oiltemp.info

The word ‘available’ as used in LC operations, ranks high on the list of terms that confuse exporters. A letter of credit should clearly specify how it is available; by sight payment, deferred payment, acceptance or negotiation [article 6(b), UCP 600].

It is preferable for exporters that letter of credits be advised available with a local bank, or at least with a bank in the exporter’s own country. For instance, if the letter of credit is available at the counters of a local advising bank by sight payment, deferred payment, acceptance, where confirmation is added, then the exporter will, in the normal course of events, receive payment or have a bank acceptance or a deferred payment commitment a few days after presenting documents complying with the terms of the letter of credit. Such commitments are definitive and without recourse to the exporter. However, if a letter of credit is not confirmed, such advising bank may decide not to pay, accept or issue a deferred payment commitment at the time documents are presented, even if they are presented in order [article 12, UCP 600]. There can be many reasons for this, but the most common is that the advising bank where the letter of credit is available is not satisfied with the bank risk or country risk.

If on the other hand, the letter of credit was confirmed, such advising/confirming bank would have no option but to take up documents which comply with the terms and conditions of the LC and honor its commitment to the exporter.

Negotiation deserves a special mention. Negotiation is a term which regularly confuses exporters and perhaps even some bankers. If a letter of credit is available by negotiation with an advising bank and not confirmed, that bank has the option to pay to the exporter, remit the documents and claim payment from the issuing bank. The exporter must realize that the final decision as to whether or not documents meet the terms and conditions of the letter of credit, and consequently as regards payment, rests with the issuing bank. The negotiating bank will request repayment from the beneficiary (with interest) if payment is not received from the issuing bank. Negotiation without confirmation is with recourse.

A letter of credit available by negotiation and confirmed by the negotiating bank means that the negotiating bank has no option but to negotiate documents presented complying with the terms and conditions of the letter of credit. Such negotiation under a confirmed letter of credit is without recourse. Where a letter of credit is only available by negotiation and not confirmed, many banks which have been nominated as negotiating banks are not prepared to take the risk of paying the exporter for fear they may not get reimbursed. Exporter should appreciate the service provided by a bank when it negotiates documents, and also understand why a bank is not always prepared to negotiate.

If you are like many of our participants, you’ll probably agree that your worst negotiating nightmare is not managing a commercial deal, but negotiating your own salary! Want to know why? We’ve canvassed the Scotwork Australia team to explore common traps in salary negotiations and to suggest some practical steps to help you get a better deal in your next performance and pay review.

1. Be professional in preparation

Your preparation for a performance or pay review should be as professional and thorough as it would be for a commercial deal. You would never be unprepared when negotiating a commercial deal, so why would you take that risk with your own salary? Common pitfalls include not properly scoping your negotiating power, failing to document and properly value your contributions, and approaching the deal pessimistically rather than optimistically. Avoid these mistakes by doing your homework! Research the market for your skill set and create a file of similar or related positions advertised in the classifieds and online, so you are aware of what’s on offer. Remember that negotiating skills do not change fundamental market forces, but are used to get the best available deal in those markets.

2. Be clear about what you want

Be optimistic, but realistic. Care is needed here – we don’t want to encourage you into any “career limiting moves”! A comprehensive, creative yet realistic wish list will enable you to sweeten the deal, get what you want and provide repackaging opportunities. Think back to the course. Do you remember our strategies for using the wish list? Trade on value rather than cost – what is that Scandinavian study tour worth to you in terms of career advancement?

3. Beware: you may have a fool as a client

You are representing yourself, so the emotional stakes are high, which can often have a dramatic impact on your negotiating skills. Try to remain emotionally detached or investigate using an agent to negotiate on your behalf. If you can’t afford an agent, or it is inappropriate to engage one, act as any professional agent would: become an expert in yourself. There is no substitute for hard research on the job market, the role and your (current or prospective) employer. However, you also need to accurately document your skills, achievements and potential contribution to the enterprise and clearly communicate these to your boss or your prospective employer. What skills and expertise do you bring to the table?

4. Blow your own trumpet…

…because nobody else will. While the meek may inherit the earth, they will have to do it on award conditions. There is a natural tendency to be modest about our achievements. This is terrific in an acceptance speech, but has no place in salary or performance negotiations. You are here because the organisation has recognised that you will make a contribution to its success. To that end, be prepared to negotiate remuneration and conditions that reflect the value of your skills in the marketplace and the potential contribution you can make to the business. One final piece of advice on blowing your own trumpet: play a song you know well. Avoid the temptation to over-promise and under-deliver!

5. Recognise your power – and its limits

Timing is critical. Never negotiate the terms of your contract after you have accepted a position or agreed to revised conditions, responsibilities and opportunities. Always negotiate before you step across the line. After the handshake, your power and influence are considerably diminished.

6. Know the rules

It is essential that you understand the organisation’s system for salary reviews. What are the constraints imposed on your manager? Are there financial limitations? What attributes of success are you being measured against? Is there a gap between your performance and skill set and those required to reach the next salary range? How can you close this gap? How does the company measure your manager’s success, and how does your performance affect his/her result? Answer each of these questions long before you negotiate your contract. It is essential that you understand the organisation’s system and its constraints. In short: know the rules of the game!

7. This is not a one-off event

You should never perceive your salary review as an isolated event. It is part of a comprehensive process to assess your contribution and performance within the review period. Keep notes on your performance throughout the period and ensure your manager is aware of the wins you have had. See the review as your opportunity to highlight significant contributions you have made and address your future development needs. Evidence of your contributions gives you the basis to negotiate and make your case for a better deal.

8. Show me the money!

While recognition often takes the form of position titles and pay cheques, these are not the only potential currencies of the negotiation. Don’t forget that a part of what the organisation giveth in cash, the tax man taketh away. Use the negotiation to explore more creative currencies. These might include development opportunities, including short-term assignments, leading (or participating in) new projects, relocation to another part of the organisation, coaching and mentoring opportunities, secondments, study leave, flexible working arrangements, or that BlackBerry or laptop you’ve been eyeing. Your wish list must be long and creative; it should add to your career opportunities – and contribute to your quality of life – both inside and outside the organisation.

9. Where do you see yourself in five years?

Your salary review is an opportunity to discuss your career path and the plans your manager has for your next step within the organisation, taking into account your own plans and vision for the future. Use the opportunity to structure your manager’s expectations of your own career plans. Make it your negotiation. Understand the power and value you bring to the table and what is at stake. Remember to manage the issues and spend time discussing what’s most important to you, which is probably your future career and not just next week’s pay cheque.

10. Finally…

Take another look at the course notes in your negotiation training Scotwork organiser. Consider these with your performance appraisal in mind. This will assist you in reviewing the preparation agenda, structuring expectations, analysing the power balance, preparing questions and implementing the suggestions above.

Good luck, and remember: fortune favours the brave (and the well prepared).

Debt settlement/negotiation is a new method, which come into being after the official approval of the federal government. This method was introduced in the market after the last year’s inflation. Debt negotiation programs basically depend on the meeting between the lender and the borrower. In fact, it is not wrong to say that negotiation companies are basically playing the role of a middle man between both the lender and the borrower. If a person is hiring the services of negotiation firm, then it is important to learn some points. Firstly, a person should have the basic concept of debt negotiation because they will help him in understanding the whole process. Following are the few points which are considered important for a person, if he/she goes for debt negotiation to repair the liabilities:

First of all, it is important for the person that he/she must have an idea about their total amount of debts. This is important to know because if the accumulated amount of liabilities is less than ten thousand dollars, then a person is not eligible for the settlement deals. Apart from this, a person must have well past credentials in the fiscal companies because this will lead the person towards good and successful reductions. A Person must always keep this thing in mind that only genuine and legitimate companies are able to bring a reduction in the amount of the person’s liabilities. Many people don’t trust the process of negotiation. In order to increase the ratio of confidence, the federal government has introduced some modifications in the laws of settlement. These modifications have made this process more reliable and genuine. It is advisable for the person that he/she must avoid other legal methods for the elimination of liabilities because these methods will ruin both their personal and professional life. Usually it has been seen that people file for bankruptcy. This is considered as the legal option for all those people, who want to get relief from their liabilities in no time but, this option is never taken a sensible option. The Reason for this is that it holds more negative aspects rather than the positive one.

Debt negotiation is the only legal way by which a person is able to get eliminations in outstanding balances easily.