Mikeska A DISSERTATION Presented to the Faculty of The Graduate College at the University of Nebraska In Partial Fulfillment of Requirements For the Degree of Doctor of Philosophy Major: Interdepartmental Area of Business (Marketing) Under the Supervision of Professor Leslie Carlson Lincoln, Nebraska July, 2014 ENVIRONMENTAL MANAGEMENT OF THREATENING GOVERNMENT PUBLIC POLICY Jess Mikeska, Ph.D. University of Nebraska, 2014 Adviser: Leslie Carlson This dissertation is the first to propose a test of environmental management theory through a reflective, managerial scale, and does so through a public policy lens. It matches 76 managerial respondents’ (17 firms) perceptions of environmental management with objective, secondary data ranging between 2002 and 2014 so as to reflect longitudinal changes in marketplace activities which influence end consumers (e.g., pricing, promotional activity). -
Report on Minority Groups in Somalia
The Danish Immigration Service Ryesgade 53 DK-2100 Copenhagen Ø Phone: + 45 35 36 66 00 Website: www.udlst.dk E-mail: [email protected] Report on minority groups in Somalia Joint British, Danish and Dutch fact-finding mission to Nairobi, Kenya 17 – 24 September 2000 Report on minority groups in Somalia Table of contents 1. Background ..................................................................................................................................5 2. Introduction to sources and methodology....................................................................................6 3. Overall political developments and the security situation in Somalia.......................................10 3.1 Arta peace process in Djibouti...............................................................................................10 3.2 Transitional National Assembly (TNA) and new President ..................................................10 3.2.1 Position of North West Somalia (Somaliland)...............................................................12 3.2.2 Position of North East Somalia (Puntland)....................................................................13 3.2.3 Prospects for a central authority in Somalia ..................................................................13 3.3 Security Situation...................................................................................................................14 3.3.1 General...........................................................................................................................14 -
Probate E-Filing Question and Answers
Probate E-Filing Question and Answers Q: Why do last wills and testaments, commissions, surety bonds, and limited access account agreements have to be physically filed with the court since the purpose of e-filing is to avoid the paper filings? A: E-filing is a procedural innovation that achieves a number of laudable goals, not the least of which is convenience and time savings for the practicing bar. However, it does not and was never intended to modify or repeal any of the procedural formalities prescribed by the probate code, particularly those relating to the admission to probate of testamentary instruments and securing the performance of court-appointed fiduciaries. With respect to wills, the bar is reminded that the law in Missouri is very explicit regarding the requirements for “presentment” of a will. The definition of “presentment” in Section 473.050, RSMo, as amended in 1996, provides two means to “present” a will to probate. “First, the will can be delivered to the probate division of the circuit court. § 473.050.2(1). [Author’s emphasis added which does not appear in the opinion.] This presumes the document delivered is a will satisfying the requirements of section 474.320. Second, if a will is not available, a verified statement stating why the will is not available and setting forth the known provisions of the will can be filed. Id. Either of these methods for presenting a will must also have either an affidavit requesting probate, a petition seeking to admit to probate, or an authenticated copy of the order admitting the will elsewhere. -
The Legal Status of Abuse
HM 424.1995 FAMILY VIOLENCE Rabbi Elliot N. Dorff Part 1: The Legal Status of Abuse This paper was approved by the CJT,S on September 13, 1995, by a vote of' sixteen in favor and one oppossed (16-1-0). V,,ting infiwor: Rabbis Kassel Abelson, Ben :Lion BerBm<m, Stephanie Dickstein, £/liot JY. Dorff, S/wshana Gelfand, Myron S. Geller, Arnold i'H. Goodman, Susan Crossman, Judah f(ogen, ~bnon H. Kurtz, Aaron L. iHaclder, Hwl 11/othin, 1'H(~yer HabinoLviiz, Joel /t.,'. Rembaum, Gerald Slwlnih, and E/ie Kaplan Spitz. hJting against: H.abbi Ceraicl Ze/izer. 1he Committee 011 .lnuish L(Lw and Standards qf the Rabhinical As:wmbly provides f};ztidance in matters (!f halakhnh for the Conservative movement. The individual rabbi, hou;evet~ is the authority for the interpretation and application of all maltrrs of halaklwh. 1. Reating: According to Jewish law as interpreted by the Conservative movement, under what circumstance, if any, may: A) husbands beat their wives, or wives their husbands? B) parents beat their children? c) adult children of either gender beat their elderly parents? 2. Sexual abu.se: What constitutes prohibited sexual abuse of a family member? 3· verbal abuse: What constitutes prohibited verbal abuse of a family member? TI1e Importance of the Conservative Legal Method to These Issues 1 In some ways, it would seem absolutely obvious that Judaism would nut allow individu als to beat others, especially a family member. After all, right up front, in its opening l T \VOuld like to express my sincere thanks to the members or the Committee on Jew·isll Law and Standards for their hdpfu I snggc:-;tions for impruving an earlier draft of this rcsponsum. -
Somalia OGN V11.0 Issued 27 October 2006
Somalia OGN v11.0 Issued 27 October 2006 OPERATIONAL GUIDANCE NOTE SOMALIA Immigration and Nationality Directorate CONTENTS 1. Introduction 1.1 – 1.4 2. Country assessment 2.1 – 2.15 3. Main categories of claims 3.1 Members of major clan families or related sub-clans 3.6 Bajunis 3.7 Benadiri (Rer Hamar) or Bravanese 3.8 Midgan, Tumal, Yibir or Galgala 3.9 Prison conditions 3.10 4. Discretionary Leave 4.1 Minors claiming in their own right 4.3 Medical treatment 4.4 5. Returns 5.1 – 5.5 6. List of source documents 1. Introduction 1.1 This document summarises the general, political and human rights situation in Somalia and provides information on the nature and handling of claims frequently received from nationals/residents of that country. It must be read in conjunction with any COI Service Somalia Country of Origin Information at: http://www.homeoffice.gov.uk/rds/country_reports.html 1.2 This guidance is intended to provide clear guidance on whether the main types of claim are or are not likely to justify the grant of asylum, Humanitarian Protection or Discretionary Leave. Caseworkers should refer to the following Asylum Policy Instructions for further details of the policy on these areas: API on Assessing the Claim API on Humanitarian Protection API on Discretionary Leave API on the European Convention on Human Rights API on Article 8 ECHR 1.3 Claims should be considered on an individual basis, but taking full account of the information set out below, in particular Part 3 on main categories of claims. -
An Overview of the American Legal System
New Hampshire Bar Association’s Law-Related Education Program Presents An Overview of the American Legal System A Guide for Classroom Use To Be Used in Conjunction with the Mock Trial Competition Handbook (Revised September 2004) Developed by the New Hampshire Bar Association’s Law-Related Education Program, sponsored in part by the New Hampshire Bar Association and the New Hampshire Bar Foundation. Please feel free to contact the NHBA’s Law Related Education Coordinator, Robin E. Knippers at (603) 224-6942 ext. 3259 or at [email protected], or visit our website at www.nhbar.org for more information. We welcome your comments and suggestions at any time. i Table of Contents Introduction................................................................................................................................. 4 Overview of the Judicial System ........................................................................................... 5 I. .................................................................................................................... The Role of Courts 5 II. .............................................................................. The State and Federal Court Systems 5 A. The State Court System................................................................................... 5 1. The Various Levels of the State Court System.............................. 5 2. Selection of State Court Judges........................................................8 B. The Federal Court System ..............................................................................