#due to ongoing contractual breaches

[jessieren]

As @librawritesstuff has already pointed, owing to ongoing contractual breaches by you know who we are out of new HNW content

So here's three of my 'greatest hits' instead

[insuranceoutsourcingservice]

Regulatory Compliance in Insurance Outsourcing

Regulatory compliance is a critical aspect of the insurance industry, ensuring that companies adhere to legal standards and ethical practices to protect consumers and maintain market stability. As insurers increasingly turn to outsourcing to improve efficiency and reduce costs, maintaining regulatory compliance in these partnerships becomes paramount. This article explores the importance of regulatory compliance in insurance outsourcing and outlines best practices to ensure adherence to regulatory requirements.

1. Understanding Regulatory Requirements

Insurance companies operate under a complex web of regulations that vary by country and region. These regulations cover a broad range of areas, including data protection, anti-money laundering, solvency, and consumer protection. When outsourcing any function, insurers must ensure that their partners fully understand and comply with these regulations. This requires a thorough assessment of the regulatory landscape in both the insurer's and the outsourcing provider's jurisdictions.

2. Due Diligence in Vendor Selection

Selecting the right outsourcing partner is crucial for maintaining regulatory compliance. Due diligence should involve a comprehensive evaluation of the vendor's compliance history, security practices, and operational procedures. Insurers should look for partners with a proven track record of adhering to regulatory standards and a robust compliance framework. This includes verifying certifications such as ISO 27001 for information security management and SSAE 18 for service organization controls.

3. Clear Contractual Agreements

A well-drafted contract is essential to define the responsibilities and expectations regarding regulatory compliance. Contracts should include clauses that specify compliance requirements, data protection measures, and audit rights. They should also outline the consequences of non-compliance, including termination clauses and penalties. Clear contractual agreements help ensure that both parties understand their obligations and the importance of maintaining regulatory standards.

4. Data Protection and Privacy

Data protection is a significant concern in insurance outsourcing, given the sensitive nature of the information handled. Regulations such as the General Data Protection Regulation (GDPR) in Europe and the Health Insurance Portability and Accountability Act (HIPAA) in the United States impose strict requirements on how personal data is collected, stored, and processed. Outsourcing partners must implement robust data protection measures, including encryption, access controls, and regular security audits, to ensure compliance with these regulations.

5. Continuous Monitoring and Auditing

Maintaining regulatory compliance is an ongoing process that requires continuous monitoring and auditing. Insurers should establish regular audit schedules to review the outsourcing partner's compliance with contractual and regulatory requirements. These audits can be conducted internally or by third-party auditors. Continuous monitoring helps identify potential compliance issues early, allowing for timely corrective actions.

6. Employee Training and Awareness

Both insurers and their outsourcing partners must invest in regular training programs to keep employees updated on regulatory requirements and best practices. Training should cover areas such as data protection, anti-fraud measures, and ethical conduct. Raising awareness among employees helps create a culture of compliance, reducing the risk of violations due to ignorance or negligence.

7. Incident Response and Reporting

Despite best efforts, compliance incidents can occur. Having a well-defined incident response plan is crucial for mitigating the impact of such incidents. The plan should outline the steps to be taken in the event of a data breach or regulatory violation, including immediate containment measures, notification procedures, and root cause analysis. Timely reporting to regulatory authorities and affected individuals is also essential to meet legal obligations and maintain trust.

8. Leveraging Technology for Compliance

Technology plays a vital role in ensuring regulatory compliance in insurance outsourcing. Advanced tools and systems can automate compliance monitoring, track changes in regulations, and manage documentation. For instance, compliance management software can provide real-time alerts about regulatory updates and help maintain records of compliance activities. Leveraging technology enhances the efficiency and accuracy of compliance efforts.

9. Risk Management Framework

A robust risk management framework is essential for identifying and mitigating compliance risks in outsourcing partnerships. This framework should include risk assessments, mitigation strategies, and regular reviews to adapt to changing regulatory environments. Insurers should work closely with their outsourcing partners to develop and implement risk management plans that address potential compliance risks effectively.

10. Building a Compliance Culture

Ultimately, regulatory compliance should be ingrained in the culture of both the insurer and the outsourcing partner. This involves leadership commitment, clear communication of compliance policies, and regular reinforcement of the importance of adherence to regulations. Building a compliance culture ensures that all stakeholders prioritize regulatory requirements in their daily operations.

In conclusion, regulatory compliance in insurance outsourcing is essential for protecting consumers, maintaining legal standards, and safeguarding the reputation of insurance companies. By following best practices such as thorough due diligence, clear contractual agreements, continuous monitoring, and leveraging technology, insurers can ensure that their outsourcing partnerships remain compliant and contribute to their overall success.

[obgseo]

The Future of OBG: Integrating Outsourcing for Improved Efficiency and Outcomes

In the field of obstetrics and gynecology (OBG), ensuring compliance and security is paramount. Patient data is highly sensitive, and any breaches can have severe consequences, both legally and reputationally. As OBG practices increasingly turn to outsourcing to improve efficiency and focus on core clinical activities,Accounting Services for US Businesses navigating compliance and security in these partnerships becomes critical. This article explores the key considerations and strategies for maintaining compliance and security in OBG outsourcing partnerships.

Understanding Regulatory Requirements

The first step in navigating compliance and security in OBG outsourcing partnerships is understanding the regulatory landscape. In the United States, healthcare providers must comply with the Health Insurance Portability and Accountability Act (HIPAA), which sets standards for protecting sensitive patient data. HIPAA mandates that healthcare providers implement administrative, physical, and technical safeguards to ensure the confidentiality, integrity, and security of patient information.

When partnering with outsourcing firms, it is essential to ensure that they are also HIPAA-compliant.Accounting Services for Australia Businesses This involves verifying that the firm has robust data protection policies and procedures in place, conducts regular security audits, and provides ongoing staff training on HIPAA requirements.

Conducting Thorough Due Diligence

Before entering into an outsourcing partnership, OBG practices should conduct thorough due diligence to assess the potential partner's compliance and security posture. This includes evaluating the firm's track record, reviewing their compliance certifications, and understanding their data protection measures.

Key areas to investigate include:

Data Encryption: Ensuring that patient data is encrypted both in transit and at rest.

Access Controls: Verifying that the firm uses strict access controls to limit who can view or modify patient data.

Incident Response: Assessing the firm's procedures for detecting, reporting, and responding to data breaches or security incidents.

Audit Trails: Ensuring that the firm maintains detailed audit logs to track access and modifications to patient data.

Establishing Clear Contracts and SLAs

A well-drafted contract and Service Level Agreement (SLA) are crucial for defining the responsibilities and expectations of both parties in an outsourcing partnership. These documents should outline:

Data Protection Obligations: Specific requirements for data security and privacy, including compliance with HIPAA and other relevant regulations.

Breach Notification Protocols: Procedures for notifying the OBG practice in the event of a data breach, including timelines and reporting requirements.

Performance Metrics: Key performance indicators (KPIs) and metrics to measure the outsourcing firm's compliance and security performance.

Regular Audits: Provisions for regular security audits and assessments to ensure ongoing compliance.

Implementing Continuous Monitoring and Auditing

Compliance and security are not one-time efforts but require continuous monitoring and auditing.Accounting Services for UK Businesses OBG practices should work with their outsourcing partners to establish ongoing monitoring mechanisms. This includes regular security assessments, vulnerability scans, and penetration testing to identify and address potential weaknesses.

Additionally, periodic audits should be conducted to verify that the outsourcing firm remains compliant with regulatory requirements and contractual obligations. These audits should be comprehensive, covering all aspects of data protection and security.

Providing Staff Training and Awareness

Both the OBG practice and the outsourcing firm should invest in regular staff training to ensure that everyone understands the importance of compliance and security.

HIPAA Requirements:Outsourced bookkeeping services Understanding the key provisions of HIPAA and how they apply to daily operations.

Data Protection Best Practices: Implementing best practices for data encryption, access controls, and incident response.

Phishing and Social Engineering: Recognizing and responding to phishing attacks and other social engineering tactics.

Building a Culture of Security

Ultimately, navigating compliance and security in OBG outsourcing partnerships requires a commitment to building a culture of security. This involves fostering an environment where data protection is a priority for everyone involved, from top management to frontline staff.

By prioritizing compliance and security, OBG practices can confidently leverage outsourcing to enhance their operations without compromising patient trust or regulatory adherence.

Conclusion

Navigating compliance and security in OBG outsourcing partnerships is critical to protecting patient data and ensuring the success of the practice. By understanding regulatory requirements, conducting thorough due diligence, establishing clear contracts, implementing continuous monitoring, providing staff training, and building a culture of security, OBG practices can effectively manage these partnerships. This approach not only safeguards patient information but also supports the practice's reputation and long-term viability.

[updatesandnews]

AAHOA Highlights Arbitration Ruling to Advocate for Franchising Reform

The recent arbitration decision that found Choice Hotels International in breach of contract due to its failure to negotiate discounts through its preferred vendor program has prompted the Asian American Hotel Owners Association (AAHOA) to emphasize the need for comprehensive reform within the hotel franchising sector. AAHOA has been actively advocating for this reform through its “12 Points of Fair Franchising,” supporting proposed legislation in New Jersey, and providing testimony to the Federal Trade Commission.

The arbitration ruling, stemming from a 2020 lawsuit, directs Choice Hotels to pay $760,008.75 in attorney’s fees and costs to the claimant, Highmark Lodging. This legal action centered on Choice’s failure to meet contractual obligations regarding volume discounts through its procurement program.

The arbitrator, Steve Petrikis, also ruled against Choice concerning the use of key money to attract franchisees and the brand’s inability to secure pricing benefits from cyber insurance provider Crowdstrike. Notably, damages were calculated at 15 to 20 percent of the purchase price for all goods and services procured from Choice’s qualified vendors.

The ruling highlighted that Choice’s vendor program did not prioritize lowering prices for franchisees. Instead, the evidence indicated that the company focused on generating revenue for itself, impacting the motivation to secure product pricing discounts for franchisees.

AAHOA underscored the significance of this arbitration ruling as it aligns with its mission to promote fair franchising practices. The association considers the ruling a validation of its ongoing efforts and initiatives to create a more equitable and transparent franchising landscape. The ruling, coupled with several other franchise-related cases, led to a boycott by several major hotel companies, including Choice, Marriott Hotels International, and others, of the 2023 AAHOA Conference and Trade Show in Los Angeles.

Laura Lee Blake, AAHOA’s President and CEO, emphasized the importance of advocating for fair franchising practices: “This case proved what many of our 20,000 AAHOA members already know to be true: That franchising agreements are frequently one-sided in favor of franchisers, poorly enforced, and riddled with loopholes or even untrue statements.”

AAHOA introduced the “12 Points of Fair Franchising” in 1998 to promote equitable business practices within the hotel industry. Over the years, these points have been updated to reflect changing business dynamics between franchisors and franchisees. The association is also guided by Four Core Pillars of Franchise Advocacy in its mission to support its members.

As Bharat Patel, AAHOA Chairman, stated, “Fair Franchising and lawful practices must be at the heart of these partnerships. AAHOA stands firm with our members in working toward a smarter, better, and fairer franchise relationship to sustain the franchising model for future generations.” Source: https://www.asianhospitality.com/aahoa-cites-choice-arbitration-ruling-as-driver-for-more-reform/

[offshoregenix]

BPO outsourcing can present several challenges. However, with careful planning and proactive measures, these challenges can be mitigated.

Here are some common challenges and strategies to avoid them:

🗣️ Communication and language barriers:

Communication issues can arise due to language differences, cultural nuances, or geographical distance. To address this challenge, it's crucial to establish clear communication channels, provide language and cultural training to the outsourcing team, and foster open and transparent communication. Regular video conferences, virtual meetings, and documentation of processes and expectations can also help overcome communication barriers.

🔒 Data security and confidentiality:

Outsourcing involves sharing sensitive data and information with third-party service providers. To safeguard data, it's essential to thoroughly evaluate the security measures and protocols of potential outsourcing partners. Implementing robust data protection measures, including encryption, access controls, and non-disclosure agreements, can help mitigate the risk of data breaches. Regular audits and monitoring can ensure compliance with data security standards.

📊 Quality control and performance management:

Maintaining consistent quality and performance levels can be a challenge when outsourcing. It's important to establish service level agreements (SLAs) and key performance indicators (KPIs) to set clear expectations. Regular monitoring, performance reviews, and feedback mechanisms should be in place to track the performance of the outsourcing partner. This helps identify any issues early on and enables prompt corrective actions.

👁️ Loss of control and visibility: When outsourcing certain processes, there may be concerns about losing control and visibility over those activities. To address this challenge, establish a strong governance framework that includes regular reporting, performance reviews, and periodic visits to the outsourcing partner's premises. Collaboration tools, project management software, and shared dashboards can also provide real-time visibility into the progress and status of outsourced tasks.

📚 Legal and regulatory compliance:

Outsourcing activities must comply with relevant legal and regulatory requirements, both in the outsourcing company's home country and the outsourcing destination. It's essential to conduct due diligence on the outsourcing partner's compliance practices and ensure that contractual agreements include clauses for compliance with applicable laws and regulations. Regular audits and ongoing compliance monitoring can help mitigate legal and regulatory risks.

☛Follow @OffshoregeniX to learn more☚

--------------------------------------------------------------

If you're looking for an outsourcing company that will provide you with high-quality services at an affordable price, we’ve got you covered.

𝐂𝐚𝐥𝐥: 1800 897 833

or

𝐕𝐢𝐬𝐢𝐭: osgx.com.au

[sol1056]

HYPOTHETICALLY speaking

I’ve gotten enough asks and DMs already, and I’ve done all the research I can without getting into specifics. Rather than continuing to evade, I’m going to present a theory of how a hypothetical company might have had to put its plans on hold due discovery of a possible breach of contract. 

Note #1: do not expect any official statement publicly confirming or denying a similar situation, whether from a union or company. The private sector is not required to be make all their doings public, and is even less likely to do so if rumors (let alone explanation) could impact investor relations or stock values.

Note #2: although the situation presented here is, again, only a theory, the details concerning union involvement are not. I interviewed union reps from SAG-AFTRA, TAG, IATSE, WGA, AFL-CIO, IBEW, and AFGE, to get a sense of industry contractual expectations, various MBA and CBA terminology, and general union resolution processes per the NRLB. 

[sorry, typo: it’s NLRB, for National Labor Relations Board, whoops.]

Let’s posit that in the course of a hypothetical production studio (hereafter HPS) creating a television show, its management-level representatives (whether short-term employee or contractor, and hereafter ‘producers’) did significant edits on the final two seasons. In these edits, the producers repurposed used and unused artifacts from previous seasons or episodes, in two ways: 

the re-use of recorded dialogue, either left as-is or edited in some way to appear spoken by a different voice for a different character

the re-use of created scripts, edited and rearranged heavily to reflect a different storyline than originally intended

Additionally, some of that repurposed or edited dialogue was used in lieu of calling back the actor contracted for that specific character.  

If, in the course of these edits, not everyone was paid properly for their work, this would violate the Minimum Basic Agreement per SAG-AFTRA (voice actors) and WGA (writers), and possibly also the Collective Bargaining Agreement with TAG (for animators and animation writers). Additionally, even if payment was correct, the issue of creative rights (in regard to credits) could be at stake, if a writer’s work was edited without the writer’s awareness or consent.    

The full extent may not have been discovered until the final version aired. Upon seeing the released version and recognizing any of those three actions, a union member (per employment laws in California) would immediately pick up the phone and alert their union representative or shop steward. 

Representatives from the two (possibly three) unions would arrange a meeting with HPS executives and legal representatives. Before going further, one or both parties may require a full investigation: in part to confirm the validity of any complaints, and in part to confirm that all possible violations were caught. (As in, if you find three, there could be ten more hiding.) 

This would necessitate appointing union investigators, tasked with studying every image and line of dialogue in the finished product, along with submitted scripts, recording session tracks, post-production editing commits, pay stubs, even meeting minutes, emails, and chat logs, etc. 

Anything and everything that could help the investigators pin down the source of every element in the final version: when and by whom it was recorded, what its original purpose for was, whether it was duly paid and credited and in what form and to whom. If HPS’ product happened to be seventy-eight episodes of an eight-season series, this could be several months of carefully combing through countless documents. 

If the investigators found credible evidence that union members had been deprived of rightful payments and/or credit, the parties would meet again for the investigators to present their findings. If HPS agrees with the findings, it may arrange to cut checks, correct credits, and whatever other remedy is agreed-upon between the company and the union members. 

If the company disagrees (or the parties can’t come to a remedy that satisfies everyone), the complaint will work its way up the ranks. Eventually it’d land before the NLRB, who’d appoint an arbitrator or mediator (per the union-company agreements for complaint resolution). 

If the NLRB gets involved, the investigators would become witnesses on behalf of affected cast and/or staff. Depending on how fast it takes for evidence to be collected, the willingness of the company to right the stated wrongs, and other factors (such as the ongoing government shutdown which affects federal oversight agencies), it could be resolved quickly, or it could drag on for months.

Three more things to note. 

First, if the investigator(s) discover evidence that the payment or credit was withheld intentionally (implying personal malice), this doesn’t change the company’s obligation to pay/amend, should arbitration find in the union’s favor. The complainants (via the union) also have the right to indicate company actions that would satisfy them (reprimand, firing, demotion, etc).  

It could mean a two-part remedy, where the first part resolves the payment or credits owed, and the second part addresses the company’s actions towards that supervisor. Or the two parts may be considered two completely separate situations, and broken into two separate cases. Most often, it seems, they’ll be considered together, especially if the evidence for one applies to the other. 

If any of that baffles you, consider this analogy: at your job, your immediate boss cashes your paycheck and pockets the money, rather than paying you. Most companies will see that as the boss’ theft from you, and act as though it’s your responsibility to deal with the authorities per that crime. With a union in your corner, you’ll get paid, and it’ll be left to the company to recoup its losses from the person who actually stole from the company (your boss). 

Second, a significant complaint may mean it’s in the employee’s best interest to decline (or suspend) new contractual agreements with the company. That is, an employee’s willingness to take more contractual work can (and has) been used by companies as evidence the employee doesn’t really feel there’s a problem. 

It depends on the case and the circumstances; if the current complaint is seen as completely separate from the next contract accepted, this might not be an issue. If the two can be seen as linked in any way, it could undermine the complainant’s case if they accept that next contract. 

Third, and relevant to both of the above, if the complainants see an action as that of a malicious current or former manager, and want to signal they don’t bear a grudge against the company and doing so won’t work against them in the resolution process, they have several options. One is to accept the next contract. Another is to continue to openly support the company’s work and/or products. 

In either case, the union members would be expected to continue to work the current contracted project; most MBAs and CBAs prohibit strikes as retaliation. That said, there are just as many cases where someone had to accept the next project, because incoming money was more important when there’s bills to pay.

I’m not saying this is a ‘real’ situation at this point. I am saying that given the situation as set up, this could be the series of events. 

And given such, it would make sense that a company would choose to put off formal announcements of any future contracts with the complainants in question. So long as there’s an investigation, negotiation, or the process is wending its way towards arbitration, most companies would be on hold until after the situation is resolved to the satisfaction of all parties concerned. 

[saipulboni-blog]

Full Of Dayta

We will provide Article to present the “ DAYTA” project to potential platform participants and those who are interested in contributing to its development. The information listed below may not be complete and does not imply any contractual relationship. The main purpose is to provide information to everyone, so that they can determine whether they are willing to analyze the company with the intention of obtaining token or invest.The hope of joining the This project is very big for us, before you join it will be better if you understand the project besides it will add to your insight and improve information for you especially understanding the project’s vision and mission so that it adds to your trust in.

DAYTA Is a blockchain based platform that will help users to manage, store and likewise share access to user’s personal data and information in order for the users to get more profits. It is observed most data company always share user’s data and earn money from it even without the consent of the real owner of the data. The most painful part is that after the company have sold their users data to some other companies, they failed to pay the true owner of the data for in which users and customers often time get angry with this. If users and customers have gotten control over their data it would be so easy for them to trace their account details and know whenever their data is been accessed and sold in the centralized platform. This is the reason why the centralized platforms are struggling with the issue of trust and transparency. They knew that the moment they gave full access to the customers and owners of the data in their centralized platform that’s the end of their games and that’s why they revoked access to user’s data. All these difficulties experienced by users have been identified by DAYTA platform and that’s why they have launched a decentralized blockchain based platform which gives users full access and control over their data, The advantages of DAYTA platform is that users can decide anytime they want whether to sell their data or not. User’s data is one of the great treasures of human life and customers wouldn’t take it easy with whichever companies that sold their data without their consent. Today all the worries of the users and customers can lay to rest simply because there is new blockchain based project called DAYTA which will help with the security of user’s data.

Why Dayta?Profit from your Personal DataDayta enables Users to finally partake in the profits companies produce by using our data for marketing purposes, behaviour analysis and customer insight.Blockchain InfrastructureUsers, Businesses and Miners hold independent but interrelated roles, Underpinned by the Dayta blockchain and managed through the DAYTA token.GDPR & Data ProtectionDayta has a GDPR-ready design to ensure users can easily manage and profit from their data worldwide.Blockchain, Data Protection & Personal Data

With the advent of distributed ledger technology as a means to either solve existing problems or disrupt existing industries, the question of data integrity in relation to personal data is a concern for data protection experts and innovators alike. While Bitcoin and other cryptocurrencies use blockchain to store records of token exchange, the desire to add to a public blockchain data that relates to and makes use of personal data raises questions on data protection and regulatory compliance.

Blockchain as a method of AuthenticationWith Equifax and similar household names experiencing data breaches of several hundred million customers affected, blockchain start-ups are looking to pioneer more secure methods of authentication. While companies such as Equifax store and manage customer personal data in servers they control, many projects look to enshrine self-sovereign principles into their blockchain design where individuals have access to and control their identification data, used then by companies as a means of authentication without storing it themselves. Where each user is the only user in a blockchain that can access their data, the single-point-of-failure found with centralised systems goes away, along with the risk of major personal data breaches.

Various companies and start-ups are present in this space, from house-hold names such as Microsoft and IBM, collaborative efforts from projects such as Hyperledger and others such as Civic, TrustedKey, Uport and SelfKey.

Blockchain as a method of Data StorageBlockchain data storage is another user case of personal data wherein a user’s data is stored on the blockchain. This data, used for simple storage or as a means to service a customer’s needs through additional services, is secured in much the same way as data for identification purposes. However, the extent of data specified can include anything that relates to the person, and is therefore subject to the full spectrum of data protection regulation surrounding personal data acquisition, storage and management. Projects such as Storj, File Coin and Sia all look to store user’s personal data across a distributed ledger that includes existing data centres with available space and even people’s personal hard drive space. While security is paramount, the problem of using blockchain technology to store personal data is manifold, including but not limited to the following:– Blockchain technology is noted for its immutability (i.e. cannot be changed). This causes problems with conforming to KYC (Know Your Customer) and GDPR’s (General Data Protection Regulation) requirements to allow customers to manage their personal data and any changes to it.– The distributed nature of blockchain means that personal data is located as a copy in a multitude of nodes across a wide network, increasing the possibility of breach, though reduced in probability due to encryption.– Blockchain nodes can exist the world over, causing regulatory concerns around the data protection of citizens subject to and protected by laws on data protection. A good example is GDPR, where any data relating to a subject identified as relating to an EU country (not just a citizen) is subject to its protection, wherever in the world that data is processed.Responsibility to maintain personal data protection can be for the individual, resulting in a burden for users that could result in lost access to personal data with the loss of corresponding private keys.

Blockchain as a method of Data Reference

The safest way to store personal data in a bid to mitigate the risk of online attacks is to remove the risk entirely, and store such data off-chain and away from the Internet. While this may seem impossible to do, reference data may be stored on a blockchain that directly corresponds to personal data. For example, a retailer wishing to expand their marketing campaign could be satisfied in knowing that real users exist in a service that ensures such qualification, shares demographic data relating to the individual on-chain but ensure personal data is kept off-chain.Dayta looks to enable users to share their personal data direct with companies, whether partially or fully. A user enters into profitable agreements that are stored on the Dayta blockchain, with any personal data either shared directly or reference data used. The company in question will know all users are verified as distinct and marketable. Any personal data that is shared direct to the engaged company will be deleted immediately once the agreement is over, or whenever the user wishes.While fighting data hacks and breaches is always going to be an ongoing struggle, new approaches to data usage, data storage and data protection will be needed to ensure we go beyond the simple centralised vs decentralised debate to one that looks to mitigate partially or remove the risks where possible.Dayta Mobile AppFrom personal data baseline integration to Dayta marketplace exchange interaction, the Dayta mobile aao will be a user’s one-stop shop for maintaining control over and managing their personally identifiable information.Personal data baseline & authentication

Consent traded data access agreements

EXP Summary & forecasts

DAYTA wallet integration (deposit / withdrawals)

Dayta Marketplace

PROTOTYPE

ICO DETAILDAYTA tokens will be available prior to the public sale for registered participants. Bonuses will apply for early contributors at varying % dependent on date and amounts. Private investors can negotiate larger bonuses on a case-by-case basis.

Token Name: DAYTA

Token Type: ERC20

Investor Phase: Feb 2019 — Apr 2019

Number of tokens for sale: 1,500,000,000.00 DAYTA

Pre-ICO: May 01, 2019 (12:05 AM)

Tokens exchange rate:

1 ETH = 33750 DAYTA, 1 BTC = 961200 DAYTA

1 LTC = 14823 DAYTA, 1 DASH = 22005 DAYTA

ICO Public sale: May 11, 2019 (12:05 AM)

Acceptable currencies: ETH, BTC, LTC, DASH

Minimal transaction amount: 1 ETH/ 0.1 BTC/ 3 LTC /2 DASH

35% Bonus Pre ICO

18% Bonus ICO Week 1

15% Bonus ICO Week 2

10% Bonus ICO Week 3

5% Bonus ICO Week 4

TOKEN DISTRIBUTION

30% Allocated to Pre-ICO

30% Allocated to ICO

20% Allocated to Core Team and Advisors

10% Allocated to Partnerships

5% Allocated to Bounty

FUND DISTRIBUTION

50% Allocated to Engineering

15% Allocated to Operations

15% Allocated to Marketing

10% Allocated to Business

5% Allocated to Legal

5% Allocated to Security

Project solves the costly and costly problem. The platform is a prime example of the meaningful use of smart contracts and is therefore absolutely groundbreaking for the future. With their experienced team and a very good vision, this is a serious project with great prospects of success. Roadmap

October 2018      > Whitepaper Publication

December 2018  > ICO Smart contract Development

January 2019      > Private sale start

April 2019            > Bounty Programme

May 2019             > Pre-ICO Token Sale

June 2019            > ICO

July 2019             > Token Sale Distribution

                            > Exchange Listing for peer to peer trading

September 2019 > Agile engineering and product management start

October 2019      > MVP for blockchain- integrated user app release

December 2019  > Main network launch / customer and business on-boarding

January 2020      > Business development and marketing strategy, business and                                           customer enhancements and value add-services

Team

Zumar Ahmed: CEO & Founder

Laura Feeley: Customer Experience and Marketing Director

Bret Calvey: Senior Software Consultant

Danish Hameed: Blockchain Consultant

Vitally Marinchenko: Smart Contract Developer

Stefan Beyer: Blockchain Architect

Daniel Spyralatos: Community & Marketing Coordinator

Ernest Chuang: Marketing Advisor

Advisors

Kenn Palm: Advisors

Boyan Josic: Advisors

Ruslan Kosarenko: Advisors

Inna Semeniuk: Advisors

Michael Iatsukha: Advisors

For More Information you can visit link below :

Website: https://www.mydayta.io

Whitepaper: https://www.mydayta.io/uploads/white_paper/Whitepaper.pdf

Telegram: https://t.me/mydayta

Twitter: https://twitter.com/MyDayta

Facebook: https://www.facebook.com/mydayta

Reddit: https://www.reddit.com/r/dayta/

Medium: https://medium.com/@mydayta

AUTHOR :

Username btt : saipulboni

url btt : https://bitcointalk.org/index.php?action=profile;u=2286616

erc20 address : 0x05EC97B6aa52a342b6e7b235d0C250cEb9C26118

[isoimplementationinqatar]

Why is ISO 27001 Certification crucial for the business ?

ISO 27001  Certification in Qatar is a specification for information security management systems. It contains a framework of policies and standards required for information security management systems.It is developed to establish , implement , monitor and improvise the information security management system.

ISO 27001 Certification has three main principles they are

Confidentiality

Availability

Integrity

Confidential information should be can be accessed by only the authorized persons.The information should be available at any given point of time.Integrity means that the confidential information can be modified or deleted by only authorized persons

The main advantage of ISO 27001 Certification is that it reduces the risks associated with confidential data and can prevent  data breach , cyberattacks such as malware , SQL injection ,phishing , denial of service , password attack and various other cyber security threats 

ISO 27001 Certification in South Africa is required for the business as it increases the trust of consumers and stakeholders that their crucial information regarding business is secure.More and more clients require their business related data such as supplier information , research and development data , buyers persona , customer data , ongoing projects and various other information. Implementation of ISO 27001 Certification assists the organizations to comply with the rules and regulations and prevents fines being imposed due to non compliance.

Risk assessment is an important aspect of information security management systems, where the risks associated with various risks and threats to the data are identified and corrective actions are taken to treat the various risks associated with information security

Gaps associated with existing practices related to information security management are  assessed all the non compliance are checked and suitable actions are taken to ensure compliance 

Information security management is a flexible set of policies and it is applicable to all kinds of organizations such as startups , micro and small scale industries , large scale industries and so on.

The business grows exponentially with the successful implementation of Information security management system as it can benefit the organization to gain new business opportunities and gain more business as ISO 27001 Certification is a necessary contractual requirement and can assist the organization to win more business deals.

ISMS gives structure to the overall information security practices of the organization and it increases the overall focus of the organization regarding data securing and protection .It also assists the organization to utilize the resources in an efficient manner.The financial benefit of information security management system is that it reduces the cost of insurance premium.

Documentation is an important part of the information security management system and it assists the organization to keep a track of the errors and mistakes associated with the information security aspects and it can assist the organization to keep track of the information security management activities.

Our Advice:

If you’re looking for ISO 27001 Certification in Hyderabad .You can write to us at contact@certvalue.com or visit our official website as we are ISO Certification Consultant Companies in South Africa .CertValue and provide your contact details so that one of our certification experts shall contact you at the earliest to understand your requirements better and provide the best available service in the market

[electronicnerdtyphoon]

9 Best Practices to Jumpstart your Third-Party Management Program

Organizations rely heavily on their third parties for improved profitability, faster time to market, competitive advantage, and decreased costs. However, third-party relationships come with multiple risks, including strategic, reputational, regulatory, information security, and financial risks. Penalties and reputational damage from non-compliance, supply chain disruptions, security breaches, and data thefts involving third parties are driving companies to continually improve their third party risk management process.

With third parties spread across the world, supply chain disruption risks are on the rise. Be it the earthquake and tsunami in Japan, the Thailand floods, or the labor dispute at the West Coast port, these disruptions greatly affected the flow of goods and services to organizations. Without an appropriate business continuity plan to deal with these unpredictable events, organizations suffer not only monetary losses, but also customer losses to competitors.

To minimize the impact of third-party risks on business performance and brand image, the scope of TPM is expanding beyond traditional surveys and assessments for third-party risks and compliance. Companies are now taking more comprehensive steps to ensure that their third parties not only comply with regulations, but also protect confidential IT information, avoid unethical practices, keep up a safe and healthy working environment, strengthen supply chain security, handle disruptions effectively, and sustain high quality and performance levels.

It is in this context that there emerges the need for an integrated view of third-party risk, compliance, performance, quality, and adherence to contracts. Developing a strategy for optimizing third party relationships is essential, as is knowing the third parties one deals with.

Key Trends Driving the Focus on TPM

Globalization - As the world gets flatter, organizations with global third-party networks are faced with a multitude of rules, policies, data, standards and regulations – all of which make the case for a robust TPM program.

Virtualization - Technology has dramatically changed the way organizations operate. With the advent of the cloud, virtual data centers, and hosted apps, companies are using vendors to process their critical business information, thus transferring data outside their firewalls. Recent data breaches and security incidents have highlighted the vendor risks that come with virtualization, and the need to have deeper visibility into the third-party ecosystem.

Social Media - On one hand social media improves transparency, collaboration, and efficiency across the third-party network. On the other hand it brings along potential security risks and privacy concerns for business-critical information. The key is to leverage social media to gather third-party intelligence, while also identifying and mitigating the risks that come along.

Mobility - Ubiquitous access to data across mobile devices poses multiple security risks. As data access becomes easier, and as security breaches proliferate, a strong TPM program is essential to ensure accountability.

Best Practices to Enhance Your TPM Program1. Manage and Assess Third-Party Risks:

Each third-party relationship brings with it a number of risks that need to be identified in time. These risks are often multi-dimensional as they extend across suppliers, vendors, contractors, service providers, and other parties, and can have an impact on different levels of the organization such as product lines, business units, and geographies.

An effective third-party risk management process begins by comprehensively identifying third-party risks such as process risks, political risks, undesirable events, contract risks, legal and regulatory non-compliance risks, and information system failures. This risk identification process should be followed by an analysis of the specific drivers that increase third-party risk.

A good practice is to focus strongly on contracts that govern third-party relationships. A comprehensive and carefully written contract that outlines the rights and responsibilities of all parties can help you better manage third-party relationships.

It’s also important to frame policies, and implement controls to mitigate third-party risks. Appropriate monitoring and testing processes are key in ensuring that risk mitigating controls are working as expected.

To strengthen third-party monitoring, leverage content from external sources such as Dow Jones, D&B, and Regulatory DataCorp (RDC) which curate adverse media reports, sanction lists, Politically Exposed Persons (PEP), and other third-party data. This external content is invaluable in identifying and flagging potentially high-risk third parties before they cause a failure.

2. Conduct Third-Party Screening, Onboarding, and Due Diligence

An effective third-party screening and due diligence program provides a better understanding of third parties, and helps you choose the right firm to work with.

Leading organizations are taking a risk-based approach to third-party screening and due diligence. As part of the onboarding process and on a regular basis, these organizations stratify their third parties into various risk categories based on the offered product or service, as well as the third-party’s location, countries of operation, and other key factors. They then define screening and due-diligence process based on the risk categories. The level of due diligence is based on the risk score of the third party.

The third-party onboarding process is really the backbone of an effective TPM program. It helps capture complete third-party information along with the necessary certifications, contracts, and documents. Onboarding assessments are also needed to help determine the level of risk monitoring required for each supplier.

Continuous third-party monitoring and screening is the key to helping companies make informed decisions about their third parties. Many organizations leverage screening data providers to receive real-time alerts and data feeds on third parties. They also screen their third parties against global sanctions lists, as well as global regulatory, law enforcement, and watch lists, adverse media reports, PEPs, and state-owned enterprises.

The due-diligence process does not end with third-party on-boarding. It’s important to continue identifying risk areas, and conducting appropriate due diligence on an ongoing basis.

3. Focus on Fourth Parties

The factory fires in Bangladesh highlighted, yet again, the problem of unauthorized sub-contracting. It exposed how organizations do not often have complete visibility into their supply chains which puts them in a risky position.

It’s critical to determine if products and services are actually provided by third parties, or if they are in fact sub-contracted to a fourth party. The key is to contractually bind third parties to inform and get approvals on any fourth-party involvement. Also, gather and manage fourth-party information as part of the third-party ecosystem. Ensure that fourth parties are in the scope of screening and risk management processes.

4. Establish a Tone at the Top with Board-level oversight

The senior management, including the C-suite and Board, are accountable for the risks in third-party relationships. It is their responsibility to create a culture of transparency and collaboration in the third-party ecosystem, while also identifying and controlling the risks that arise from such relationships.

5. Focus on IT Vendor Risk

With third parties accessing regulated company information, the likelihood and impact of IT security incidents are on the rise. Therefore, view IT vendor risk in the purview of the larger third-party risk management program. Categorize vendors based on their risk profile, and define an appropriate monitoring mechanism. Also, leverage external sources for third-party risk assurance. For instance, there are standard “Standard Information Gathering” (SIG) questionnaires from content providers such as Shared Assessments, which can be used to obtain the necessary information about a vendor’s IT, privacy, and data security controls.

6. Ensure Appropriate Investment and Staffing

As organizations realize the importance of a TPM program, many are increasing their investments in these programs. The investments should ideally be focused not only on ensuring regulatory compliance, but also on managing third-party risk, and improving third-party performance. Appropriate staffing is also essential to manage TPM initiatives at optimal levels, both locally and across the globe.

7. Evaluate the Effectiveness of the TPM Program

Implement a robust process to ensure the effectiveness of the TPM program, including policies, codes of conduct, processes, controls, compliance surveys, assessments, and audits. Make sure that all allocated TPM resources are available, have their responsibilities defined, and are working as planned. A 360-degree view of the third-party ecosystem is also a must.

Evaluate the program at regular intervals to determine if potential risks are being identified and mitigated, if compliance requirements are being met, and if appropriate remediation actions are being carried out when red flags arise. Also, have well-defined metrics to measure the effectiveness of the TPM program.

8. Build Mature TPM Processes

Many companies adopt a “siloed” approach to TPM wherein different departments manage different third-party processes. This leads to redundancies, and makes it difficult to gain a holistic view of third-party relationships. The best way to overcome this challenge is to standardize TPM processes across departments and functions. Adopt consistent, well-defined processes for third-party screening, onboarding, risk assessments, due-diligence, audits, performance management, and continuous monitoring. Make third-party information available centrally to facilitate oversight, accountability, monitoring, and risk management, and to ensure that nothing falls through the cracks.

9. Leverage Technology

As the TPM program extends beyond the first tier of the supply chain, technology will play a critical role in strengthening third-party risk assessments, monitoring, and management. Integrated technology solutions offer a common platform to manage multiple third parties, and provide greater visibility into risks and compliance issues.

Technology can also streamline third-party information management, onboarding and due diligence processes, risk management, audits, compliance management, and performance management.

Many companies leverage technology to automate TPM processes, and to map third-party information for better traceability. They also maintain third-party contracts, documents, SLAs, and other important information in a centralized database for easy access.

Advanced technology solutions consolidate and roll up third-party risk intelligence to support decision-making. These solutions also integrate with reliable industry sources to aggregate, validate, and enrich third-party data. They help identify high-risk third parties, assess their risk impact and likelihood, identify risk ratings, and monitor controls to keep risks in check. Sophisticated solutions also provide advanced survey and assessment capabilities for due-diligence, compliance monitoring, and control effectiveness evaluations.

Conclusion

In today’s complex, outsourced environment, it’s critical to step up TPM initiatives to protect both reputation and revenue. Gain a clear view of the third-party ecosystem, and adopt a proactive approach to manage associated risks. Be well-prepared to manage supply chain disruptions by proactively identifying hidden risks, and using well-defined business continuity plans. Also, establish a robust closed-loop process to continuously evaluate third parties based on regulatory compliance and performance. The key is to effectively manage the third-party ecosystem in such a way as to create a culture of transparency and accountability.

[isocertificationinkuwait]

How IT Governance Help ISO 27001? And What Are Its Benefits?

ISO 27001 Certification in Kuwait is an international standard that helps organizations manage the security of their information assets. It provides a management framework for implementing an ISMS (information security management system) to ensure the confidentiality, integrity, and availability of all corporate data (such as financial information, intellectual property, employee details, or information managed by third parties).

ISO 27001 is supported by its code of practice for information security management, ISO/IEC 27001:2013 in Kuwait, which explains how to implement information security controls for managing information security risks.

What is ISO 27001 certification?

ISO 27001 consultants in Kuwait demonstrates that your organization has invested in the people, processes, and technology (e.g. tools and systems) to protect your organization’s data and provides. an independent, expert assessment of whether your data is sufficiently protected.

Certification is achieved through an accredited certification body and provides evidence to your consumers, investors, and other interested parties that you are managing information security according to international best practice. ISO 27001 compliance is becoming increasingly important as regulatory requirements (such as the GDPR, HIPAA, and CCPA) place pressure on organizations to protect their consumer and personal data.

What is an ISMS (information security management system)?

An ISMS is a defined, documented management system that consists of a set of policies, processes, and systems to manage risks to organizational data, with the objective of ensuring acceptable levels of information security risk. Ongoing risk assessments help to identify security threats and vulnerabilities that need to be managed through a set of controls. Having an established ISO 27001-compliant ISMS helps you manage the confidentiality, integrity, and availability of all corporate data in an optimized and cost-effective way

The benefits of ISO 27001 certification

ISO 27001 Registration in Kuwait is a globally recognized information security standard, with more than 40,000 organizations certified. It helps organizations align their data security measures to an established and trusted benchmark.

Protect your data, wherever it lives: An ISO 27001-compliant ISMS helps protect all forms of information, whether digital, paper-based, or in the Cloud.

Defend against cyberattacks: Implementing and maintaining an ISMS will significantly reduce your organization’s cybersecurity and data breach risks.

Reduce information security costs: Thanks to the risk assessment and analysis approach of an ISMS, organizations can reduce costs spent on indiscriminately adding layers of defensive technology that might not work

Respond to evolving security threats: ISO 27001-compliant organizations are more capable of responding to evolving information security risks due to the risk management requirements of the Standard.

Establish an information security culture: With ISO 27001 certification Services in Kuwait embedded in the organization’s culture, employees are more aware of information security risks, and security measures are wide-reaching across all facets of the organization.

Meet contractual obligations: Certification demonstrates your organization’s commitment to information security and provides evidence that you have formally committed to complying with information security measures.

How IT Governance can help you

·         Our implementation methodology has been honed over 15 years

·    ��    We are known as the global authority on ISO 27001 – our management team led the world’s first ISO 27001 certification project (formerly known as BS 7799)

·         We offer everything you need to implement an ISO 27001-compliant ISMS – you don’t need to go anywhere else

·         We guarantee certification (provided you follow our advice!)

·         You benefit from real-world practitioner expertise, not just academic knowledge

·         We have trained more than 7,000 professionals on ISO 27001 implementations and audits worldwide

·         We’ve helped more than 800 consultancy clients achieve certification to and compliance with ISO 27001

·         We have a proven and pragmatic approach to assessing compliance with international standards, no matter the size or nature of your organization

How to get ISO 27001 Consultants in Kuwait?  

If you are wondering How to get ISO 27001 Consultants in Kuwait never give it a second thought approaching Certvalue with a 100% track record of success without any fail in the certification process. ISO 27001 services in Kuwaitis easy and simple with Certvalue. You can easily reach Certvalue by simply visiting www.certvalue.com where you can chat with an expert and you can also write an inquiry to contact@certvalue.com so that one of our experts shall contact you at the earliest to provide the best possible solution is available in the market.

[thisdaynews]

CHINESE LOAN:$500 Million Loan Already Approved, Probe Unnecessary - Reps

New Post has been published on https://thebiafrastar.com/chinese-loan500-million-loan-already-approved-probe-unnecessary-reps/

CHINESE LOAN:$500 Million Loan Already Approved, Probe Unnecessary - Reps

The House of Representatives on Monday defended its decision to suspend activities of its standing and ad hoc committees, saying there was no hidden agenda.

It also faulted its Committee on Treaties, Protocols and Agreements for investigating the $500m loan facility Nigeria recently secured from China, saying it had already been approved by the National Assembly and captured in the 2020 Appropriation Act.

But before activities of the committees were suspended on Thursday, the Committee on Treaties, Protocols and Agreements had written the Ministry of Transportation, demanding documents containing loan agreements with China from 2000 to date.

Among the facilities the committee is probing is the $500m loan secured from China-EXIM Bank to finance railway projects under the Ministry of Transportation.

The Peoples Democratic Party had, on Saturday, asked the Speaker of the House of Representatives, Femi Gbajabiamila, to step aside for allegedly frustrating investigations into executive corruption.

The party stated this in a statement titled, ‘PDP Berates Gbajabiamila For Frustrating Corruption Investigation in the House of Representatives … Asks Speaker to Step Aside,’ signed by its National Publicity Secretary, Kola Ologbondiyan.

But the Majority Leader, Alhassan Ado-Doguwa, who is also the leader of the ruling All Progressives Congress caucus in the House, in a statement on Monday, berated the PDP for faulting the decision of the House to stop committees from investigative hearings.

The statement was titled, ‘’You’re suffering from horrific political hallucinations – Doguwa replies the PDP.’

Ado-Doguwa said, “It is at first repulsive for an opposition party, the PDP, that has seemingly lost the actual meaning and essence of opposition, to have brought in undue politics into a matter of national interest, especially at the time of prevailing health and economic challenges.

“Although one should not have glorified them with a response by wasting precious time required for fixing the economic woes which they recklessly plunged the country into, it has become imperative, for the sake of educating their sympathizers, to set the record unambiguously straight.

“It is ridiculous to discover that the PDP, a supposedly major opposition party in the country, does not know the workings of the National Assembly, let alone know where the constitution and the House procedures have been breached.”

According to the lawmaker, it has never been the practice of the House to continue with committee engagements while on annual recess, especially with the current COVID-19 pandemic.

Ado-Doguwa added, “It will be of interest to the PDP, the investigations the House is currently undertaking, including the Chinese loans, cover the 16 years the PDP was in power and when most of the loans were obtained. So, maybe they should be thanking the House leadership for covering up their misdeeds.

We have approved $500m Chinese loan, probe not necessary – Reps

“Hence, making reference to the recent $500m China loan by the PDP spokesman which has already been approved by the National Assembly through a transparent and formal request was either a deliberate misrepresentation of facts or an utter ignorance of history.

“Therefore, it is pertinent to know that the government has already captured the recent loan in the 2020 appropriation law and it should not be a subject of any controversy or query in the committee’s investigation process, at least for now. And as a matter of norm and procedure, the House can only wait until disbursements and utilisation commence before embarking on oversight implementation.”

We haven’t discontinued probes – Majority leader

The Majority Leader stated that the House had not discontinued other investigations, including those concerning the Niger Delta Development Commission, the Nigerian Social Insurance Trust Fund, power sector as well as all other allegations of corruption in ministries, departments and agencies of the Federal Government.

“All the pending investigations will continue as the House reconvenes,” he stated.

According to the lawmaker, the House under the leadership of Gbajabiamila will remain focused, committed and well-guided in safeguarding its institutional integrity, “without necessarily jeopardising our good working relationship with the Buhari-led popular government.”

Ado-Doguwa further said, “In fact, the PDP lacks the moral standing to accuse the leadership of the House of abetting corruption or protecting questionable officials from the ongoing investigation. For us in the APC, fighting the menace of corruption by prosecuting corrupt individuals has been the cardinal objective of the President Muhammadu Buhari administration.”

The Majority Leader stressed that the leadership of the House had observed “the deteriorating working relationship with the executive arm of government, which was mostly due to misconducts and sometimes deliberate and calculated attempt by some disgruntled government officials to drag the institution of the legislature into needless controversies for political gains.”

According to the lawmaker, the fact that the lawmakers are empowered by the constitution to oversight government agencies “does not in any way mean we should do that with injurious intentions.”

He argued that the wisdom of the oversight duties in the Constitution was “not to engage in a bickering with the executive.”

We have no plan to cover up corruption – House

The statement further read partly, “At this point, I must also make it clear that the House of Representatives has no clandestine plans or motives to cover up any corrupt engagement or business of the government. But as rational and progressive members, we are indeed committed to our partnership with Buhari administration to fight corruption in all ramifications, and provide good governance.

“Consequently, it must be borne in mind that gone are those seasons when the legislative arm of government would be stampeded or used by the so-called opposition forces to discredit, undermine or malign our own government.

“The steps we have taken recently are with the best of intentions and in the best interest of the House. It is our hope that you would continue to help to sustain the tempo so that together, we can bring sanity and grace to the Legislature and to further salvage its institutions. “

Panel replies Amaechi, transport ministry, demands more documents

Meanwhile, before the leadership of the House suspended activities of the panels, the Committee on Treaties, Protocols and Agreements had written to the Ministry of Transportation, demanding details of Nigeria’s loan agreements with China from 2000 to 2020.

The committee’s chairman, Nicholas Ossai, had last week accused the Minister of Transportation, Rotimi Amaechi, of failing to provide most of the documents requested from the ministry.

The ministry replied Ossai in a letter dated August 18, 2020 and titled, ‘Re: Request for the Federal Ministry of Transportation to transmit to the National Assembly all signed bilateral loan agreements, financial investment agreements and Other Contractual Documents between Nigeria and China Since 2000 to Date. ‘

The letter by the Director of Legal Services for the Ministry of Transportation, partly read, “I am directed to refer to the proceedings at the public hearing of the committee held on Monday, August 17, 2020, and to your consequent directives to the Federal Ministry of Transportation to produce certain additional documents to assist the deliberations of the committee.

“Pursuant to the above, please find enclosed herein, the following documents for your consideration: 3 no Volumes of list of Nigerian employees engaged on the Lagos-Ibadan Rail Project (total 14,273).

“Expenses incurred on procuring major construction materials in the local market. Local procurement contracts (equipment and materials). Expenses incurred on purchasing vehicles and generators in the local market. Expenses on project insurance.,Works sub-contracted to local companies with list of the companies.

“Copy of Addendum No. 2 in respect of the Nigerian railway modernisation project dated 28th August 2012. Properly witnessed copy of Addendum No. 2C (extra works to Lagos-Ibadan segment) dated 23rd December, 2019.

“Copy of Circular No. SGF/OP/1/S.3/X/737 dated 11th August, 2014, from the Office of the Secretary to the Government of the Federation, titled ‘Protection of the Federal Government and Its Corporation from Foreign Enforcement Proceedings Arising from Contract or Arbitration in Foreign Jurisdictions.’

“Schedule showing payments made thus far on the commercial agreements being implemented by the FMOT; a soft copy (flash drive) of China-linked project agreements being handled by the FMOT.”

Ossai had faulted the response by the ministry.

In a letter sighted by our correspondent, the committee wrote back to the ministry to demand more documents, which were expected to have been submitted on Friday last week.

The letter partly read, “Specific documents request from Federal Ministry of Transportation:

“Official documents of the power of attorney for the appointment of the borrower’s process agent on all loan agreements as prescribed in Appendix 7.

“Official confirmation letter by the appointed borrower’s process agents as prescribed in Appendix 8 of the loan agreements.

“Official copies of Attorney General of the Federation(’s) authorisation of the loan agreements. Copies of certificate of completion for completed projects.

“A copy of Federal Government circular with Reference Number SGF /OP/1/S.3/X/1737 dated 11th August, 2018, as sited in your contractual document of Addendum 3.1, Page 16, under the waiver of sovereign immunity clause and Addendum 3.2, Article 23, Page 16, etc.

“Copies of the bill of quantity of the commercial contracts. A list details of Nigerian employees engaged in other rail projects of the ministry. List details of Nigerian sub-contractors engaged in new rail projects of the ministry. Any other documents that may assist in the committee’s work.

“Please note that you are requested to submit 30 copies of each of these documents on each of the loan agreements to the secretariat of the committee by Friday the 21st day of August, 2020.”

…More Reps clash over probes’ suspension

In a related development, more members of the House on Monday disagreed over the probe by the House committee.

Two of them, Mark Gbillah (PDP) and Akin Alabi (APC), opposed themselves on Sunrise Daily, a breakfast current affairs programme by Channels Television.

The PUNCH had reported exclusively on Wednesday that crisis had hit the committee, with some members aggrieved with how the panel was handling the probe.

Gbillah said, “The main issue is the propriety or otherwise of that instruction. The House of Representatives is a constitutionally instituted body and it is not under the directive of any specific individual.

“So, when you look at that specific instruction that purportedly came from the leadership of the House, because it was sent via a letter from the Majority Leader, who, according to our Standing Orders, when it comes to committees, only liaises with chairmen and deputy chairmen of committees.”

While noting that Section 60 of the Constitution empowers the parliament to regulate its procedures, Gbillah said, “For the Speaker and the leadership to sit and by fiat issue a proclamation stopping committees from acting, in my opinion, and I think in legal parlance, the propriety of that decision is questionable because there is no provision in our laws that allows or gives the Speaker that power.”

Alabi, however, dismissed Gbillah’s claim as false. According to him, it is the tradition of the House not to have committee meetings and oversight visits during the recess.

He said, “The leadership thought that the wisest thing was to pause for a few weeks. We will soon get back into the House in a couple of weeks. So, there is no point having these scattered, not-put-together committee meetings and oversight engagements. Let us take a break, come back in September, and we will continue from there.”

$500m Chinese loan already approved, probe unnecessary – Reps

[youngandhungryent]

Run Me My Money!: Lauryn Hill Sued Cousin Over Unpaid Loan

Source: Tim Mosenfelder / Getty

Lauryn Hill may have had issues with tardiness and the IRS, but when it comes to a loan she gave a close relative-she expects her money on time.

According to The Blast (editor’s note: this was first reported last year by Bossip), Lauryn Hill is suing her cousin, Gerald Hill, over an unpaid loan that the singer loaned him in 2017. Court documents show that Lauryn Hill loaned her cousin $65,000 interest-free as long as the loan was repaid in full by September 2017. The contract drafted by Hill at the time states that failure to pay would result in an added 10% simple annual interest until the loan was settled.

Despite the reasonable terms, the “Doo-Wop” singer claimed that her cousin has yet to pay back anything on the loan and headed to court in June of this year, accusing Gerald Hill of breach of contract and sued him for $65,000 plus attorney fees.

“Defendant did not repay any portion of the loan on or before September 15, 2017, triggering the interest rate provision of the Loan Agreement. Furthermore, despite demand for repayment, to date Defendant has not repaid any of the $65,000 principal due and owing under the loan agreement or any of the interest amounts that became due and owing following Defendant’s non-payment.”

Although served, Gerald Hill was a no show at court leading the judge to decide in favor of Lauryn, granting her a default judgement in August. The court order read:

“Judgment is hereby entered in favor of Plaintiff and against Defendant in the amount of $72,886.62 consisting of $71,228.95 in damages, including contractual interest, attorneys’ fees in the amount of $1,401 and costs in the amount of $256.67.”

Even with a default judgement, Lauryn Hill was forced to head back to court after her cousin continued to refuse to make a payment. On October 22, the “Ex-Factor” singer submitted subpoenas requesting the court to review Gerald Hill’s finances, assets and income to assist with repayment. Hill also is petitioning the judge to demand that Gerald produce statements and show up to court.

As of press time, the case is ongoing.

source https://hiphopwired.com/828352/lauryn-hill-sues-cousin-over-unpaid-loan/

[back-to-louis]

As if he could be sued for 260million. That's like, over double what he's earned, and the band have split up so they can't even claim much in the way of loss of future earnings. The other boys would never stand by and watch someone be kept from their dying mother for a year just so they can keep their name. Larries think money and fame is more important to all of them than family.

Listen, it’s all connected if you think about it: larries valuing Louis’ net worth and the assumption that he is protective of it while also splurges to show it off and uses it as a source of power and intimidation is something they really, really get off on.

It’s part of the classism they so regularly have on display that makes them pity him for having to feign interest in “cheap” things like Adidas and Vans but thrill when he wears expensive designer clothing. They love the idea that Larry have several public and private houses because they have so much wealth and use the fact that Louis hasn’t used his money as leverage to demand full custody of Freddie and COMPLETELY DOMINATE and control Briana’s interactions with the world as evidence he couldn’t be his father or love him.

So they are calmed by the idea that Louis would lose so much money due to his own actions, mind you, of continually breaching NDA -- he could have not done this and not risked being sued, but he thought INFORMING THE LARRIES WAS THIS IMPORTANT -- that this is a reasonable defense for why he is, to this day, encouraging them to mock a baby when he loves babies and simply not raising this baby 100% of the time is indicative of cruelty and abandonment, and encouraging violence towards women as long as they’re the right women. That he does this to prevent the rest of the band from suffering financially, from being able to record on their own out of a sense of sacrifice for their respective wealth - this means something to them. What they can understand is that money is everything, except that it appears not to have bought Louis happiness OR freedom, so I’m unsure why they think so.

But this brings me back to my question, which is: when will the specter of the $260M lawsuit no longer be a thing? At what point will Louis’ net worth be enough to absorb it, and if it’s at what, 24M, 25M, now, at what rate would it have to increase to be able to absorb it? Shouldn’t that be the concern? Otherwise, why wouldn’t Louis just continue to be pressed into these ongoing stunts? I have yet to see an explanation for not WHEN, but WHY this should come to an end. Contractually, legally, if all of this is absurd and intended to punish Louis and just... keep him unhappy, what could ever happen to free him now that hasn’t already happened?

Will he stop caring about the money one day? What could make him stop caring about the money? What could he lose, after 2016, that could make him say, “no more, I’ll take the loss, I just need this to stop?”

[thehrblog]

Coronavirus: Employee Rights

Article contributed by Alex Monaco, Monaco Solicitors. 

Coronavirus: employee rights

There have been unprecedented impacts on employees’ rights during this coronavirus pandemic, including the right to health and safety and the right to be paid. If your employer has cut your pay because you have refused to attend an unsafe workplace or you have been unfairly dismissed, read our article here.

Despite many employers accidentally infringing, or even deliberately ignoring these rights to stay afloat in this chaos, your rights as an employee have not changed.

This guide covers:

Can your employer force you to attend work if you are vulnerable, or a danger to a vulnerable person?

Furlough leave.

Can you be dismissed for not coming to work because you are self-isolating?

Can your employer reduce your salary?

Support offered to the self-employed during the coronavirus.

Are you entitled to pay if you are self-isolating due to coronavirus?

Are you entitled to pay if your employer tells you to stay off work?

What are your rights if you take time off work to care for dependents?

If you get coronavirus, will you be entitled to sick leave and pay entitlements?

If you are made redundant due to covid-19 do you still have to be consulted about the redundancy by your employer?

If you have been laid off due to the coronavirus but you want to leave your job can you choose redundancy?

Next steps

Can your employer force you to attend work if you are vulnerable, or a danger to a vulnerable person?

Your employer already knows how old you are. Assuming that they also know if you are pregnant, or suffer from ill-health or a disability, then hopefully they will be receptive to proposals for you to work remotely where possible or to be put on the government Coronavirus Job Retention Scheme on temporary ‘furlough leave’ (see below). The deadline for new entrants to the furlough scheme has now passed (except for parents on statutory maternity/paternity leave).

Even if you are just living with someone in the above categories, an attempt by your employer to force you to attend work could be breaking the law. The law for these circumstances is not yet clear in relation to covid-19. We advise that an attempt by your employer to force you to attend work could be unlawful, as doing so could be subjecting you to one or more of the following: – discrimination relating to age, pregnancy or disability, or – constructive dismissal or -breach of health & safety law

Furlough leave

The Coronavirus Job Retention Scheme, also known as ‘Furlough Leave’, is available if your employer’s business has been affected by covid-19. This scheme allows your employer to let you stay at home as the government will pay them 80% of your salary, up to a maximum of £2,500 per month until the end of July this year, at least (see more below). This can be backdated from the 1st of March this year.

The way in which this scheme will apply to you must be agreed between yourself and your employer, specifically whether you are happy to accept only 80% of your current salary up to a maximum of £2,500 per month, or whether you wish to receive the full 100% (with no upper limit). Your employer cannot simply put you on the scheme without your agreement. If you do not agree, however, they can make you redundant. Further information and tactics for employees about this is in our separate practical guide on furlough leave.

The scheme will continue to operate from August until the end of October this year, but employers will be expected to contribute to the cost and will be able to bring furloughed employees back to work part-time. Further changes to the scheme can be summarized as follows:

June 2020: The government furlough scheme will close to new entrants at the end of the month and employers must register new entrants prior to June 10th. Employers of parents on statutory maternity/paternity leave have been granted a longer period to register for furlough – details of which are still awaited.

From July 2020: Employees that have been furloughed can work part time. From August 2020: Employers will be required to pay the employers’ national insurance and pension contributions for furloughed employees.

From September 2020: Government contribution to furlough pay reduces to 70%, capped at £2,190 a month. Employers pay 10% (and top-up to 100% if previously agreed). From October 2020: Government contribution to furlough pay reduces to 60%, capped at £1,875 a month. Employers pay 20% (and top up to 100% if previously agreed).

Can you be dismissed for not coming to work because you are self-isolating?

No! Your employer may be allowed to start disciplinary action against you, but legally, they cannot dismiss you. Any attempt to do so would amount to automatically unfair dismissal under s.100 of the Employment Rights Act 1996.

Despite not relating directly to the coronavirus, a good example of automatically unfair dismissal can be found in the case of Harvest Press Ltd & McCaffrey 1999 ILRL 778.

Can your employer reduce your salary?

As long as your employer is justified in doing so, they can reduce your salary. We are frequently encountering employers telling their employees to take a pay cut during the coronavirus. It will be easy for your employer to justify giving you a pay cut provided that the same is being asked of other employees.

Employers can simply give you another contract of employment with a pay cut along with your notice. If you don’t agree to work under the new contract, your employer can terminate your employment when your notice period is over.

The effects of coronavirus on the self-employed.

On the 29th May 2020 the Chancellor announced a second grant for self-employed whose businesses have been affected by the coronavirus. The main points of this scheme include: The initial grant will be a taxable payment of 80% of the business’ average monthly trading profits, covering three months of profit up to £7,500. The deadline for applications for this grant was July 13th 2020.

The second grant is worth 70% of the business’ average monthly trading profits up to £6,570. This can be applied for in August 2020.  Recipients can work as well as receiving these grants.

Payments are: Based on your average income in the previous 3 years of trading. Not available to people on over £50,000 p.a.

Read more in our article on the government scheme for the self-employed and read the government website for the self-employed scheme here.

Are you entitled to pay if you are self-isolating due to coronavirus?

If you have symptoms or have been advised by your doctor or other medical authority to self-isolate, you are legally entitled to Statutory Sick Pay (SSP). You can obtain an isolation note online on the NHS 111 website. The current legislation does not entitle you to SSP if you are not sick yourself and want to self-isolate. The current legislation does not entitle a vulnerable person, for example old or with underlying health conditions to SSP. Still, we would advise that you get an isolation note online on the NHS 111 website, which would then entitle you to SSP.

Your employer must do a risk assessment if you are pregnant. Where it is deemed unsafe to attend work, your employer must suspend you on full pay. You are entitled to start your maternity leave at this point if this is within 6 weeks of your due date, as per the legislation here.

If, however, you can work remotely, and your employer agrees to this, then in these circumstances, you will be entitled to your usual pay.  Before deciding to take any action, you should talk to your employer about your concerns and see if you can agree on the best way forward. This legislation is contained in The Statutory Sick Pay (General) (Coronavirus Amendment) Regulations 2020.

Are you entitled to pay if your employer tells you to stay off work?

Your employer can ask you to stay away from work if they have good reason to ask you not to attend (for example, if you have recently returned from a country badly affected by coronavirus or had contact with someone with the virus). Where this is the case, you will be entitled to your contractual pay.

If your hours of work have been reduced or your employer closes your place of work, then you are entitled to your normal pay, without any reduction. Alternatively, your employer can put you on the government’s furlough leave scheme (see above) as the government will pay 80% of your salary whilst you’re at home. (See S151 Social Security, Contributions and Benefits Act 1992 and S147-154 Employment Rights Act 1996 for relevant legislation)

What are your rights if you take time off work to care for dependents?

On 4th April 2020, the government announced an extension of the Coronavirus Job Retention Scheme mentioned above, to people with childcare responsibilities due to covid-19 restrictions. This must be agreed with your employer as furlough is not an automatic right, however, this is great news for parents.

So, what are your automatic rights? Automatic rights are set out in pre-existing legislation, Section 57A-57B Employment Rights Act 1996. According to this legislation, you have a right to ‘reasonable’ time off work to care for dependents in an ‘emergency’. This includes where your dependents’ usual school/carers or other provider cannot operate due to covid-19 restraints.

Unless you have an insurance policy or your employment contract provides for payment in these circumstances, time off will be unpaid. What is a ‘reasonable’ amount of time off depends on your individual situation. Your employer is required to consider your case without reference to possible disruptions or inconvenience to their business.

Undoubtedly the coronavirus crisis does fall under an emergency, and what is considered as ‘reasonable’ is a period of time ongoing, at least, until schools and nurseries are open. But you should initially ask for full pay or at least furlough leave (see above).

If you get coronavirus, will you be entitled to sick leave and pay entitlements?

If you have been diagnosed with coronavirus or medical authorities suspect that you may have it, you will be entitled to the usual entitlements to pay and sick leave, just like any other sickness and sickness absence. (See S151 Social Security Contributions and Benefits Act 1992)

If you are made redundant due to covid-19 do you still have to be consulted by your employer?

Normally, when employers are making over 20 employees redundant, they have to consult for a period of 90 days before making redundancies. However, with coronavirus, this period could be compressed so that they do not have to consult for the full 90 days, as employers are likely to cite ‘special circumstances’. In our opinion, they would, still need to consult employees but for a reduced number of days.

The employer has a duty to consult you if less than 20 people are being made redundant. This would generally include more than one meeting and an opportunity for employees to make reasonable input into the decision, despite not being defined by statute.

If you have been laid off due to the coronavirus but you want to leave your job can you choose redundancy?

If you are laid off for 4 weeks in a row, or for 6 weeks in any 13-week period, you can write to your employer asking them to give you statutory redundancy payment as well as your notice pay. If your employer does not reply, you can resign and will have a claim for your statutory redundancy pay. In doing so, you must give notice, as per your notice period (which is the longer period of either your contract or statutory notice period).

Next steps

Monaco Solicitors have created a free Coronavirus Rights app which may be able to help you if you have been affected by any of the situations outlined above. This app provides individuals with an advice letter as well as two example letters to your employer for free.

from The HR Blog https://thehr.blog/2020/07/20/coronavirus-employee-rights/?utm_source=rss&utm_medium=rss&utm_campaign=coronavirus-employee-rights

[loyallogic]

What kind of advice will clients expect from lawyers, during and after the COVID-19 crisis?

The article is written by Akarsh Tripathi, a student of Symbiosis Law School Noida. The article talks about the kind of advice clients will seek from lawyers, during and after the COVID-19 crisis.

Introduction

The global pandemic COVID-19 has led to many catastrophes and disruptions across the world. It has caused a disarrangement amongst various sectors of the world, for instance, the supply chain network, the industrial sector or the startup industrial sector, etc. 

Clients are facing queries regarding their rights and interests which must be protected. Apart from the spread of the virus, there is a widespread of something which is more dangerous, i.e. the spread of panic, rumours, etc. Such information creates fright amongst people and forces them to become troubled and disturbed.

For this, they are approaching their lawyers to seek remedy and consultation regarding what they shall do so that they don’t face major problems amid the coronavirus spread. There may be some employees worrying about what will happen to their jobs? Can tenants be forced by landlords to vacate the rental property? How will this crisis and lockdown affect contractual agreements entered by the clients? 

In this article, we will analyze many more similar issues and will learn about the advice lawyers can give to their regular clients and ensure that this feeling of apprehension is nullified amongst them. 

Advice Expected by the Regular Clients during and after COVID crisis

There are different types of clients, seeking advice and consultation from their lawyers with respect to their profession. In this article, we will learn about these different kinds of queries and how lawyers should prepare themselves to help their clients.

How will this Crisis Impact their Contracts?

The epidemic has resulted in disruptions in almost every sector. The production and supply chain is also highly affected due to this. Clients are approaching their lawyers to ensure that their contractual agreements don’t fall apart. There are also some clients who are seeking advice and consultancy of their lawyers as to how they can avoid their contractual obligations and back out from the agreements without committing any breach.

For this, the evaluation of the terms of agreements and their enforceability is highly advisable. The “force majeure” clause embedded in these supply chain agreements or any other contracts are of high relevance. Lawyers need to be heedful with respect to this clause and its legal framework must be thoroughly analyzed. 

The question which is of utmost importance is that “Will COVID-19 trigger a force majeure clause?” Apart from this, there is much other advice which the regular clients will seek from their lawyers and attorneys. It is thus highly advisable for lawyers to be aware of the contractual agreements in which their clients are involved. 

      Click Above

How will this Crisis affect their Ongoing Case?

The Supreme Court and the High Courts have released a notification that only ‘urgent matters’ will be taken amid the COVID-19 lockdown. Such matters will be taken via video conferencing, i.e. through the virtual courts which are being instituted. 

However, it is still not clear what kind of cases will be considered as “urgent”. For instance, the Patna and Guwahati High Court released notifications regarding how they’ll be listing cases during this lockdown. In these notifications, there is no mention of the listing of bail matters or habeas corpus related petitions. 

These urgent matters invoke the fundamental right of liberty of the citizens. Many of these notifications don’t mention citizenship-related matters making it difficult for the public, and especially the clients and lawyers to know how this crisis may affect their ongoing case.

The legal practitioners are well aware of the unsaid rule which decides whether a particular case is under the purview of “urgent matters” or not. This practice is based on the representation of the clients in cases. 

For instance, the cases where the client is represented by a high profile lawyer or the case is in itself a high-profile case, it will be considered as “urgent”. The problem with such practice is that cases where the representation is by a common lawyer but might be important and urgent to be addressed, are suffering. 

Tenant-Related Issues

Due to the global pandemic, many employers have lost their job, or have not received their salary for the month of March and April. It is understandable that they are suffering through an economic slump, and won’t be having enough money to pay rents. 

Also, it is not just the residential tenant and their landlords who will be facing issues of paying the rent and getting their payment of rent, respectively. Commercial tenants are also in a fear of being forced to evacuate the land for not being able to pay the rent. 

Tenants, PG’s and student housing firms are trying to negotiate with their landlords so that they can extend the term of their agreements and can make the payment of their monthly rents once this pandemic ends. Good news is that these people are not by themselves. 

Fortunately, Some of the state authorities like Noida and Delhi have passed orders to ask landlords not to take rents for the next 2-3 months. The central government decided that the employees who were supposed to vacate their premises can retain their accommodation till the 31st of May.

However, the impact of these orders is on a case-to-case basis. Some of the landlords are ready to extend the term of the lease agreement. Some of the landlords agreed not to ask for rent for the next few months but will charge extra post-July, once the crisis is over. 

Clients will ask lawyers for their consultancy and advice regarding what can be the legal recourse of extending such rental agreements. Also, even the landlords will reach their legal advisors to ask them about their rights to get the payment of rent on time. 

During the lockdown crisis, extending the rental agreements or postponing the payments is one of the top priorities of tenants whether residential or commercial. It is the responsibility of the lawyers to get the two parties into a mutual agreement on such an extension of the legal agreements or drawing up fresh rental agreements.

Considering that in-person meetings are not possible during the lockdown situations, Lawyers shall make such new agreements and get these agreements signed electronically. There is also a significant role of the ‘Force Majeure clause’ which is there in the agreements from both the sides, the tenants and landlords. Thus, Clients may consult their lawyers on how such a clause can benefit them and so that they can extend their rental agreements. 

What if a Client tested Positive of COVID-19 attended a Gathering?

We all know that the novel coronavirus is highly contagious. This is the reason why government authorities, the World Health Organization and many other authorities are constantly releasing notifications to spread awareness amongst people about the importance of social distancing.

Unfortunately, we have some irresponsible people who don’t understand the importance of the quarantine rule and are even unaware of the laws which they may be violating. There have been instances of people attending social gatherings, skipping the screening tests and hiding their travel history too.

What if it is one of your regular clients who has been tested positive for the COVID-19 virus, and has recently attended a social gathering or in any way come into contact with a group of people? For this, the clients and their lawyers need to be aware of the existing laws, regarding the violation of rules related to quarantine or social-distancing, etc. 

As per the Indian Penal Code, 1860, there are three sections which explicitly talk about these laws. The first is of Section 271 which talks about the disobedience of the quarantine rule. According to Section 271, whoever knowingly disobeys the quarantine rule can be punished with imprisonment (maximum of 6 months), or a fine, or both. Also, the offence in this section is non-cognizable, bailable, non-compoundable and triable by any Magistrate.

Section 269 and Section 270 of the Indian Penal Code is applicable in case your client has failed to take necessary precautions and did an act which he knew or had reason to believe that it may spread the virus. 

In case, the act was negligent, then the client will be punished under Section 269, with imprisonment of a maximum of 6 months, or with a fine, or both. In case, the act was ‘malignant’ i.e. of evil nature (eg: spitting in a public place, coughing/sneezing without covering the mouth), then the client shall be punished under Section 270 of the Indian Penal Code, with imprisonment of maximum 2 years, or with a fine, or both. Also, both Section 269 and Section 270 are cognizable, bailable, non-compoundable and triable by any Magistrate.

Lawyers and clients must also take into consideration The Epidemic Diseases Act, 1897 where Section 3 mentions the penalty involved. According to Section 3, any person who disobeys the orders of the government passed under this Act will be punishable as per Section 188 of the Indian Penal Code.

      Rights an Employee would be Entitled to, Due to the Crisis

There are some regular clients of lawyers who are employees of some organisation or company. It is unquestionable that the COVID-19 crisis has affected the employment sector too. Since companies are shutting down their offices and moving towards a remote working system, there are many employees who are and who will lose their jobs. 

So it is advisable for legal professionals to acquaint themselves with the rights an employee is entitled to, which protects its interest. There are various laws one may refer to, such as The Epidemic Diseases Act, 1897, Indian Penal Code, 1860, Equal Remuneration Act, 1976, Payment of Gratuity Act,1972 and Employees’ State Insurance Act, 1948, etc. 

One of the important statutes is of  The Payment of Wages Act, 1936 which makes it necessary for the employers to provide remunerations to the employees, without any discrimination. The main question that comes in the mind of every employee is whether they will be paid their salary during the lockdown period or not?

Fortunately, the answer is Yes. The Central Government of India has issued a circular which states that if the workers are on leave and are not coming to the factory, due to the nationwide lockdown, then also they shall be deemed to be “on duty” and no consequential deduction in wages should be made for the period. 

Also, it is important to note that in case an employee is asked to come to the factory or office, and gets infected due to coronavirus, then a tortious claim may be filed by the employee against the employer.

Queries related to GST Filing

How can this Crisis affect Clients who run their Own Start-up?

The 21-day nationwide lockdown has impacted the startup ecosystem of the country too. There are more than 50,000 registered startups in India. The economic depression which we are currently facing and which might be faced by the global economy for the next few months (at least) is forcing the private market to cut down their investments and funding and retain the cash. 

However, not all startups are suffering. Tech-based startups are seeing this as an opportunity to enter the market and thrust themselves onto a whole new level. Video conferencing technology, online home delivery based startups are blooming and are hiring more and more people. 

Thus, clients will be approaching legal professionals to seek advice and consult them as to how they can survive through this crisis and for this, lawyers should consult financial experts and economists so as to properly guide their clients about their further moves. 

Conclusion

Thus, for every kind of query, lawyers need to consult with other experts from different sectors and provide their clients with adequate advice. It must be kept in mind that as lawyers and legal professionals it is our duty to make sure that our clients don’t face any kind of difficulties and don’t have to worry about their interests being protected. 

Once, the pandemic ends, the legal sector will surely have an increase in work. The reason behind this is the turmoil which has been created and is still continuing to develop in almost every sector. 

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[kpalegal]

International Perspective on Force Majeure in the Light of Covid-19

The recent COVID-19 Pandemic has brought the global supply chains to a great turmoil. The empty shelves in the supermarkets and the shortage of essential supplies are only the visible aspects of the disruption caused by the outbreak. The unseen aspects include shortage of raw material, stoppage of production across the globe and unfulfillment of contractual obligations.

There is a business have begun to witness legal trouble in relation to their existing contracts and agreements. The counterparties may seek to delay, avoid or terminate their contractual obligations based on the fact that COVID-19 either legitimately prevents them from performing their obligations or they seek it as a mere opportunity to extricate themselves from a bad deal.

There are many countries that are facing severe challenges in coping with their contractual obligations. These contractual obligations can be suspended or terminated by taking the defence of a “Force Majeure” event.

What is a Force Majeure Clause?

Force Majeure is a French word that implies a ‘superior force’. The courts have defined the term, as an event that can neither be anticipated nor controlled. ‘Force Majeure’ not only takes into consideration the act of nature, such as floods, earthquakes, etc, but also includes the act of people such as wars and riots. The terms “act of nature” or “act of god” can be often used interchangeably under a contract.

Depending upon the drafting of a contract, this clause may deal with a list of events, based on which parties can excuse themselves from performing certain contractual obligations either in whole or in part. This clause may provide an extension of time to the suppliers in order to fulfil their obligations or provide them a right to terminate the contract altogether. This clause acts as an exception to what would otherwise be treated as a breach of contract.

Chinese Law and its Reliance on Force Majeure

Due to the implementation of the city-wide lockdowns and the large-scale quarantines, China’s small and medium enterprises have been hit hard and these enterprises constitute 80% exports, generates 90% employment and accounts for 70% GDP.[1] It has become nearly impossible to perform the commercial contracts in China.

Legislative Recourse:

As per the People’s Republic of China (PRC) both the contract and civil law define ‘Force Majeure’ as the situations that are unforeseeable, unconquerable and unavoidable. These unforeseeable circumstances prevent the counterparties from fulfilling their contractual obligations, thereby absolving them from penalties.

As per a government linked entity, China Council for the Promotion of International Trade, China has issued 4,811 force majeure certificates as of 3rd March. They covered contracts worth 373.7 billion Chinese yuan ($53.79 billion), state media Xinhua reported. Such certificates are issued by the government to companies that apply for them.[2]

Cross-Border Contract:

Chinese businesses may encounter a problem when trying to claim “Force Majeure” in their cross-border contracts. This is so because majority of the contracts between Chinese and other Foreign Parties are governed by the English Law. As per English Law, parties are allowed to claim Force Majeure if the contracts and documents include the specific clauses for the same. This would then require the contracts to be re-examined and reviewed in order to either find methods to absolve themselves from liability or to re-negotiate the terms.

Italian Law and General Notion to Force Majeure

Italy has been seriously affected due to the pandemic, since February 2020. Most countries have banned the entry of individuals from Italy into their territory, the foreign investors have put their investments of Italian targets on hold until the emergency situation is dealt with and airlines have suspended their flights to and from Italy. There has been a drop in the demand for Italian goods from other countries and this is impacting the Italian economy and most local businesses.

Talking about the ongoing businesses, the existing contracts and business relationship are facing legal troubles. Article 1337 of the Italian Civil Code, requires the parties to “act in good faith during the negotiations and in the finalization of an agreement.”

If the party to an ongoing negotiation decides to terminate the same on the basis of an unexpected material adverse effect situation later stage of the negotiation and thereby, provides a justified reasoning, such withdrawal from a negotiation will be allowed.[3] In case the other party wants to claim compensation for the violation of Article 1337, then the party is requires to prove that the impact of the situation, let’s COVID-19, was not the one to materially impair the economies of transaction that were being negotiated upon.

There is no expressed general notion of Force Majeure that has been contemplated under the Italian Law. However, it is not unusual to find Force Majeure clauses in the commercial agreements that are to be performed in Italy. Whether the COVID-19 spread will fall within the scope of Force Majeure clause would depend majorly on the description of the relevant events contained in the clause.

There are the clauses such as Material Adverse Change/ Material Adverse Effect that can be invoked in cases of mergers and acquisitions or other financial agreements. There are other remedies or recourses that parties can resort to, for instance, Article 1218 of the Italian Civil Code, releases parties from any liability for the non-performance of their obligations, in case it proves that such non-performance is due to an event not imputable to the same.

Article 1256 of the Italian Civil Code provides for extinguishment from obligations if it becomes impossible for an event not imputable for obligator. Article 1463 deals with the termination of a contract and section 1464 deals with partial impossibility.

English Common law and Force Majeure

Both the US and UK have been affected by COVID-19 in an unprecedented manner. New York has turned out to be one of the most effected states in the US. The sales of UK businesses have been greatly affected. In a survey conducted in March, 81%of the businesses reported that this outbreak was one of the top three sources of uncertainty for their business. From these businesses, 51% companies stated that the disease was a top source of uncertainty, and for 30% it was the second or third largest source of uncertainty. [4]

English Common law does not deal with a general concept of Force Majeure, therefore, a party to be able to claim a relief for a force majeure event has to expressly state the instances that it wants the relief for in the contract itself. In the absence of expressed provisions, there is a limited scope for law to come to the aid of a party who was not able to fulfil its contractual obligations due to some unforeseeable circumstances.

Many contracts state a list of events that are deemed to be events of force majeure and are beyond the control of the parties. A specific reference to the word “pandemic” will make it a loteasierto bring a Force Majeure claim. In case such words are not specifically stated in the contract, it must be proved through arguments that an the non-fulfilment of obligation is due to the unforeseeable situation that cannot be prevented, and the parties have tried to fulfil the contract through alternate measures. Mostly, contracts include the clause for Force Majeure, but in case there is not a specific clause for the same, parties can seek the aid of the Doctrine of Frustration. 

Korea’s Perspective on Force Majeure

Typically, a domestic sales arrangement within Korea, may include the current situation of the novel coronavirus pandemic under the heading of ‘Force Majeure’. For a Force Majeure clause to be applied when considering the Korean perspective, the event of Force Majeure shall be beyond any reasonable control of the parties and by no means shall it be possible to predict or prevent the event from occurring. The parties must have resorted to assess the alternatives in order to be assured that the fulfilment of the contractual obligations is impossible even if it adopted other measures to do the same. The disruption in the supply or in the performance of the contract shall not merely be considered as a reason to be recognized as an event under the context of Force Majeure. 

Certain contracts may state that, if a Force Majeure clause is applied, the contract may automatically be terminated. On the other hand, some contracts may even state that the duty to fulfil the contractual obligation may be suspended for a certain period of time and if the Force Majeure event is not curbed or treated even after such time, then eventually the contract may terminate. Even in the absence of a Force Majeure clause, if the party seeking to reply on Force Majeure proves the fact that the party is not responsible for the nonfulfillment of the contractual obligation and the same was due an unforeseeable event, then the liability may be exempted.

In cases of international sales transactions which involves Korean parties, the potential issues under the Force Majeure situation can turn out to be complicated. This is because the governing law on which the contract depends may vary, based on the nature of the contract.

A certain jurisdiction’s law will directly apply to a contract only in cases where its ‘choice-of-law’ clause unambiguously indicates that the application of such private international law should be excluded, for example, “This agreement and any disputes arising there from shall be governed by the law of South Korea without regard to its conflict of laws rules.”[5]

Singapore’s Approach on the Force Majeure Clause

As per 1st February 2020, Singapore imposed various travel restrictions, thereby prohibiting new visitors of any nationality, who travelled to mainland China and also the visitors with Chinese passports, with the exception of Singapore permanent residents and long-term pass holders, from entering Singapore.[6]

On 7th February 2020, government of Singapore raised the DORSCON (Disease Outbreak Response System Condition, which is a colour-coded framework that shows the current disease situation) alert level, and it turned from DORSCON Yellow to DORSCON Orange. This indicated the nature of the disease that spreads easily from person to person.

Talking about the contractual obligations being dealt with in Singapore, the relevant transaction documents include the Force Majeure clause. However, this clause, does not include the events that cause inconvenience or price increase and include only the events that cause “disruption” “obstruction” or “prevention”. Whether or not COVID-19 will be treated as a Force Majeure event will depend upon the wordings of the clause. If the clause expressly states the words such as "epidemic", "global health emergency" or an event that "poses a risk to the health or safety of participants", then current COVID-19 outbreak could very likely fall within the scope of this clause. In case a Force Majeure clause is not included in the contract or if COVID-19 is not covered under the Clause, the approach usually lies on the Doctrine of Frustration, but since frustration of a contract is hard to prove, this approach is usually avoided.

Vietnam and Force Majeure Clause

As per Vietnamese law, an event of force majeure is defined as an event which cannot be objectively foreseen and cannot be remedied although all permissible and necessary measures have been applied[7]. An event would only be considered as force majeure if the event is objective and unforeseeable.

Further, under the Commercial Law, upon the occurrence of an event of force majeure, the party seeking the defense of Force Majeure, must immediately notify the other party in writing, regarding the event of force majeure and regarding the possible consequences of such event. In order to determine whether the coronavirus outbreak is an event of force majeure, as per the Vietnamese law, the above requirements must be fulfilled.

When considering the cross-border mergers and acquisitions, Clauses such as Material Adverse Effect must be considered. Though Vietnamese law does not provide any explicit regulations on "material adverse changes" but some similar regulations on the “performance of contract in the event of a basic change of circumstances" was introduced in the 2015 and is provided under Article 420 of the Civil Code. As per this Article, an affected party is allowed to re-negotiate contract terms with the other party within a specified timeline if there exists any change in the circumstances after the execution of the contract. If the parties cannot re-negotiate the contract terms, any party can request the court to either terminate the contract at a specific time; or to amend the contract to balance out the lawful rights/interests of the parties under the contract, in response to the basic change of circumstances.

Canadian Contracts and Force Majeure

The concept of Force Majeure has been recognized as per the Canadian jurisprudence and majorly all the contracts includes a provision for Force Majeure events. A party can seek the benefit of this clause in cases where unforeseeable circumstances might occur that make it impossible for the party to fulfil the obligations arising out of a contract. The procedure required is similar to that required by English Common Law.

India and the applicability of Force Majeure in COVID-19

There has been a grave impact of nationwide lockdown in India. The affect is such that apart from essential services like electricity, water supply, gas, financial services (banking),public administration and defence, all other sectors have been completely shut. The aviation sector and real-estate sector have suffered a greater loss during this Pandemic.[8]

Since the novel coronavirus has made it difficult for the parties to a contract to perform their obligations and has thereby disrupted the supply chain, the question to be interpreted is, whether the Covid-19 can be treated as a force majeure event in India. Setting out a broad criterion may help you treating this pandemic as a force majeure event:

In cases where your contractual definition of force majeure, specifically states the word “pandemic” or wherein the list of events of force majeure, words such as “pandemic”, “epidemic” or “quarantine” are mentioned, then such a clause may provide clarity to the fact that it renders the parties unable to perform their contractual obligations in such situations.

If the force majeure clause talks about such circumstances that are beyond the reasonable control of the parties, the same can be arguable to determine that the factual circumstances caused by the outbreak were beyond the reasonable control of the affected party.

Clauses like, price adjustment clauses, limitation or exclusion clauses or material adverse change clauses can be invoked by the counterparties, these clauses may limit or exclude the liability for the non-performance of contract. Companies may also consider ramification of non-performance clause/ liquidated damages clauses, according to which the amount of compensation for non-performance can be predetermined and agreed upon by the parties.

This being an analysis for the international perspective on Force Majeure in the light of Covid-19, has covered up the highly affected states by this pandemic and how their contractual obligations can be controlled with the help of a Force Majeure clause. However, it becomes difficult to solely lie on this clause when international supplies and mergers and acquisitions are dealt with. The major concern becomes the governing law, when dealing with such arrangement.

Originally posted on www.kpalegal.com on 10th April 2020