Moral Values free essay sample

Moral rights in Canadian copyright law are protected under the Copyright Act of Canada and include an authors right to attribution, integrity and association of a work. Moral rights are to be distinguished from economic rights; moral rights essentially being derived from the reflection of the author’s personality in his or her work, whereas economic rights grant an author the ability to benefit economically from their work. An author of a work retains moral rights for the length of the copyright, even if the copyright has been assigned or licensed to another party. b Amending our Terms of Use: Please comment on a proposed amendment regarding undisclosed paid editing. close Moral rights in Canadian copyright law From Wikipedia, the free encyclopedia Moral rights in Canadian copyright law are protected under the Copyright Act of Canada and include an authors right to attribution, integrity and association of a work. Moral rights are to be distinguished from economic rights; moral rights essentially being derived from the reflection of the author’s personality in his or her work, whereas economic rights grant an author the ability to benefit economically from their work. An author of a work retains moral rights for the length of the copyright, even if the copyright has been assigned or licensed to another party. Moral rights cannot be assigned or licensed, but can be waived by contract. [1] Contents 1 History 2 Statutory provisions 2. 1 S14. 1, S14. 2, S17. 1, and S17. 2 2. 2 S28. 1 and S28. 2 2. 3 S34(2) 2. 4 Berne Convention 3 Canadian case law 3. 1 Theberge v. Galerie dArt du Petit Champlain Inc. 3. 2 Snow v. the Eaton Centre Ltd. et al. 4 American moral rights 4. 1 Gilliam v. American Broadcasting Companies 5 Academic commentary 6 See also 7 References History Moral rights in Canada can be traced back to a 1915 amendment of the Criminal Code. The amendment created a criminal offence to change a copyrighted dramatic, operatic or musical work that was to be publicly performed for profit or to suppress its title or authorship without the author’s consent. [2] Canada also legislated moral rights into the Copyright Act in 1931, stemming from a revision of the Berne Convention for the Protection of Literary and Artistic Works in 1928. The provision was further clarified and expanded in 1988. In 2012, the Copyright Modernization Act added moral rights for aural and sound recorded performances. [3] Statutory provisions The relevant provisions of the Copyright Act that deal with moral rights are:[4] S14. 1, S14. 2, S17. 1, and S17. 2 Section 14. 1 defines moral rights as the authors right to the integrity of the work, the authors right to create the work under his or her own name, pseudonym or anonymously (known as the right of attribution). Section 14. 1 also lays out that moral rights can be waived in whole or in part, but cannot be transferred or waived using an assignment or license. Section 14. 2 states that moral rights last the length of the term of copyright and upon the authors death the rights do pass to those upon whom the work was bequeathed. [5] Section 17. 1 and 17. 2 provide the same rights and definitions as 14. 1 and 14. 2, but in relation to live aural performances and sound recordings. [6] S28. 1 and S28. 2 Section 28. 1 and Section 28. 2 lay out the definition of moral rights infringement. Infringement includes any act or omission that is contrary to the moral rights of the author in general. The integrity of the work is infringed if it is to the prejudice of the honour or reputation of the author; distorted, mutilated or otherwise modified; or used in association with a product, service, cause or institution (known as the right of association). It is not an infringement of the moral work to physically change the location of the work or to restore or preserve the work in good faith. [7] S34(2) Section 34(2) lays out the civil remedies for moral rights infringement and includes: all remedies by way of injunction, damages, accounts, delivery up and otherwise that are or may be conferred by law for the infringement of a right. [8] Berne Convention Article 6bis of the Berne Convention, to which Canada is a party, grants moral rights, which are codified similar to the Canadian Copyright Act above. There are rights to authorship, integrity of the work, the moral rights persist as long as the economic rights to copyright, and the rights can pass on to the after death of the author if the ratifying state permits. Remedies are also governed by the ratifying state. [9] Canadian case law There has been very little Canadian case law on the subject of moral rights and therefore many of the interpretations of the provisions in the act have yet to be determined. Two cases are discussed below. Theberge speaks to the difference between economic and moral rights, and Snow lays out a test to determine whether prejudice to the honour or reputation of the author has occurred. Theberge v. Galerie dArt du Petit Champlain Inc. Main article: Theberge v. Galerie dArt du Petit Champlain Inc. In Theberge, a 2002 decision of the Supreme Court of Canada, the plaintiff was an artist who sold paintings that were printed on poster paper. The defendant bought one of the posters and, using a specialized process, transferred the physical ink from the poster to a canvas. The main question in the case was whether there was copyright infringement. Justice Ian Binnie writing for the majority stated that there was a distinction between economic and moral rights: The economic rights are based on a conception of artistic and literary works essentially as articles of commerce. Whereas moral rights are derived from the civil law tradition: They treat the artists oeuvre as an extension of his or her personality, possessing a dignity which is deserving of protection. They focus on the artists right (which by s. 14. 1(2) is not assignable, though it may be waived) to protect throughout the duration of the economic rights (even where these have been assigned elsewhere) both the integrity of the work and his or her authorship of it (or anonymity, as the author wishes). Justice Binnie went on to say that moral rights are infringed if the work is modified to the prejudice of the honour or reputation of the author [s. 28. 2(1)]. The logical implication from this provision is that modifications to the work that do not prejudice the honour or reputation of the author are within the rights of the copyright owner. Binnie concluded that the plaintiff in this case was attempting to pass off an economic right as a moral right. That is, the plaintiff was attempting to prevent the defendants from accessing a different market (economic incentive) by arguing that they were infringing his moral rights. Therefore, the majority of the Supreme Court of Canada held in favour of the defendant. Justice Charles Gonthier in dissent held that the court not only needed to consider the infringement of moral rights but also the change in the medium of the painting [prohibited by section 3. (1)] and the change in the physical structure of the work [prohibited by section 28. 2(3)]. [10] Snow v. the Eaton Centre Ltd. et al. Main article: Snow v. The Eaton Centre Ltd. In Snow, a 1982 case at the Ontario High Court of Justice, the defendant had purchased a sculpture of 60 geese that they placed inside their shopping centre. During their Christmas celebration the defendant tried to attach ribbons to the necks of the geese. The plaintiff alleged that the addition of the ribbons modified his work in a manner prejudicial to his honour or reputation. Justice OBrien held that moral rights give the plaintiff greater rights than rights based on libel or slander and that moral rights are not unconstitutional. He also stated that prejudice is measured subjectively by the author and found for the plaintiff in this case: I believe the words prejudicial to his honour or reputation in s. 12(7) involve a certain subjective element or judgment on the part of the author so long as it is reasonably arrived at. [Note s. 12(7) refers to previous Copyright Act] Therefore the test for the subjective prejudice to the honour or reputation of the author is to be measured by the author, so long as it is reasonably arrived at. [11] American moral rights See also: Moral_rights#In_the_United_States Under American law, moral rights are not specifically recognized. However, as the following case illustrates moral rights can be upheld using economic principles. Gilliam v. American Broadcasting Companies Main article: Gilliam v. American Broadcasting In Gilliam, a 1976 decision of the U. S. Court of Appeals for the Second Circuit, the BBC had agreed to allow ABC to broadcast 6 Monty Python episodes. The only rights that the agreement spoke to with respect to editing were trivial changes such as time. ABC ended up editing a significant portion of the episodes, amounting to 24 minutes cut from the original 90 minutes. At trial, the injunction sought by the plaintiffs was denied, and they appealed. The Second Circuit Court of Appeal recognized that this was an issue of moral rights, which they defined as the right of the author to have their work attributed to them in the form that they created it. Nonetheless, American law does not explicitly recognize moral rights and favours economic rights over personal rights of the author. The court got around this by saying that: American copyright law cannot be reconciled with inability of artists to obtain relief for mutilation or misrepresentation of their work to public on which artists are financially dependent. Furthermore, other legal avenues such as misrepresentation in contract law or the tort of unfair competition can provide protection against mutilation. The court found that mutilation or misrepresentation is a valid cause of action under section 43(a) of the Lanham Act, a federal act pertaining to unfair competition. The court found that the editing done by ABC had misrepresented the work of the plaintiffs and therefore found for the plaintiffs. It is sufficient to violate Lanham Act, which has been invoked to prevent misrepresentations that may injure plaintiffs business or personal reputation even when no registered trademark is concerned, that a representation of a product, although technically true, creates a false impression of the products origin Plaintiffs, who alleged that editing done for television broadcast of programs based on their scripts mutilated original work, stated valid cause of action under the Lanham Act against television network for distortion of plaintiffs work caused by editing. Gilliam exemplifies that even if moral rights are not explicitly recognized they can be protected under different legal causes of action. [12] Academic commentary Academic commentary on moral rights differs. One perspective holds that moral rights allow an author to maintain and promote his or her creativity. [13] This stems out of a notion that an author is intimately tied with his or her work. Another perspective holds that allowing authors to protect their artwork may in fact damage artistic creation by preventing modification or in some case destruction of an artwork. [14] Which position is correct is unclear, however, it is a fact that there is only a small amount of case law concerning moral rights. Furthermore, the statutory language around moral rights is ambiguous, and it is conceivable that moral rights may come into contention with fair dealings provisions, in which case a balancing of an author’s moral rights and a user’s fair dealing rights is necessary.

Social Security Reform Essay Example

Social Security Reform Essay The Social Security reform is a central focal point of George Bush’s second term and an area that has raised a heated debate in today’s America. The system that operated more or less efficiently up to this point is now reported to be deadlocked in a demographic crisis. With more baby boomers retiring, the system may soon face a shortfall in funding for its current obligations. President Bush put forward a solution to forestall the crisis through introduction of privatized accounts. This paper will examine the proposed solution and explore its pros and cons.1. Is there a crisis in Social Security?The current Social Security system was created in 1935 under Theodore Roosevelt when social problems plaguing the nation in the time of the Great Depression necessitated the creation of a system that would provide benefits â€Å"to workers and their family members upon retirement, disability, or death† (Century Foundation). Since that time the amount of benefits to be rec eived by a person after death was always tied to the amount of payments to the system made by an individual lifetime over the course of one’s career. Now the system is the only method of providing comprehensive coverage to retired Americans. Taxes are contributed to the system by over 96% of working US citizens, going out in payment to over 47 million people who are supported by the Social Security payments. The significance of Social Security to American retirees is illustrated by the fact that â€Å"although the average monthly payment to those individuals is a modest $895, Social Security constitutes more than half of the incomes of almost two-thirds of retired Americans† (Century Foundation). Its impact has to be considered against the background of the fact that for one-sixth of the payment recipients, the Social Security payments are their only source of income.The Social Security system is designed in such a way that current workers pay for the benefits of curre nt retirees with 12.4% of their wages for those earning under $90,000 a year. So far the system â€Å"has been taking in more money than it has had to pay out since the 1980s† and â€Å"will continue to do so through 2017† (Sahadi 2005). In 2018, however, it will have to tap the Treasurys accumulated in the surplus years in order to continue to pay benefits in full, which it will be able to do until 2042. Then full payouts will no longer be possible as the collected revenue will not cover the liabilities. Instead, the funds will be available only to cover 73% of then existing obligations, in line with Social Security Trustees’ assessments. It is interesting to note that â€Å"in 1997, the Trustees predicted that the Trust Funds would run out in 2029† (Century Foundation). There are more optimistic projections for the state of Social Security offered by the Congressional Budget Office (CBO) in the report that pinpoints 2052 as the year in which Social Secu rity funds are likely to run out of the excess formerly accumulated in the form of Treasurys, after which tax revenue will cover approximately 80% of the existing obligations (Sahadi 2005). Although more optimistic, these projections also point to the need to reform Social Security.The crisis looming in the pay-as-you-go system is caused by several factors: the large number of people in the Baby Boomer generation about to retire, lower number of children in today’s families and the rising life expectancy. All of these factors are not expected to disappear soon. That is why most agree that actions on reforming the Social Security system are long overdue. By the way, the retirement of the Baby Boomer generation is no longer a new issue in the history of the US Social Security. In 1981, the Greenspan Commission created by President Ronald Reagan and chaired by Alan Greenspan worked on the proposals to strengthen Social Security in order to prevent the exhaustion of the funds. Th e commission delivered a proposal for reforms that were implemented in 1983 and took the amount of reserves in the fund to the current $1.5 trillion (Century Foundation). But for the reforms in 1983, the Social Security would be depleted much sooner than in 2042.2. Privatization of AccountsThe current plan to reform Social Security hinges on three proposals submitted by the Presidents Commission to Strengthen Social Security in 2002. The cornerstone of these proposals is switching to new private accounts that will divert some of the funds from current payments to Social Security and allow workers to invest a portion of their salaries in private accounts.   The privatization scheme permits employees to divert 4% of their taxable wages to these private accounts. This is roughly one-third of the payroll tax that constitutes 12.4%, and the â€Å"cap would be indexed to wage growth† (Sahadi 2005).Money in private accounts is available for investment in a few diversified portfoli os, but employees cannot put it in individual securities. In some way these accounts will be similar to Individual Retirement Accounts (IRAs). Since some portion of funds has been diverted from Social Security payments, the workers who had used the scheme will see their Social Security payouts reduced at the time of their retirements proportionately to how much they have redirected to private accounts.With all this done, the Social Security still has to fund current obligations. If workers begin to divert part of the funds into private accounts, the system will experience a shortfall much sooner. The presidential plan is to overcome this shortfall through a combination of benefit reduction, federal borrowing and tax hikes that will amount to between $2 trillion and $3 trillion (Anrig, Wasaw 2004). This means, however, that the reform will most likely be a burden on the shoulders of those who are now only entering the workforce or are far from retirement age.The proposal for private accounts has now materialized in the so-called GROW accounts that are a stripped-down version of the private accounts initially suggested by the Republican administration. The bill sponsored by Louisiana Republican Jim McCrery, who is also Ways and Means Social Security Subcommittee Chairman, was motivated by the staunch opposition by Democrats in Congress to the original plan that was considered too risky as it included stock investments. To counter this argument, the Republicans introduced the so-called GROW accounts that would allow workers to invest their funds in Treasury bonds, based on the full faith and credit of the U.S. government. In fact, with GROW accounts the workers would parallel the functioning of the Social Security trust fund that also invests in Treasurys now. With GROW accounts, â€Å"workers who sign up would own a share of these bonds and the interest payments that would accrue from them over their working years† (Lambro 2005).GROW accounts offer signif icantly less risk than the originally suggested private accounts. First, bonds carry in general less risk than stocks and therefore can be regarded as more dependable. Treasurys, in particular, are considered to be very safe investments that have won trust in the international financial community and make up a significant proportion of the reserves in many central banks. The fact that GROW accounts replicate the functioning of the Social Security trust fund itself, there is little reason to say that the risk will increase with the introduction of such accounts. Commentators approve of the accounts saying â€Å"that instead of having nothing but promises that they will get their future benefits, [retirees] would own secure, tangible assets no one could take away from them when they are ready to retire and which could be left to their heirs† (Lambro 2005). There is also less chance that money in these accounts will be diverted to the financing of different government projects a s it happens today, when the surplus in the Social Security trust fund is simply diverted into various programs the government has to sponsor. GROW accounts have a much better chance of winning support in Congress than the originally presented version of private retirement accounts.;;3. The Benefits of Privatization of AccountsProponents of the privatization claim that workers using private accounts will own their pension funds and will acquire a source of capital that will be more or less free from political will and whims of the ruling elite. So far, they claim, Americans making contributions to the system have no vested rights to subsequent payouts and merely act on a social contract â€Å"whereby the next generation implicitly promises to pay for the retirement of the previous generation† (Borden 1995). The ruling of the U.S. Supreme Court in Fleming v. Nestor (1960) denied workers any rights to their contributions or future benefits.Besides, private retirement accounts ( PRAs) will function much like current IRAs and enable their users to choose from a larger choice of investments. Hopefully, they will be able to rake in a better return than is brought now by the extra-conservative Social Security. This, too, opens the road to losing money due to more risk, since risk-return trade-off is an inherent in any financial system. The analysis of the General Accounting Office shows that for those born in 1930 the return on Social Security comprised 3%, and for those born in 1960 this return is 2% (Borden 1995). This is a level that will be easy for balanced portfolios to outperform given that the economy does not hit a downturn.The supporters of the proposal point to the successful experience of private pension accounts in Chile. The Chilean privatization plan was very cautious, with the requirement to place at least half of the assets in government securities and the guarantee of the minimal pension on the part of the government. Even such incomplete priv atization has generated considerable benefits, among which analysts cite â€Å"overall cost of labor, higher net wages, increased national savings, greater retirement system equitability, and a large infusion of capital into domestic financial markets† (Borden 1995). In addition, the average rate of return on the pension plan in Chile equaled 13% at the time when economy returned only 7%. The success of the Chilean experiment points to the possibility that private accounts prove successful in the US too.4. Objections to the Privatization PlanThe most important objection to the privatization of pension accounts is that it is a measure directed at benefits far removed in time and for today’s generation the problem of funding Social Security will get only worse. Indeed, if the portion of payroll taxes that now goes towards repayment of benefits for other retirees is diverted, the shortfall will be even larger. As stated above, the federal government expects to reduce bene fits and borrow funds, which raises little optimism in a country that is already running unprecedented budget deficits. Opponents of the reform insist that budget deficits will raise â€Å"the likelihood that national savings will decline-all of which could reduce long-term economic growth† (Anrig, Wasaw 2004).Thus, the presidential proposal does little to avert the crisis in Social Security. Instead, the implementation of the plan will only aggravate the crisis that as the need to pour funds both into the private accounts and formerly promised payments to current beneficiaries â€Å"requires drawing down the Trust Funds’ reserves much more rapidly, resulting in their depletion about twenty years sooner than they otherwise would be† (Century Foundation).Most objections are raised by the fact that individual welfare appears to be in jeopardy. There is no guarantee that people will make successful investments, and they van end in a financial deadlock because the e conomy hits a recession at the time of their retirement. In the stock-bullish past century, three times there have been 20-year spans when stock markets showed little growth or decline. An individual who gets into such a time span will be in trouble. On the contrary, Wall Street bankers stand to pocket sizeable amounts of money from the privatization when managing privatized accounts. The privatization will hit mostly today’s young who will bear the brunt of funding the costly transition, as well as women and minorities who usually have less wealth at the time of retirement which makes them more dependent on Social Security benefits (Anrig, Wasaw 2004). Now, as mentioned above, the amount of funds accumulated by the worker over the lifetime is the sole factor in defining the amount of payouts, while implementation of the President’s plan will make this amount dependent place on the performance of the investments in the retiree’s portfolio over the course of oneà ¢â‚¬â„¢s career.The presidential team has been charged with the attempt to dismantle Social Security as a system and to change the very ideology of the state from the social protection to the â€Å"ownership society† in which the poor will be left on the sidelines. The idea that the state will offer support for those citizens unable to provide for themselves in their old age is still valid, although it may be regarded with suspicion by neo-conservatives. The Social Security debate then turns into the debate about the core values of the American society.Another, more practical objection has to do with the need to create new government apparatus that would engage in monitoring the workers’ private accounts. The new accounts that would parallel current trust fund accounts would require almost the same amount of administrative work as the current system, doubling the bureaucracy. Greg Anrig (2004) points out that â€Å"many workers accounts would be so small that they wou ld be of no interest to profit-making firms†, considering that an average US employee earns about $25,000 in taxable earnings. The two percent that have to be diverted into the accounts have to amount to about $500 annually. The administrative costs can consume whatever benefits are to be reaped from investment in higher-yielding stock markets, much like administrative costs eat up returns of actively-managed mutual funds.5. Are There Other Options on Social Security Reform?Bush’s plan for account privatization is not the only possible solution. There are at least four other discernible options, including:1)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A drop in benefits available to retirees of the next generations. These are certainly unpopular measures, but â€Å"the president is said to be considering a change in the formula used to calculate starting benefits† (Sahadi 2005).2)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As the current payroll taxes may not be enough to cover the existing obligations, these taxes can be raised. Alternatively, the government can raise the cap on the taxed income. This, too, will hardly generate enthusiasm as it will mean that current generations of Americans will have to pay more than their predecessors while counting on approximately the same amount of benefits.3)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Use a portion of the general revenue to pay for the shortfall in Social Security. This solution is going to affect the whole population as general revenue is not unlimited and has already been overstretched to pay for the current programs. Various federal programs will have to take a cut in funding if allocations are redirected towards Social Security instead of these programs. Instead, deficits can be raised, but this is going to be a grave problem since the US already has huge budget deficits.4)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Finally, the government can consider raising the retirement age from the current 65. This seems to be the most viable solution. As life expectancy grows, Americans would enjoy approximately the same number of years of leisure, if retirement age is raised proportionately to the increase in expected longevity. This would offset the effects of population aging by offering people to stay longer in the workforce. Those who do not wish to work until a new limit, can choose to save money that will last them, for instance, from 65 to the new retirement age when they can start receiving benefits from Social Security. Alternatively, the government can allow withdrawal from IRAs at the same age – 65, while pushing Social Security benefits till an older age.6. Proposals on Reforming Social SecurityIn my view, a reform of the system is long overdue, and the sooner the changes are implemented, the better for the economy that will have to suffer a lot more if the administ ration chooses to wait. The privatization proposal may be a good option if the accounts are well-structured, but it does not solve the main problem – depletion of the Social Security trust fund and in fact will precipitate such depletion. Under these conditions, the privatization of accounts will have to be combined with some other measures.In my opinion, this measure would be the rise in retirement age. Rise in the retirement age, as mentioned above, would offset the increase in life expectancy and reflect the demographic changes that happen in society. As aging is one of the main causes of the crisis in Social Security, a rise in the retirement age would provide a fair solution to the problem, affecting all prospective retirees born after a certain year. Establishment of this cutoff (for instance, application of this later retirement to everybody under 30 now) would allow solving the problem of funding obligation in 2042. The number of retirees would not rise so drastically , but the number of people who will be paying for them would increase. The burden of payment would then be spread out over a vast mass of people which would make funding less of a problem.The government can also increase the requirements for companies that are currently obliged to provide pensions for their employees. Today, the guarantee extended by the Pension Benefit Guaranty Corporation to corporations, urges them to underfund their pension obligations, which in turn may generate a crisis. If a large number of companies go bankrupt, the P.B.G.C. will be forced to back them all according to its obligations. For this reason, making the rules for corporate financing more stringent would add to the probability that companies can take care of their former employees.In my view, workers should be allowed to choose between private accounts and former Social Security system. If they accept the risks associated with private investments, they have to brace themselves for the risks that are inevitably present in these investments. Otherwise, they will have to reckon with lower payments that today’s retirees can count on. This will provide an incentive for employees to opt for the private accounts, simultaneously making the process of retirement provision more democratic, giving employees some choice between options.ConclusionThe Social Security reform has been a highly controversial issue. On the one hand, most recognize that the continuation of the current pay-as-you-go system is impossible due to demographic causes. On the other hand, the proposal to reform the system through account privatization is not welcomed by everybody. Some see the proposed change as a way to once again deprive the less wealthy at the expense of rich bankers, while others envisage in the reform salvation from the looming shortfall in Social Security. If President Bush’s scheme is adopted, the few next decades will show how successful the idea will be. The strong opposition enco untered by this plan in Congress shows that private accounts will most likely be adopted in the abridged form, most probably as the currently proposed GROW accounts. As the proposal involves measures that will affect the solvency of the Social Security trust fund, they need to be combined with the measures that will raise the amount of future contributions, such as increase in payroll tax or rise in the retirement age.Works CitedAnrig, Greg Jr., and Bernard Wasow. â€Å"Twelve Reasons Why Privatizing Social Security is a Bad Idea.† Social Security Network, the Century Foundation, December 14, 2004. 14 December 2005 http://www.socsec.org/publications.asp?pubid=503.Borden, Karl. â€Å"Dismantling the Pyramid: The How Why of Privatizing Social Security.† Social Security Privatization (CATO Institute) 1 (August 14, 1995). 14 December 2005 http://www.cato.org/pubs/ssps/ssp1.html.Century Foundation. The Basics: Social Security Reform (Revised for 2005). 1 February 2005. 14 December 2005 http://www.socsec.org/publications.asp?pubid=509.Lambro, Donald. â€Å"Grow accounts beckon†. The Washington Times 22 August 2005. 14 December 2005 http://washingtontimes.com/commentary/20050821-103903-5706r.htm.Sahadi, Jeanne. â€Å"Social Security reform: A guide†.   CNN/Money January 8, 2005. 14 December 2005 http://money.cnn.com/2004/12/06/retirement/social_security/.

or Off

Management –Outsourcing and/or Off Introduction In the recent years, various organizations have adopted outsourcing and/or off shoring as part of their long-term strategic management practices in their supply chain management. Tambe and Hitt (2010) define outsourcing as the process of contracting work to a third party. On the other hand, off shoring entails seeking provision of services from a foreign country.Advertising We will write a custom essay sample on Management –Outsourcing and/or Off-shoring specifically for you for only $16.05 $11/page Learn More With the drastic revolution in technology advancement in the 21st Century, the IT industry has become one of the sectors in which outsourcing is prevalent (Michela Carlotta 2011). Firms in the IT industry are increasingly turning to outsourcing of function and processes by establishing a network of contracts with renowned outsourcers. As a result, the outsourcers exclusively adopt the role of supplying the necessary services or pro ducts. Some of the reasons that have motivated firms to adopt outsourcing include an increase in the intensity of competition and the emergence of a dynamic business environment. Furthermore, the need to deliver a high level of customers’ satisfaction coupled with the need to attain a high level of profitability has also enhanced incorporation of outsourcing amongst organizations. Considering the fact that organizations have to operate under these organizations, the need for a high level of adaptability, flexibility, and capability has increased significantly (Wee, Peng Wee 2010, p. 2081). The concept of outsourcing and off shoring has been in existence in firms’ supply chain-management practices for a number of decades now (Gupta, Seshasai, Mukherji, Ganguly 2006). However, its relevance in the IT industry has increased significantly over the recent past probably at the start of the 21st Century. Firms can accrue a number of benefits through incorporation of outsour cing and or off shoring. Some of the major benefits relate to cost reduction, improved operational flexibility, accessing new technology, and capacity to offer high quality products and services. However, a number of risks factors are associated with outsourcing and off-shoring (Herath Kishore 2007).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This aspect accentuates the importance of firms conducting cost-benefit analysis prior to incorporating outsourcing and or off shoring in their supply chain management practices. The cost-benefit analysis will aid in determining whether the benefits are more than the costs and hence its feasibility. This paper intends to analyze whether the advantages of outsourcing outweigh the disadvantages. Analysis Advantages of off shoring and or outsourcing Creating and protecting firms’ competitive advantage According to Tho (2012), outsou rcing enables organizations to transfer non-core activities to the provider of the services. The supplier of the services in turn assumes the responsibility of delivering the non-core service, which provides an opportunity for the firm to focus on developing its core competencies. Through outsourcing, firms are in a position to nurture areas that are vital for their success. Ultimately, the firm can create and protect its competitive advantage effectively. Through effective implementation of outsourcing, a firm can implement effective human resource development, which emanates from the fact that the firm can acquire new ideas on how to develop its human capital. There are numerous benefits associated with nurturing core competencies. Some of these benefits relate to providing the firm an opportunity to improve its market share. Additionally, the perceived customer benefits with regard to the final product improve significantly. This aspect makes it difficult for competitors to imita te the firm’s product or service. Development of core competency also contributes towards the attainment of advantages associated with economies of scale. One of the main sources of competitive advantage with regard to economies of scale relates to specialization. Through outsourcing, organizations can accrue the benefits associated with the specialized skills of the outsourced vendor.Advertising We will write a custom essay sample on Management –Outsourcing and/or Off-shoring specifically for you for only $16.05 $11/page Learn More According to Schniederjans, Scherniederjans, and Schniederjans (2005), outsourcing and outsourcing enables organizations to attain their profit maximization objective. This aspect emanates from the fact that the firm can outsource some of its business activities from low cost providers and ultimately the firm is in a position to cater for the cost of operation. Due to profit maximization, firms are in a position to streamline their cash flows. Profit maximization is one of the major factors that can contribute towards development of competitive advantage amongst firms for a firm is in a position to cater for its cost of its operation. Freeing up company resources Outsourcing provides organizations with an opportunity to concentrate on aspects that contribute to a high level of competitive advantage. This element increases the effectiveness and efficiency with which an organization allocates its resources. For example, through outsourcing firms save on the cost of investing in certain technologies necessary for the firm’s operations. Information Technology is one of the main areas that firms are increasingly outsourcing. Focusing in such an area safeguards the firm against the cost of implementing costly IT technologies. Tadelis (2007) asserts that outsourcing enables organizations’ to free some of its resources. By outsourcing and or off shoring some of the activities, organizat ions are left with some resources such assets that can be converted into real cash. The freed resources can be used to undertake other tasks and activities. For example, the firm can invest the money saved through outsourcing in other more lucrative avenues. The ultimate effect is an improvement in the firm’s profit maximization objective. One of the cost elements that organizations can eliminate relates to cost of labour.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Schniederjans, Scherniederjans, and Schniederjans (2005), human resources constitute the largest proportion of firms’ cost of operation. Through outsourcing and or off shoring, an organization can eliminate a significant proportion of labour cost. Before implementing the outsourcing decision, it is imperative for organizations to ensure that they undertake a comparative analysis between outsourcing and undertaking the task itself. The comparative analysis should aid in determining the cost differences. Additionally, outsourcing enables firms to eliminate other operational costs associated with in of such information may relate to product designs and formulas, which presents a confidentiality risk to such an organization. According to Weerakkody and Irani (2010), loss of confidential information may adversely affect the firm’s competitiveness. Prior to implementing the outsourcing decision, it is paramount for the firm being contracted to review the contrac t to determine whether its data is adequately protected. Additionally, the contracting party should also ensure that a penalty clause is incorporated in the event of such an incident occurring. The high rate of technological innovation especially with regard to Information Communication Technology (ICT) presents a major challenge to most organization. Security is one of the major issues being associated with outsourcing and off shoring. To prevent loss of confidential data and information, it is also necessary for the contracting firm to ensure that its computer security system is configured effectively. This element will safeguard the firm against cases of infiltrated by the outsourced firm. The contracting firm should also restrict access of its computer system. Additionally, a background check on the outsourced firm should also be conducted to determine the credibility of the outsourcing firm. Perception of outsourcing and off shoring Outsourcing and off shoring may adversely aff ect employees and customers. One of the issues that are likely to be greatly impacted relates to loyalty. Announcement of outsourcing some functions may result in generation of negative perception regarding the employer by the employees, which may culminate in the employees losing focus hence decline the employees’ productivity. According to Elmuti, Grunewald, and Abebe (2007), outsourcing may culminate in organization downsizing some of its operations. This move may lead to some employees losing their jobs, which may adversely affect the employees’ level of loyalty to the organization due to increased job insecurity. According to Rawdan (2008), â€Å"production and other performance metrics fall in the wake of the announcement† (p.16). Elmuti, Grunewald, and Abebe (2007) further assert that increased outsourcing culminates in employees developing a perception that they are insignificant. Findings of previous studies conducted reveal that the rate of employee tu rnover is high amongst unsatisfied employees compared to satisfied employees upon implementation of outsourcing (Elmuti, Grunewald Abebe 2007). On the other hand, customers may react negatively. Some customers may have adverse perception regarding some activities being outsourced from some locations. For example, customers in the United States have developed a negative perception regarding the local firms outsourcing services from certain foreign locations. On the other hand, customers may not be willing to pay high prices for products and services in order to enable firms to attain a high level of profitability through off shoring. Conclusion The above analysis has illustrated that outsourcing is one of the aspects that organization are increasingly focusing in their strategic supply chain management practices. The IT industry is one of the economic sectors within which outsourcing is increasingly being undertaken. One of the factors that have led to an increment in the relevance of outsourcing amongst organizations relate to the changing nature of the business environment. Additionally, the increment in the intensity of competition within the business environment has also stimulated the growth of outsourcing. The evaluation conducted reveals that there are a number of advantages and disadvantages associated with outsourcing. One of the major advantages is associated with development in firms’ ability to create and protect their competitive advantage. Outsourcing enables firms to create their competitive advantage by focusing on their core competencies. By transferring some of the business activities and responsibilities to the outsourced vendor, the firm can focus and nurture its core competencies. Additionally, firms also derive competitive advantage from outsourcing by developing economies of scale. For example, the firm is in a position to reduce the cost of operation. Outsourcing provides firms with an opportunity to free up some of its resources . The freed up resources can be utilized in other avenues. For example, the firms may decide to invest such an amount in other economic avenues hence increasing the chances of achieving their profit maximization goal. Additionally, outsourcing provides firms with an opportunity to nurture their level of operational expertise. This aspect emanates from the fact that the two parties can share their expertise, which culminates in development of the firm’s competitive advantage. Risk sharing is also another major advantages associated with outsourcing. The risk sharing characteristic emanates from the fact that the outsourcing firm transfers a proportion of its business activities to the outsource dealer. Despite the aforementioned merits, there are a number of demerits associated with outsourcing. Loss of managerial control is one of the major disadvantages associated with outsourcing. The outsourcing firm may not have the capacity to control the activities of the outsourced ven dor, which means that the firm might not attain the desired results. Outsourcing may result in the quality of the product being compromised. This aspect might occur due to poor contract enforcement, which limits quality guarantee. Outsourcing also culminates in decline in the level of innovativeness and skills development amongst the employees, which arises from the fact that the employees are not challenged to undertake some of the business activities that might stimulate innovativeness and skills development. Exposure to security threats and loss of confidentiality also constitutes another disadvantage of outsourcing. This arises from the fact that the firm might be required to disclose and share some information that might compromise its competitive advantage. Increased reliance on outsourcing may lead to a decline in the level of customer and employee loyalty. Employee loyalty may be affected adversely due to increased job insecurity. On the other hand, some customers might hold negative reservations with regard to outsourcing or off shoring from certain locations. In spite of this aspect, the advantages of outsourcing outweigh the disadvantages for the advantages of outsourcing contribute towards the long-term survival of firms. On the other hand, the involved parties can address the disadvantages of outsourcing adequately through the incorporation of appropriate strategies. Reference List Bradshaw, P Hayday, B 2007, ‘Non-profit governance models: problems and prospects’, The Innovation Journal, vol.12 no.3, pp. 1-22. Dhar, S Balakrishnan, B 2006, ‘Risks, benefits, and challenges in global IT outsourcing; perspectives and practices’, Journal of Global Information Management, vol.14 no.3, pp. 1-32. Elmuti, D, Grunewald, J Abebe, D 2007, ‘Consequences of outsourcing strategies on employee quality of work life, attitudes and performance’, Journal of Business Strategies, vol.3 no.3, pp. 1-28. Gupta, A, Seshasai, S, Mu kherji, S Ganguly, A 2006, Off shoring: The transition from economic drivers towards strategic global partnership and 24 hour knowledge factory, Pace University, Bangalore. Herath, T Kishore, R 2007, ‘Offshore outsourcing: risks, challenges and potential solutions’, Journal of Information Systems Management, vol.26 no.4, pp. 312-326. Isaca, J 2006, The risk of IT practitioner guide, Rolling Meadows, Illinois. Lu, Y, Ng, T Tao, Z 2012, ‘Outsourcing, product quality and contract enforcement’, Journal of Economics and Management Strategy, vol.21 no.1, pp. 1-30. Michela, P Carlotta, M 2011, ‘Outsourcing strategies: How to formalize and negotiate the outsourcing contract’, Annals of the University of Oradea, Economic Science Series, vol.20 no.1, pp. 274-77. Rawdan, M 2008, An empirical investigation of the link between transaction cost and governance structures of off shoring, ProQuest, New York. Sako, M 2005, Outsourcing and off shoring: Key tr ends and issues, Oxford University Press, Oxford. Schniederjans, M, Schniederjans, A Schniederjans, D 2005, Outsourcing and in sourcing in an international context, M.E Sharpe, Armonk. Tadelis, S 2007, ‘The innovative organization; creating value through outsourcing’, California Management Review, vol.50 no.1, pp. 261-279. Tambe, P Hitt, L 2010, ‘How off shoring affects IT workers’, Communication of The ACM, vol. 53 no.10, pp. 62-72. Tho, I 2012, Managing the risks of IT outsourcing, Routledge, New Jersey. Wee, H, Peng, S Wee, P 2010, ‘Modelling of outsourcing decisions in global supply chains: An empirical study on supplier management performance with different outsourcing strategies, ‘International Journal of Production Research, vol.48 no.7, pp. 2081-2094. Weerakkody, V Irani, Z 2010, ‘A value and risk analysis of offshore outsourcing business models; an exploratory study’, International Journal of Production Research, vol. 4 8 no.2, pp. 613-634.

Heat of Formation Worked Example Problem

Heat of Formation Worked Example Problem Heat of formation is the enthalpy change that occurs when a pure substance forms from its elements under conditions of constant pressure. These are worked example problems calculating the heat of formation. Review The symbol for the standard heat of formation (also known as the standard enthalpy of formation) is ΔHf or ΔHf ° where: Δ indicates a change H indicates enthalpy, which is only measured as a change, not as an instantaneous value  ° indicates a thermal energy (heat or temperature) f means formed or that a compound is being formed from its component elements You may wish to review the Laws of Thermochemistry and endothermic and exothermic reactions before you begin. Tables are available for heats of formation of common compounds and ions in aqueous solution. Remember, heat of formation will tell you whether heat was absorbed or released and the quantity of heat. Problem 1 Calculate ΔH for the following reaction: 8 Al(s) 3 Fe3O4(s) → 4 Al2O3(s) 9 Fe(s) Solution ΔH for a reaction is equal to the sum of the heats of formation of the product compounds minus the sum of the heats of formation of the reactant compounds: ΔH ÃŽ £ ΔHf products - ÃŽ £ ΔHf reactants Omitting terms for the elements, the equation becomes: ΔH 4 ΔHf Al2O3(s) - 3 ΔHf Fe3O4(s) The values for ΔHf may be found in the Heats of Formation of Compounds table. Plugging in these numbers: ΔH 4(-1669.8 kJ) - 3(-1120.9 kJ) ΔH -3316.5 kJ Answer ΔH -3316.5 kJ Problem 2 Calculate ΔH for the ionization of hydrogen bromide: HBr(g) → H(aq) Br-(aq) Solution ΔH for a reaction is equal to the sum of the heats of formation of the product compounds minus the sum of the heats of formation of the reactant compounds: ΔH ÃŽ £ ΔHf  products - ÃŽ £ ΔHf  reactants Remember, the heat of formation of H  is zero. The equation becomes: ΔH ΔHf  Br-(aq) - ΔHf  HBr(g) The values for ΔHf  may be found in the Heats of Formation of Compounds of Ions  table. Plugging in these numbers: ΔH -120.9 kJ - (-36.2 kJ) ΔH -120.9 kJ 36.2 kJ ΔH -84.7 kJ Answer ΔH -84.7 kJ

McMartin Preschool Trial Essay Example | Topics and Well Written Essays - 500 words

McMartin Preschool Trial - Essay Example The discretion in the picture apart from the sexual abuse allegation by the victims, they also claimed to have witnessed flying, travelled in hot-air-balloon, some other claims by the victims were that they went through an underground tunnel. The most hilarious claim by the victim was that actor Chuck Norris abused him. After seriously investigating the theories given by the children, there was no substantial evidence to back such allegation. A conflicting goal in this case is cited when a witness who had earlier before the court case admitted to be mentally unstable, the victim is assessed through the prosecutor and the result of his mental status is ruled to have been caused by the events of the trial. He goes ahead in alleging that Raymond Bucker was sexually assaulting schoolchildren and was capable of flying. Politics play a role in this case when the initial prosecutor Mr. Glenn Stevens uses his position to influence the court case by forming the victim’s statement, the parents and teachers play a role in formulating their children’s statement during the interview. The defense team together questioned the reliability of such an act could happen to multiple student secretly without nobody having an hint of what is going on for such a long period of time. The presence of the media at the courtroom as they try to capture every single detail about the sex scandal that hit the pre-school also made the situation to be such a huge scandal. The prosecutor denied the defense attorneys team some very vital investigative information that could help the aid their evidence. The defense attorneys changed the public’s opinion by arguing that a major crime caused was by the media to give an opinion poll concerning Buckey since he deserved a fair trial at the courts of law. The other issue was the successful removal of a judge through a court motion. This made the public have another view on the case. The prosecutor, press

Factors Affecting Customer-Centric Website Design Essay

Factors Affecting Customer-Centric Website Design - Essay Example The paper concludes that website designers must exploit Cloud technologies and use teams that are multicultural and gender sensitive when designing their websites if they truly want to make their customers the centre of their work. Introduction The infrastructure known as the Internet has been at the heart of globalisation, flattening the world, and causing disruptive change in business bringing about new models and new products and services. At its core the web browser has been the most visible interface for consumers and businesses to enjoy these changes brought about by the Internet. With increasing use and time spent on the internet, and with the accompanying information overload, businesses are seeking to capture differentiate themselves through website designs that attract and engage customers. It is within this context that web designers are being tasked to come up with customer-centred websites. Customer-centric web design aims at creating a website that is intended to meet t he specific needs of customers as opposed to all web visitors. When considering customer-centred design, Schneider (2011) recommends focusing on the customer buying process. Garrett (2003) suggested that there are six key areas that the web designer will need to focus on to enhance the users’ experience: visual design, information architecture, information design, navigation design, interaction design, and content. Given the highly fluid nature of the internet and its associated technologies, web designers are finding it difficult to design the much desired customer-centric websites. In the next section, the paper begins by trying to understand why customer-centric web design is so important for any individual or organisation that is putting up or has a website. After that the paper discusses three factors that make achieving customer-centric web design difficult. First it discusses the effect of culture and gender, then the impact of the emergence of the mobile web and f inally the rise of prosumerism. The paper then concludes with suggestions on possible techniques that web designers could use to tackle the challenge posed by these three factors. Literature Review Importance of Customer-Centric Web Designs Naturally, one would ask why is achieving customer-centric web designs so important to warrant its discussion? Porter (2001) argued that the internet weakened industry profitability by influencing the five forces that underlie industry structure. The Internet reduced switching costs and shifted bargaining power to end consumers. The web essentially changed the dynamics of the relationship between organisations and their customers. The customer is now more empowered and more in control of the relationship than ever before (Perfetti, 2006). The web has not only made it easier for customers to find alternatives but it has also lowered the costs they incur either in searching for alternatives or moving to them. Customers only care about that whic h is important to them. This means that if they cannot find the products, services or information that brought them to a particular website, they will simply go elsewhere. To prevent customers from going elsewhere makes it necessary for organizations to design their websites with the customer as the core focus. Also, it has been found that there is a big distinction between the numbers of people who visit a website and those

Letters of Credit Essay Example for Free

Letters of Credit Essay The use of the letter of credit in international trade has for a long time been an easy way of carrying out business operations without really having to use the credit of the applicant’s bank. Letters of credit usually take the place of a bank’s credit and enhances the speed of transactions when used properly.[1] Usually, the letter of credit serves to give an importer of goods as well as the exporter a chance to go a head with their business transactions even when there is no real liquid money available to either party. Letters of credit, however, present very many challenges to both the exporter and the issuing bank because they are usually documents that cannot be revoked under certain circumstances and so exposes some players to a lot of risk. A key concern has been the nature of the conditions that ought to be met before such documents can be honored by the exporter’s bank which usually has to rely on information from the importer’s bank.[2] It is on the basis of the intricate issues that surround the letter of credit and its use that this paper seeks to critically discuss it especially when used in the context of international trade. Of particular interest, though, is a discussion of the undue exposure to losses and other risks on the issuer of the letter of credit, particularly in instances when the applicant or beneficiary of the letter of credit does not duly perform one’s obligations or wrongfully obtains payment. The Working of a Letter of Credit From a business point of view, it is usually very important for an importer of goods and who holds an account with a local bank to seek for the financing of the bank for goods that are to be sourced from another country.[3] The reasons this is appropriate range from an ability to facilitate the business transactions and ensure a faster and timely transfer of the goods from the exporter’s location to that of the importer, and to reduce the costs that could be incurred in having to use other means of payment to pay for goods in another country – means of which are not always available. Therefore, from the business point of view, a letter of credit serves to enhance the general business transactions involving international trade. Where the challenge comes in is that point when it is never drawn or requested unless there is some form of credit that needs to be transferred. Actually, the letter of credit is used as an exchange of the credit of the bank and that of the buyer. Here, issues of compliance with the terms and conditions of the letter of credit poses many challenges and risks to the issuing bank as well as the advising bank which literally transfers the credit to the exporter’s account. This results because of the manner in which the transactions are conducted. First, an importer in the United Kingdom orders for coffee beans from a farmer in Brazil. The farmer insists that the coffee beans can only be exported or ferried on condition that the payment for them is paid within forty days from the time the transaction is entered into. The UK importer cannot get to Brazil to make the payments but there is a way that the exporter’s bank can communicate with the importer so that the credit can be transferred. However, the buyer does not want any undue risks so he does not offer cash to his bank but asks for a letter of credit to be drafted with the Brazilian coffee exporter as the beneficiary. The UK bank makes an arrangement with this importer and because he satisfies the conditions required, the bank drafts a letter of credits and transfers it to the beneficiary’s bank in Brazil. That advising bank then verifies the details of and terms of the letter of credit and duly pays the exporter. Once this is done, it is all to the exporter to ship the coffee beans to the UK. Only then can the advising bank (the exporter’s bank) be able to seek for the payment for the goods in accordance with the terms and conditions of the letter of credit. As can be clearly seen, there are so many processes involved and it all boils down to four main players who are bound to lose or benefit. There are the bank of the exporter, the bank of the importer, the exporter and the importer. Commercial Letter of Credit and Standby Letter of Credit It is always important to draw a distinction between two types of letters of credit commonly used in international trade and to ascertain the roles each plays towards enhancing payments for imports by a customer.[4] The commercial letter of credit is the most widely used and its use is restricted to the actual exchange of credit on behalf of the customer of a bank. It is the commercial letter of credit that will be needed by the advising bank or the exporter’s bank in order to effect payments. However, owing to the risks to the issuing bank regarding defaulting on the part of the importer who is also its customer, the issuing bank usually drafts and issues another letter of credit for the purposes of proving the credit worthiness of the importer. This particular letter of credit, therefore, serves the function of guaranteeing the advising bank and the exporter that the importer will actually pay for the goods. This reduces the risks inherent in international trade.[5] Based on this fact, it can be fairly argued that an issuer of the commercial letter of credit will be protected significantly in the event of failure by the beneficiary to adhere to the terms and conditions of the letter of credit. To a significant level, having the standby letter of credit protects the issuer because it cannot be allowed to pursue the property of the importer and recover the money; or it can fail to pass the money to the advising bank. In accordance to the UCP provisions, the banks are protected only mildly when it comes to failure by trader to honor their part of the contract regarding payments to be submitted. For instance, the UCP never really form part of the official international trade rules and are only applicable when the parties to the trade deal believe it is right for them. The absence of a clear law, therefore, that emphatically seeks to help issuers of letters of credit means that they are exposed to many risks. The law in this country regarding international trade in general and letters of credit in particular tend to offer protection to consumers more than the issuer of the letters of credit. It is almost always believed that banks have the right and the capacity to set up their own terms and conditions which they believe are sufficient enough to protect them from any acts of fraud by traders; and as such not a lot of protection is offered them under the law. International trade law will also protect the local bank and not the foreign bank, meaning that in the event the local bank, which is the issuer of the letter of credit, has already passed on the money to the advising bank, then there is little that can be done to recover the money especially in cases where the trader fails to honor the obligations to pay the bank due to bankruptcy or any other reason. This is because the law on bankruptcy protects the importer from the actions of banks that can lead to further legal battles. If such an importer files for bankruptcy during the period when the goods are yet to be delivered to him, then there is nothing the bank can do to recover its money.[6] A person declared bankrupt is protected from his debtors until at such a time when the bankruptcy can be lifted. This clearly renders the issuer of the letter of credit to such a trader incapable of recovering its owed monies. [1] Campbell, Dennis. REMEDIES FOR INTERNATIONAL SELLERS OF GOODS [2008] Volume II. Lulu.com, 2008 [2] Edwards, George. Foreign Commercial Credits; A Study in the Financing of Foreign Trade. General Books LLC, 2009 [3] Great Britain. Law Commission. Company security interests: a consultative report. Routledge, 2005 [4] Credit research Foundation. â€Å"Understanding and Using Letters of Credit, Part I† (1999). Retrieved 08/16/2010 from: http://www.crfonline.org/orc/cro/cro-9-1.html [5] Warner, Susan. The Letter of Credit. Kessinger Publishing, 2007 [6] LLL. â€Å"U.C.C. ARTICLE 5 LETTERS OF CREDIT .† (2005). http://www.law.cornell.edu/ucc/5/article5.htm