International banking and finance law Assignment - 1

International banking and finance law - Assignment Example The banks come to form under the aegis of one lead bank to make up the necessary availability of funds with the help of each bank in the group. The lead bank is the agency that has direct relationship with the borrower whereas other banks are called upon by the lead bank to fund the project (Gatti, 2008:157). The legal structure of the banks for proper financing the project may include lead bank, which has direct relationship with the borrower; participant; which is a financial intermediary lending an amount below the threshold; documentation bank responsible for correct drafting of the documents concerning the loan and agent bank responsible for managing the cash flows and payments during the project lifecycle (Gatti, 2008:157). It is however important to mention that lead bank could be liable to other members for negligent preparation of the information memorandum (Roberts, 1998:79). b) The legal issues arising from the loans given by the group of banks for a particular project include pre-contract relationships involving lead bank, lenders and borrowers; the legal position of the agent banks, information of the borrower, project details like requirement of finance during its lifecycle. The Unfair Contract Terms Act 1977 declares the exclusions of liability for negligence by notice will only be effective in as much as they are reasonable. A non contractual remedy is also available to the member in the form of an action for fraudulent misrepresentation (Roberts, 1998:83).. The rights and obligations of the banks are independent of each other and that the financial assistance provided by the banks in the group is usually separate loans made to the borrower which also gives the right to the bank to make its own decisions on matters pertaining to default by the borrower. The group of banks act like a syndicate, whereby, a clause is included declaring that when an

American industry during the era from the late 19th century to the Essay

American industry during the era from the late 19th century to the 1930s - Essay Example The prime purpose of the paper is to present and discuss about the influence of managers and workers towards controlling of wage structure and application of newly used methods other than strike. The history of labour in United States is determined as the history of working people and organized labour. The umbrella labour federations of organized unions consist of citywide federations and AFL-CIO have merged, evolved, split, participate and fought against the periodic federal government interference and changing priorities. In 1894, Samuel Gompers was elected as AFL-CIO leader. At the time of emergence of mechanization, it has become pivotal to replace machines from highly skilled craftspeople. At the time of late 19th century to early part of 20th century, most of the Americans left small towns and farms to work in factories which was effectively categorized by steep hierarchy and organized by mass production. The effect of industrialization has been enormous on working people and result of the alteration of worker lead to the increase in the competition of jobs, loss of the bargaining power and lack of personality on relationships between employer-employee in any new organization1. Unskilled labours were paid less. Moreover, the working condition was often dangerous and unhealthy. The increase of industrialization and rapid upsurge of economic growth meant that percentage of wages growth from 1860 to 1890 in United States was around 60%2. The wage structures for American skilled workers are much higher than that of other countries in Europe. Under the leadership of Samuel Gompers, the Federation of Organized Labour and Trade Unions came in to existence. It has been estimated that between year 1881 and 1905, more than 37,000 strikes were organized by the labour unions. The influence of managers and workers has been supreme towards the formation of strikes. The main goal for occurrence of routine events of