Richard Nixon Essays - Richard Nixon, Jerry Voorhis, Free Essays

Richard Nixon Essays - Richard Nixon, Jerry Voorhis, Free Essays Richard Nixon Richard Millhouse Nixon, our 37th President of the United States was born on January 9, 1913 on Yorba Linda California. Nixon attended different elementary schools trough out Yorba Linda, Whittier, and Fullerton. In high school Nixon played football, and he also got into debating. After high school Nixon attended Whittier Collage, where he became president of the student body and also won many debating awards. When he graduated Whittier collage in 1934, he received a scholarship to Duke University School of Law. At Duke, Nixon was elected president of the student law association and won election to the Order of the Coif. When he graduated he ranked third in a class of 44 students. After graduating from Duke Nixon was having a hard time finding a job, since the great depression had just ended. He tried to joint the FBI and a law firm in New York. He later returned home and found a job in a small firm. He also meet his future wife Patricia. In January 1942, Nixon joined the Navy as an ensign. Three years later he got promoted to lieutenant commander. Nixon's rise to presidency began in 1936, just after he got out of the navy. He went against democrat Jerry Voorhis, and Nixon won the election after saying that Voorhis was a Communist. As a representative, Nixon worked on the Marshall Plan, and also help write the Taft-Hartley act. In 1948 he was again reelected to the House. Two years later Nixon ran for US Senator against Helen Gahagan Douglas. Nixon won the election by 700,000 votes. In the 1952 election, Richard Nixon was running as Vice President with Dwight D. Eisenhower. There was a dispute over some money, and Nixon was asked to withdraw from the campaign. After a speech he gave, Nixon was once aging in the campaign. Eisenhower and Nixon won the election. Nixon handled the White House's business with very ease, after the President suffered from a stroke. As Vice president Nixon traveled to every single continent except Antarctica, he was booed and stoned by Communist in Peru, in Venezuela his car window got smashed. In 1960, Nixon ran for president against JFK. It was one of the closest elections in history. Nixon lost by 114,673 popular votes. In 1962, Nixon ran for Governor of California and lost to Edmund G. Brown. Nixon once agin g got nominated to run for President. His opponent this time was Hubert H. Humphrey. They both promised to make peace with Vietnam. Richard Nixon won the election and became our 37th President. Nixons main foreign exchange policy was to end the Vietnam war. On 1969 Nixon began holding troops back. In 1972 Nixon blocked Vietnam's food supply from the Soviet Union. Nixon also order their state capital to get bombed. Later congress ordered the bombing to stop. Another foreign exchange policy was to reopen trading with China. China and the United States hadn't trade since 1953 during the Korean war. In 1972 Richard Nixon and Leonid I. Brezhnev, leader of the Soviet Union's Communist party meet and signed a contract to limit the production of nuclear weapons. The Soviet Union also begun to buy wheat from the United States. Among Nixon's domestic plans that failed were, money that should be given to needy families with children, and a plan in which federal government should share tax mone y with state and local governments. Nixon also helped decrease inflation by regulating the rent wages and stop salary increases. Richard Nixons failures include the dramatic inflation rise of 1973. Inflation went up 8.8 %. This was nothing compared to the Watergate scandal. Nixon was accused of holding evidence from court. Apparently the evidence were some tapes of him that could lead to the prosecution of the Watergate break in. Nixon was then impeached. After retiring Nixon spend most of the time paling golf, he also wrote many books, including The Memoirs of Richard Nixon. Nixon was buried with his wife near the house were he was born in. Ronald Reagen was born n February 6, 1911, in Tampico Illinois. Ronald Regain didn't come from a wealthy family, I realize now that we were poor, but I didn't know it at

Biography of Lope de Aguirre, Madman of El Dorado

Biography of Lope de Aguirre, Madman of El Dorado Lope de Aguirre was a Spanish conquistador present during much of the infighting among the Spanish in and around Peru in the mid-sixteenth century. He is best known for his final expedition, the search for El Dorado, on which he mutinied against the leader of the expedition. Once he was in control, he went mad with paranoia, ordering the summary executions of many of his companions. He and his men declared themselves independent from Spain and captured Margarita Island off the coast of Venezuela from colonial authorities. Aguirre was later arrested and executed. Origins of Lope de Aguirre Aguirre was born sometime between 1510 and 1515 (records are poor) in the tiny Basque province of Guipà ºzcoa, in northern Spain on the border with France. By his own account, his parents were not rich but did have some noble blood in them. He was not the eldest brother, which meant that even the modest inheritance of his family would be denied to him. Like many young men, he traveled to the New World in search of fame and fortune, seeking to follow in the footsteps of Hernn Cortà ©s and Francisco Pizarro, men who had overthrown empires and gained vast wealth. Lope de Aguirre in Peru It is thought that Aguirre departed Spain for the New World around 1534. He arrived too late for the vast wealth that accompanied the conquest of the Inca Empire, but just in time to become embroiled in the many violent civil wars that had broken out among the surviving members of Pizarros band. A capable soldier, Aguirre was in high demand by the various factions, although he tended to pick royalist causes. In 1544, he defended the regime of Viceroy Blasco Nà ºÃƒ ±ez Vela, who had been tasked with the implementation of extremely unpopular new laws which provided greater protection for natives. Judge Esquivel and Aguirre In 1551, Aguirre surfaced in Potosà ­, the wealthy mining town in present-day Bolivia. He was arrested for abusing Indians and sentenced by Judge Francisco de Esquivel to a lashing. It is unknown what he did to merit this, as Indians were routinely abused and even murdered and punishment for abusing them was rare. According to legend, Aguirre was so incensed at his sentence that he stalked the judge for the next three years, following him from Lima to Quito o Cusco before finally catching up with him and murdering him in his sleep. The legend says that Aguirre did not have a horse and thus followed the judge on foot the entire time. The Battle of Chuquinga Aguirre spent a few more years participating in more uprisings, serving with both rebels and royalists at different times. He was sentenced to death for the murder of a governor but later pardoned as his services were needed to put down the uprising of Francisco Hernndez Girà ³n. It was about this time that his erratic, violent behavior earned him the nickname Aguirre the Madman. The Hernndez Girà ³n rebellion was put down at the battle of Chuquinga in 1554, and Aguirre was badly wounded: his right foot and leg were crippled and he would walk with a limp for the rest of his life. Aguirre in the 1550s By the late 1550s, Aguirre was a bitter, unstable man. He had fought in countless uprisings and skirmishes and had been badly wounded, but he had nothing to show for it. Close to fifty years old, he was as poor as he had been when he left Spain, and his dreams of glory in the conquest of rich native kingdoms had eluded him. All he had was a daughter, Elvira, whose mother is unknown. He was known as a tough fighting man but had a well-earned reputation for violence and instability. He felt that the Spanish crown had ignored men like him and he was getting desperate. The Search for El Dorado By 1550 or so, much of the New World had been explored, but there were still huge gaps in what was known of the geography of Central and South America. Many believed in the myth of El Dorado, the Golden Man, who was supposedly a king who covered his body with gold dust and who ruled over a fabulously wealthy city. In 1559, the Viceroy of Peru approved an expedition to search for the legendary El Dorado, and about 370 Spanish soldiers and a few hundred Indians were put under the command of young nobleman Pedro de Ursà ºa. Aguirre was allowed to join up and was made a high-level officer based on his experience. Aguirre Takes Over Pedro de Ursà ºa was just the sort of person Aguirre resented. He was ten or fifteen years younger than Aguirre and had important family connections. Ursà ºa had brought along his mistress, a privilege denied to the men. Ursà ºa had some fighting experience in the Civil Wars, but not nearly as much as Aguirre. The expedition set out and began exploring the Amazon and other rivers in the dense rainforests of eastern South America. The endeavor was a fiasco from the start. There were no wealthy cities to be found, only hostile natives, disease and not much food. Before long, Aguirre was the informal leader of a group of men who wanted to return to Peru. Aguirre forced the issue and the men murdered Ursà ºa. Fernando de Guzmn, a puppet of Aguirre, was put in command of the expedition. Independence From Spain His command complete, Aguirre did a most remarkable thing: he and his men declared themselves  the new Kingdom of Peru, independent from Spain. He named Guzmn Prince of Peru and Chile. Aguirre, however, became increasingly paranoid. He ordered the death of the priest that had accompanied the expedition, followed by Inà ©s de Atienza (Ursà ºas lover) and then even Guzmn. He eventually would order the execution of every member of the expedition with any noble blood whatsoever. He hatched a mad plan: he and his men would head to the coast, and find their way to Panama, which they would attack and capture. From there, they would strike out at Lima and claim their Empire. Isla Margarita The first part of Aguirres plan went fairly well, especially considering it was devised by a madman and carried out by a ragged bunch of half-starved conquistadores. They made their way to the coast by following the  Orinoco  River. When they arrived, they were able to mount an assault on the small Spanish settlement at Isla Margarita and capture it. He ordered the death of the governor and as many as fifty locals, including women. His men looted the small settlement. They then went to the mainland, where they landed at Burburata before going to Valencia: both towns had been evacuated. It was In Valencia that Aguirre composed his famous letter to Spanish King Philip II. Aguirres Letter to Philip II In July of 1561, Lope de Aguirre sent a formal letter to the King of Spain explaining his reasons for declaring independence. He felt betrayed by the King. After many hard years  of  service to the crown, he had nothing to show for it, and he also mentions having seen many loyal men executed for false crimes. He singled out judges, priests and colonial bureaucrats for special scorn. The overall tone is that of a loyal subject who had been driven to rebel by royal indifference. Aguirres paranoia is evident even in this letter. Upon reading recent dispatches from Spain concerning the counter-Reformation, he ordered the execution of a German soldier in his company. Philip IIs reaction to this historic document is unknown, although Aguirre was almost certainly dead by the time he received it. Assault on the Mainland Royal forces attempted to undermine Aguirre by offering pardons to his men: all they had to do was  desert. Several did, even before Aguirres mad assault on the mainland, slipping off and stealing small boats to make their way to safety. Aguirre, by then down to about 150 men, moved on to the town of Barquisimeto, where he found himself surrounded by Spanish forces loyal to the King. His men, not surprisingly, deserted  en masse, leaving him alone with his daughter Elvira. The Death of Lope de Aguirre Surrounded and facing capture, Aguirre decided to kill his daughter, so that she would be spared the horrors that awaited her as the daughter of a traitor to the crown. When another woman grappled with him for his harquebus, he dropped it and stabbed Elvira to death with a dagger. Spanish troops, reinforced by his own men, quickly cornered him. He was briefly captured before his execution was ordered: he was shot before being chopped into pieces. Different pieces of Aguirre were sent to surrounding towns. Lope de Aguirres Legacy Although Ursà ºas El Dorado expedition was destined to fail, it may not have been an utter fiasco if not for Aguirre and his madness. It is estimated that Lope either killed or ordered the death of 72 of the original Spanish explorers. Lope de Aguirre did not manage to overthrow Spanish rule in the Americas, but he did leave an interesting legacy. Aguirre was neither the first nor the only conquistador to go rogue and attempt to deprive the Spanish crown of the royal fifth (one-fifth of all spoils from the New World was always reserved for the crown). Lope de Aguirres most visible legacy may be in the world of literature and film. Many writers and directors have found inspiration in the tale of a madman leading a troop of greedy, hungry men through dense jungles in an attempt to overthrow a king. There have been a handful of books written about Aguirre, among them Abel Posses  Daimà ³n  (1978) and Miguel Otero Silvas  Lope de Aguirre, prà ­ncipe de la  libertad  (1979). There have been three attempts to make films about Aguirres El Dorado expedition. The best by far is the 1972 German effort  Aguirre, Wrath of God, starring Klaus Kinski as Lope de Aguirre and directed by Werner Hertzog. There is also the 1988  El Dorado, a Spanish film by Carlos Saura. More recently, the low budget  Las Lgrimas de Dios  (The Tears of God) was produced in 2007, directed by and starring Andy Rakich. Source: Silverberg, Robert.  The Golden Dream: Seekers of El Dorado. Athens: the Ohio University Press, 1985.

Construction surety contract bond underwriting risk evaluation

Construction surety contract bond underwriting risk evaluation Introduction Finance has been the subject of global market confusion and unremitting controversies with matters of greater public and private concern facing unending challenges due to incompetent policies and regulations governing financial affairs.Advertising We will write a custom thesis sample on Construction surety contract bond underwriting risk evaluation specifically for you for only $16.05 $11/page Learn More The unprecedented hard economic epoch of the recent decades has hit the financial market, thus affecting operations of numerous companies globally through constantly augmenting defaults and losses (Ramsey 43). Generally, one of the worldwide industries that have constantly suffered from financial crises and the related risks is the global construction industry where million of losses occur not only from the economic circumstances, but also due to unrelenting misfortunes that mar industrial growth. In a bid to protect contractors from the rising financial risks that have become more eminent in the current decades, financial institutions are becoming proactive in providing risk transfer mechanisms in the form of surety. Despite decades of surety guarantees by corporations in the United States, little remains known to the public about surety. Therefore, this study explores construction surety bond underwriting risk evaluation. Synopsis of a construction surety contract The financial business world has grown exponentially for decades and become the most responsive industry that constantly provides substantial aid to other industries on risk related affairs. By operating slightly akin to the insurance firms, corporate sureties have emerged stronger in supporting risk related industries including the construction companies by providing surety bonds. In simple terms as defined by CNA Surety, â€Å"surety bonds are three party instruments by which one party guarantees or promises a second party the successful performance of a thi rd party† (1). These three parties or principles involved in the surety bonding include a surety (any financial institution), a principal (contractor) and an Obligee (owner) (Seifert 47). Surety bonds involved in construction or bonding construction companies are contract surety bonds. Obviously, construction is a challenging and risky business that possibly can result into huge losses to constructors and owners is not well handled. Construction surety bonds typically prevent owners from financial and resource related risks that likely occur during project construction.Advertising Looking for thesis on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In its broadest understanding, construction surety bonds normally provide assurance to Obligee or project owners that contractors are capable of performing or completing the project on due time, within the stipulated budget and in the desired design requirement s (McIntyre and Strischek 30). On the same note, construction surety bonds are capable of assuring the venture owners that the contractor will complete the project and pay all the specified subcontractors, material suppliers and manual workers as expected (McIntyre and Strischek 30). Research has identified three common forms of construction surety bonds namely bid bonds, performance bonds and the payment bonds that are common in a large construction spectrum. A bid bond is a construction surety bond that provides financial assurance that the contract is for good will, in desired price and required performance and payment bonds. Performance bond provides â€Å"the owner with protection against financial loss in a circumstance where contractor fails to complete the project and meet terms and conditions of the contract., while payment bond ensure that the constructor makes all payments to suppliers, subcontractors and laborers† (Jenkins and Andrew 2). Background to the U.S. con struction surety industry Perhaps the United States stands out to be among the most advanced countries that have integrated systems to protect innocent civilians from malicious service providers, including malevolent project managers and contractors. The U.S. construction surety industry has expanded exponentially in the current decades and its history and background is long, and its fate has been a mixture of success and failure (McIntyre and Strischek 31). The U.S construction surety industry premiered centuries ago and financial corporations have been offering surety bonds for quite a while, before the government decided to intervene as a service-consumer protection intervention.Advertising We will write a custom thesis sample on Construction surety contract bond underwriting risk evaluation specifically for you for only $16.05 $11/page Learn More According to Surety Information Office (1), the year 1893 saw the U.S government, through Miller Act Section 270a, placing a legal mandate to all contactors on public works contracts to acquire surety bonds that guaranteed their constancy in undertaking projects and masking dully payments to all subcontractors and suppliers on project completion. The importance of getting into construction agreements and contracts began at this moment. By the U.S. Government imposing Miller act, one significant issue emerged from this rule. According to Surety Information Office (1), â€Å"the Miller Act (40 U.S.C. Section 270a) requires performance and payment bonds for all public work contracts in excess of $100,000 and payment protection, with payment bonds the preferred method, for contracts in excess of $25,000.† In subsequent moments, approximately fifty American States, including Puerto Rico and District of Columbia began enacting this act. Since this enactment, corporate financial institutions initiated massive campaigns of attracting contractors in such business activities by making the su rety industry quite a competitive sector throughout 1990s when the American economy thrived. Under the strong economy, the contractors remained busy and with minimal failures until the entire world began experiencing economic crunches. Unfortunately, the profitable bonding business became more overwhelming and centered attention for new entrants into surety leading to excess and gratuitous competition within the surety industry that has finally remained shaky 2000 due to high-profile corporate failures. Principles of Premiums and losses While trying to understand underwriting of surety bonds in the construction industry, premiums and losses are two financial terminologies associated with underwriting of surety bonds. The U.S surety bonds, similar to the insurances, have premium and loss terminologies, which represent certain fees. Unlike the insurance premium, surety premium refers to service fee or service charge determined based on anticipated losses (Grovenstein et al. 356). Loss es are unforeseen financial risks that may result from contractors failing to complete the project as per expectations, or even other uncertainties related to project construction.Advertising Looking for thesis on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In the case where the surety industry considers risks from the construction company are unpleasant, the financial institution, which is normally the surety, may have to deem a number of alternatives. According to contract bonding principles, McIntyre and Strischek affirm that some of the alternative that assists in minimizing loss chances in sureties is raising premium charges, raising deductibles, reducing bond coverage, intensify underwriting standards or even quite completely from the bonding deal (30).. Perceived significance of surety contract bonding Since the advent of surety contracting and bonding into the U.S federal public works, much has protracted that has led to surveyors considering the imperativeness of surety contract bond underwriting. Surety bonding is a process that involves risk sharing through a business-integrated program that involves several mutual terms and conditions for all the three parties involved (Jenkins and Andrew 1). In actuality, there is no bette r or rather practical alternative of defending the private and the public against financial loss. On the other hand, financial institutions depend on public and private sectors to generate revenues for their survival. Surety bonding on construction favors all the three principals in the contracting deal (Dunn and Sedgwick 15). For the owner, protection from financial loss, safety of the construction and smooth progress of the project is what becomes major benefits in due completion of the project (Ramsey 42). Three contract surety bonds have been supportive in assisting Obligee in undertaking their projects successfully b considering the success of the bonding. The owner believes that the bid bond, the performance bond and the payment bond are core movers to the success of the project. McIntyre and Strischek assert, â€Å"Surety bonds assure project owners that contractors will perform the work and pay specified subcontractors, laborers, and material suppliers in accordance with th e contract documents† (30). The contractors (principals) also rely on the surety contract bond underwriting in a number of ways that may deem significant while undertaking their contracting process. During the underwriting process, the contractor feels assured of owner’s cooperation in terms of payment as cases of exploiting contractors seem outdated since the financial institutions scrutinizes owners financial capacity comprehensively. Since the surety corporations have the financial stamina to cover any improprieties resulting from Obligee, the contractor feels assured of getting all the stated pay (Dunn and Sedgwick 15). The surety or the guarantors who are large financial institutions normally receive a financial benefit and commercial reputation over the surety industry since premiums have the potential of chaining the corporate improvement of the firms. Essential information for underwriting a contract bond Underwriting a contract bond has been a quandary for the three parties, with both of them having worries over the successfulness of bonding and the fate of the project under construction. As noted by Glaser, Piskorski, and Tchistyi â€Å"mortgage underwriters face a dilemma: either to implement high underwriting standards and underwrite only high quality mortgages or relax underwriting standards in order to save on expenses† (186). All parties involved in undertaking the contract bonding must observe several parameters before concluding on ways to undertake the surety bonding. During the process, the corporate sureties are normally at higher risks since they are responsible for monitoring and assessing the capabilities of the two parties in the contract bonding (Sacks and Ignacio 46). Nonetheless, it is worthwhile that all the three principles consider seeking legal advice and embedding their bonding procedures through legal frameworks that likely reduces chances of uncertainties. The two (principals and surety) with their underwri ters and producers have the accountability to oversee all the procedures of the contracting process. What contractors and their producers must know Subsequent to a comprehensive coverage of all conditions, terms and procedure of signing the contract bonds, a greater responsibility rests upon the contractor companies and the surety companies as the owner waits in anticipation. As the surety depends on surety company underwriter to undertake a follow up on the contract and plan, the contractor company relies on the producer, who forms part contractor’s external advisory group. The producer is one of the integral players in the contractor’s advisory team and to avoid performance-related risks that may hamper completion of the contract the producer plays an important part. The contractors company must consider the following qualifications from the producer: the producer must be familiar with the local, provincial and national conditions and trends within the surety market. In addition, Ramsey (42) asserts that the producer must posses accounting and finance knowledge, respect and a reputation for integrity, knowledge of the contract law and their documents, substantial experience in management practices and strategic planning among other fundamental aspects. They must understand that the contracting business involving construction company is quite challenging and with numerous uncertainties. For any successful contracting company, understanding of business risks is imperative and this aspect aids in evaluating and assessing the kind of contract bonding that firms associate with during their operations. As suggested by Ramsey, â€Å"taking any and every job available is not a wise strategy† (44). A construction company must understand all the uncertainties including external construction risks as weather, natural hazards, material prices, or supplier’s inconveniences and owner’s-related risks, as well as internal risk like equipme nt failures, staff problems and capital fluctuations. This move is normally the best way of evaluating and managing their risks since it enlightens the company on the genuine projects to pursue and the contract bonds to sign. According to Fayek and Marsh (3764), the contractors must also rely on a sustainable legal expertise team that scrutinizes the owner’s financial potency, as it is normally a challenge for contractors to access data pertaining to owners financial and banking secrets that sureties have. What surety and their underwriters must consider In the context of undertaking the construction bonding process, the sureties that involve corporate financial institutions are the core movers and principals of contract bonding. Apart from the main surety in the bonding process, two actors as mentioned earlier are important in the process of surety contract bond underwriting: an underwriter and a producer, who form part of the entire process (Stevens 440). An underwriter is a professional who works directly for the surety company that has offered to provide bond and undertake the obligation. After a successful collection of the necessary information pertaining to the contract, the bond producer presents the information to the surety company underwriter, who is responsible for making a follow up of the plan for the surety company (Ramsey 44). The underwriter is the most integral person in the advisory team of the surety company. Ramsey) asserts, â€Å"The surety bond producer works with the surety company’s underwriter to ensure that the contractor is bondable and capable of performing the work and paying all parties† (44). In the context of underwriter’s duties, the following are the primary activities undertaken in underwriting by the surety company underwriter. Firstly, the underwriter has the accountability to determine if the contractor possesses the financial potency to support the contract all through. Secondly, the surety co mpany underwriter ensures that the contractor has a positive historical record of paying subcontractors and suppliers immediately (Ramsey 44). Finally, the surety company underwriter ensures that the contractor possesses a good rapport with the banks and other financial institutions. In simplest financial terms, underwriting standards of nowadays surety market emphasize on three important Cs representing capitals, capacity and character in the underwriting process and in understanding the contractor’s business. Since a surety bond acts as a bank credit in several ways, it is important for contractors to have a good reputation since contractors have a challenge of accessing debt capital (Seifert 49). The underwriter also peruses through the contractor’s fiscal year-end statements including balance sheets, cash flow statements, and income statements among others. The table below summarizes the contractor evaluation criterion. (Source: Fayek and Marsh 3766) Project speci fic risk factors affecting contract bond underwriting While trying to engage in the surety contract bonding and agreeing to the terms and conditions governing construction under contracts, the three parties especially the contractor in this case must understand the risks associated with contract bond underwriting. This element explains the reason why the bond producer is an integral actor in the surety contract bond underwriting process in defense of the contractor as this professional recommends an accountability line of consistency regarding the contractor’s competence. Two important forms of risks have been in constant discussions over the existence years of surety industry and contractor’s business, and these are project-specific related factors and performance-related risk factors. To begin with, a construction industry is a challenging field of professionalism as it associates with numerous risks (Cummins 28). As guarantors are currently targeting mega contractor s with large cumulative programs that are highly perilous, risk in itself is a unique issue and very few constructions complete successfully without encountering jeopardy. As postulated earlier, the underwriter examines the capital, capacity, and character of the contractor; nonetheless, the forth c has emerged in the recent studies that denote continuity. The continuity in the case of construction may remain hampered by uncertainties. Project specific risk factors are precarious issues that associate with the project itself and contractors are normally unaware of the unforeseen uncertainties. The project owners will always deem a project successful if the contractor manages to complete it within the stipulated time, designed budget and all other requirements (Grovenstein et al. 159). Project-specific related risk factors may involve natural catastrophes, delays in the supply chain or material deficiency, change in the material prices or even owners lack of cooperation. This aspect explains the reason behind the existence of payment bond that ensures that the owner’s project continues despite the failure of the contractor in paying sub-contractors, laborers, and suppliers (Vedenov, Epperson, and Barnett 450). Project-related risk factors, especially natural ones have been the most challenging to control in the surety bonding. Performance-related risk factors affecting contract bond underwriting Performance related risk factors are uncertainties affiliating with the incapability of contractors to complete the desired project in the requirements highlighted in the contract bonding agreement (Strischek 31). Within the tripartite bond agreement, the caution and worry here is upon the owner of the project under construction and more worse to the surety company. Some contractor’s performance faith has been questionable within the public and to ensure that contracts have remained successful through surety contract bond underwriting, the performance bond emerged (Seifert 48). While trying to understand the concept of performance related risk factors in the contracting process, management practices and strategic planning as contractor evaluation criterion emerged from this point. Performance in the context of surety contract bond underwriting refers to the contractor’s aptitude in completing the agreed project. Some of the common performance related factors may include the contractor’s management delinquency, poor or lack of business planning, lack of contract performance frameworks, project complexity as well as obstructing company philosophies and procedures, most of which are avoidable. How to make an appropriate bond underwriting decision The appropriateness and successfulness of any bond underwriting between the three parties depends on a number of issues that surety companies must always consider before making a decision into the bonding. â€Å"Sureties and bankers have much in common. McIntyre and Strischek pos tulate, â€Å"Both industries underwrite risk to contractors, and both have enjoyed the good time profits of the cycle’s expansion phase and suffered the losses during its contraction phase† (36). Therefore, analyzing risks involved in contract bonding becomes important. However, in certain circumstances, financial organizations have found themselves into the traps of fraudster and money swindlers who pretend to be contractors from reputable companies, leading to serious financial losses (Glaser, Piskorski, and Tchistyi 188). Despite the fact that there are very few decision-support models existing among financial institutions that are sureties and this aspect has resulted into numerous problems concerning contract bond underwriting (Stevens 456). As postulated earlier, corporate sureties should use a number of procedures in determining the probability of having attractive returns from a contract. Before making a decision to engage in any contract bonding practice with the other two parties, viz. the project owner and the contractor, numerous things appear significant for consideration. Before anything else, the financial institution must scrutinize owner’s financial capacity including his/her willingness to pay all expenses incurred in the project and his/her previous behavior with the bank or surety (Ramsey 44). In the beginning of the initial phase, the company must consider hiring or employing a competitive underwriter with appropriate knowledge in all forms of surety conditions, who will deal confidently with the contractor’s producer to avoid incurring financial losses. Bearing in mind that the financial institution will be taking all the liabilities and obligations for the owner, a legal advisory team must prevail to provide information and make all follow ups of the required legal procedures while undertaking the construction bonding (Grovenstein et al. 359). The financial organization must acquire proper background knowledg e and assess the previous character of the contractor on the earlier contracts and agreements. All documents concerning the contractor’s latest fiscal year-end statements must exist in this assessment to provide assurance that the contractor has been loyally paying all sub-contractors, laborers, and suppliers within the slated time. The financial institution, which is the corporate surety, must ensure that the underwriter assess â€Å"the contractor’s latest fiscal year-end statements by examining the accountants’ opinion to review the audit or compilations† (Ramsey 45). They should also assess balance sheet to evaluate the working capital, income statements to estimate gross profits from previous contracts as well as cash statements to appraise operating cash flow among other important construction bonding documents before deciding on the bond agreements (Seifert 49). On finalizing, the surety company underwriter must also consider analyzing the possible risk factors associated with the bonding and ensure they depend on a decision support model in their making their final agreement on the contract. Conclusion Conclusively, there has been substantial literature existing concerning surety bonding in the construction industry yet understanding important procedures in the construction bonding process has been a challenge. Surety companies are the most parties that are at a greater risk of failing in the surety bonding if proper securitization of the owner and the contractor’s intentions in the bonding deal are unknown. Sureties with successful transfer of construction risk have always considered the attractiveness of the risk transfers. Companies engaging in surety bonding normally target the jumbo rates in the premiums, which normally come from seriously risky ventures, and if proper caution lacks in making the appropriate decision in the bonding process, the sureties may be putting themselves into great financial uncertainties . CNA Surety 2005, Surety ship: A practical guide to Surety Bonding. Web. Cummins, David. â€Å"Cat bonds and other risk-linked securities: state of the market and recent developments.† Risk Management and Insurance Review 11.1(2008): 23-47. Print. Dunn, Jonathan, Irvine Sedgwick. â€Å"Letters of Credit, Bonding, Guarantees and Default Insurance: Hedging Bets in a Roller-Coaster Market.† American Bar Association 15.2 (2013): 1-17. Print. Fayek, Aminah, and Krista Marsh. â€Å"A decision-making model for surety underwriters in the construction industry based on fuzzy expert systems.† Journal of Construction Engineering and Management 1.1 (2006): 3763-3772. Print. Glaser, Barney, Tomasz Piskorski, and Alexei Tchistyi. â€Å"Optimal securitization with moral hazard.† Journal of Financial Economics 104.2 (2012):186–202. Print. Grovenstein, Robert, Francis Sirmans, John Harding, Sansanee Thebpanya, Geoffrey Turnbull. â€Å"Commercial mortgage underwr iting: How well do lenders manage the risks.† Journal of Housing Economics 14.2 (2005): 355–383. Print. Jenkins, Robert, and Wallace Andrew 2005, Construction Bonds: What Every Contractor and Owner Should Know. Web. McIntyre, Marla, and Dev Strischek. â€Å"Surety bonding in today’s construction market: changing times for contractors, bankers, and sureties.† The RMA Journal 87.8 (2005): 30-36. Print. Ramsey, Marc. â€Å"Surety Bond Producers and Underwriters.† The RMA Journal 91.8 (2009): 42-45. Print. Sacks, Arianna, and Correa Ignacio. â€Å"Underwriting: The Harvard Student Journal of Real Estate.† The Harvard student journal of real estate 1.1 (2011): 1-116. Print. Seifert, Bryan. â€Å"Sustainable Buildings and the Surety.† Real Estate Issues 33.3 (2008): 47-52. Print. Stevens, Glenn. â€Å"Evaluation of Underwriter Proposals for Negotiated Municipal Bond Offerings.† Public Administration Management: An Interactive Journal 4.4 (1999): 435-468. Print. Strischek, Dev. â€Å"Underwriting and Monitoring Consideration in Lending to Contractors Today.† The RMA Journal 86.10 (2004):31-32. Print. Surety Information Office. n.d. 10 Things You Should Know About Surety Bonds. PDF file. Web. Vedenov, Dmitry, James Epperson, and Barry Barnett. â€Å"Designing Catastrophe Bonds to Securitize Systemic Risks in Agriculture: The Case of Georgia Cotton.† Journal of Agricultural and Resource Economics 31.2 (2006): 318-338. Print.

Precisionism, the effect of independent gallery exhibitions, the role Personal Statement

Precisionism, the effect of independent gallery exhibitions, the role of Photography in the art of the early 20th century - Personal Statement Example They were after producing images that had details (Marien 6). Independent gallery exhibitions have had a lot of effect of on photography. Independent gallery exhibition has encouraged the sprouting of young photographers with talents. It is at these exhibitions that photographers become encouraged on their work. In addition, they also get to compare notes with their fellow photographers and get some tips on how to improve (Marien 23). Independent gallery exhibitions give a photographer confidence in his or her work as he or she learns if he or she is on the right track. In addition, one could also be able to establish connections while there and be able to market some of his or her photographs. Photography has had an impact in the 20th century. In fact, many pictorialists feel that the photographs have improved their artistic merit and degree of resemblance to drawings, paintings, mezzotints (Marien 45). Photographs these days display mood and the sense of lighting using softly-focused images that have primary concern. Sometimes, photographers have been able to add some additional â€Å"handiwork† to certain images through printing techniques, for example, gum-bichromate printing, where images can be transferred onto a soft, malleable coating. Photography has proven to go in hand with technology and utilized some of its aspects to bring the imagery and innovation at new heights. All in all, photography has proven to have an enormous role in the 20th century (Marien

The size of a company is not important for global trade nowadays Essay

The size of a company is not important for global trade nowadays - Essay Example But currently lot of other substitute electronic products with superior quality and cheaper price, from different parts of the world are available in almost every local market in the world because of globalization and free trade policies adopted by many countries. For example, Chinese products are causing immense damages to the reputed brands because of the cheaper prices. Global trade have big impacts on employment, community and the economy of a country. It is difficult for a country to stay away from global market at present because of the inter-linkage of global economies because of globalization. Any problems occurred at some part of the world can cause problems in other parts as well. For example the American financial crisis has resulted in many people losing their jobs including those from overseas countries. The persons returns from America will be a burden for other countries and those countries need to spend heavy amounts for the rehabilitation of such people. Global trade can impact other communication media also. Internet media (blogs, message boards, podcasts, and video sharing), radio networks, mass-circulation newspapers and magazines all are part of global trade. Globalization boosted the global trade and communication with the help of integration of regional economies, societies, and cultures. For example, reality shows were earlier popular in America and UK like countries. But the increased awareness about the western culture because of global trade activities resulted in exchange of cultural values and reality shows like television programs are nowadays popular in India, Pakistan and Middle Eastern countries. â€Å"The greater financial interdependence of national economies can also increase insecurity among rural populations† (Winkels). Rural population mostly concentrate on agriculture for finding their livelihood. The prices of their crops are

Film Analysis Essay Example | Topics and Well Written Essays - 1250 words

Film Analysis - Essay Example Other, preferably due to the desire to achieve their ambitions and goals in life, overlook the advices and warnings they receive in their day-to-day life, causing suffering to themselves and their families – they fail to shine. The film actual meaning is so twisted and open for a number of interpretations. The film heavily employs symmetry to evoke the mind of the audience in an interactive manner. To convey the intended messages, symmetry is heavily employed. Images, events, and characters in the film appear in twins and doubles. Additionally, in both scene-to-scene and person-to- person dialogue is increasingly repeated throughout the film. During the caretaker interview, Stutart Ullman, the manager of Overlook hotel informs Jack Torrance the probability of contacting cabin fever and that his family would be snowbound throughout winter. In addition, Jack Torrance is told of a former caretaker – Charles Grady who contacted cabin fever, went insane, and killed his two d aughters, his wife, and himself. Stutart Ullman to Jack Torrance about Charles Grady â€Å"†¦killed his family with an axe. ... Ullman but opts to overlook the warning and hence failing to shine as he previously thought when he accepted caretaker position to reshape his life (Crewe). We see Jack progressing deep and deep in the wilderness with his Volkswagen, an implication of a dark future ahead of him. The lighting in this scene is dark. The double effect in the film is evident upon Jack’s family arrival at the Overlook hotel when Danny encounters Dick Hallorann, the hotel’s head chef who realizes that Danny is a psychic just like him. Danny Torrance and Dick Hallorann are able to communicate mentally or telepathically. Dick Hallorann communicates with Danny telepathically and gives Danny a chocolate. Hallorann explains to Danny that he would communicate with his grandmother in a similar way. The ability to communicate telepathically is the ‘Shining’ gift possessed by Danny and Dick Hallorann in the film. The representation of most scenes between Danny and Dick in the film uses br ight lighting. This is arguably an implication that Danny is able to learn from Dick the bad things that have happened in the hotel in the past and that he has to rely on the shining talent to survive. Through the shining talent, Dick who is in Florida is able to learn of what is happening in Overlook hotel and comes to rescue Wendy and Jack. Other scenes in the novel duplicate as a result of the mirroring effect. One of the reflections with a moral lesson in the film is that of the encounter of Jack Torrance with a beautiful woman in the hotel room 237. When Danny claims to have encountered a weird woman in room 237, Wendy request Jack to explore the room. In his exploration of room 237, Jack sees a beautiful woman who he starts to kiss. However, Jack pulls back horrified when he sees the mirror

Read the case first, and then answer the question Assignment

Read the case first, and then answer the question - Assignment Example Various factors facilitate the formation of a merger between two organizations. While it gives the organizations the strength to compete against other firms in the industry, it also brings in more expertise into the firm, increasing their productivity and output. There is increased quality of services and innovation in a merger. When the two financial giants merged, there was an increase in synergy, which is the reduction of duplicate departments, lowering operational costs and subsequently increasing their revenues. In a merger, there is increased market share, resulting from the absorption of the competitor, thus reducing the level of competition between them the companies. A merger reduces the level of taxes remitted to the authorities, as the merger remits tax as a single business entity. However, as the giants seek to merge; several issues require ironing out to avoid a crash of issues. Through the process of creating a merger, â€Å"management of software/processes for process ing of information for effectiveness of organization† is an important factor to put into consideration. There is more to the creation of a merger between two financial giants than the listed advantages. Although the financial culture consideration is one of the most important factors for these giants, considering their IT cultures is equally as important. Among the factors to put into consideration is the type of the IT approaches the firms maintain. One could have a decentralized policy, while another could have a centralized policy. IT plays a big role in information integration, which strategically differentiates them from the competitors. In order to deliver their brands, banks heavily rely upon their It structures. After a merger, one of the firms has to consider adopting IT policies of the other firm. Alternatively, the two firms could decide on the creation of new IT policies. Through IT integration, financial firms try to select and implement the best application exist ing in the market. The search is not confined to the bank that already used the application. The biggest concern is the applicability and the suitability of the system in the resultant business. As the team searches for this particular application, they should show more concern for the customer retention. During the merger process, systems have to change, as some become inferior and others less effective. However, during this important process, it is necessary to ensure that members keep on receiving their services. The transition process should not negatively influence the quality of services provided to the customers. Although a system could appear to be superior to the other due to its capacity, it could provide lower quality services to the customers. How best the transition team handles this effect determines the success of the merger process. It is important to note that as the financial organizations seek to create a merger; these processes pose the biggest danger to the succ ess of such a merger. Not only does the process affect customers, employees too are negatively affected. For instance, it could affect employee productivity and service delivery. Adapting a new application essentially translates to fewer skills in its operation. Training could solve such an issue, though with little certainty. How well the employees respond to organization change is the biggest determinant. Poor response leads to poor application