Guarantee Contract Research Articles

Application of Guarantee contracts in Islamic Financial Transaction: Analysis of BNM and AAIOFI

A guarantee (Kafalah) is considered an effective Islamic finance contract aimed at providing assurance and security by having a third party; the guarantor, commit to fulfilling the financial obligations of the debtor in case of default. However, Bank Negara Malaysia (BNM) policy document considered guarantee as the term (kafālah) while the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI) considered it as the term Damān. The term guarantee falls within the category of non-compensatory contract in classical Islamic financial contracts whereby there are no returns or compensation available for contracts like benevolence loans (Qard), gifts (Tabarru/Hibah), guarantee (Kafalah), and assignment of debt (Hawalah). In the modern financial setting, this might not fulfill one of the objectives of Islamic financial institutions to offer services for profit. This study explores the application of Guarantee (Kafalah) as a non-compensatory and noncommutative contract, falling under the category of Uqud Ghair Mua’wadha in Islamic Financial Institutions. Contracts such as benevolence loans (Qard), gifts (Tabarru/Hibah), guarantees (Kafalah), and assignment of debt (Hawalah) are characterized by the absence of return or compensation. This study uses the doctrinal approach of the qualitative method in exploring juristic meaning, justification, and implications of the shariah terms. It analyses the sustainable implication of its application in contemporary Islamic finance institutions between BNM and AAIOFI. This study found that despite the classical implication of guarantee as a non-compensatory contract guarantee contracts cannot yield a direct profit; yet can generate income through, Wakālah (agency fee), such as issuing LCs guarantees. These may be charged based on expenses incurred, potentially in amount-based (possibly slabs) but not time-based structures. The finding shows that the comparative analysis of regulatory frameworks by BNM and AAIOFI underscores the challenges of harmonizing global standards with local contexts, highlighting the necessity for ongoing dialogue and collaboration to ensure coherence and adaptability in Islamic finance regulation.

The Relationship between Purchase Money Security Interest and Title Retention

The introduction of Purchase Money Security Interest (PMSI) to our country has expanded China's system of security interests. The structures of title retention and financial lease created based on parties' consensus are blurred by the function of security, deviating from the legal property rights, ignoring the true legal meaning of parties, and resulting in the effectiveness equivalent to security interests. Although title retention, financial leasing and PMSI all have the functional value of guaranteeing price claims, and Article 388 of the Civil Code has enriched the content of guarantee contracts by introducing the registration opposition rule into atypical guarantees, we should still adhere to the system logic of the dichotomy between property and debt in the Civil Code, and draw a clear line between the two under the principle of legal property rights. The influence of guarantee functionalism should be limited to expanding the scope of "other contracts with guarantee functions" in Article 388 of the Civil Code. The retention of ownership and financial lease in Article 57 of the Judicial Interpretation on the Guarantee System are actually linked to PMSI after being attached with various conditions, which is fundamentally different from the original system structure of Articles 641 and 735 of the Civil Code.

ماهیت عقد ضمان در فقه امامیه و حقوق مدنی افغانستان

There are two distinct views on the nature of the guarantee contract. In the famous view of Shia jurists, guarantee is transferable in nature, and it is beneficial to transfer liability to liability and acquit the liability of the main debtor. In this view, with the contract of guarantee, the debt is transferred to the liability of the guarantor and the liability of the main debtor is absolved. In another point of view, including in Afghanistan civil law, the guarantee has a concrete and collateral nature and is a contract according to which a third party undertakes to take care of the debtor if he does not pay his debt. Examining the reasons and views of the parties shows that the nature of the guarantee is other than transfer and attachment, and that payment and commitment to pay the debt and employment of the guarantor is due to it, without affecting the transfer or attachment of the guarantee. In principle, the addition of liability or its transfer are not required by the essence and nature of the gaurantee, although they may be required by its application.

IMPROVING THE LEGAL REGULATION OF OBLIGATION RELATIONS IN INTERNATIONAL PRIVATE LAW

This article considers issues related to the need for the development and adoption of a separate code of Private International Law for the Republic of Uzbekistan, with the aim of regulating international private legal relations. It is proposed to include a dedicated chapter on “Obligatory Law” in the Code, which would cover the regulation of both contractual and non-contractual relations. An analysis of the legal acts of foreign countries in the field of Private International Law has been conducted. Based on this analysis, proposals and recommendations for improving the legislation of the Republic of Uzbekistan have been developed. Particular attention is paid to recommendations on the exclusion from the Civil Code of the Republic of Uzbekistan of the mandatory written form requirement for foreign economic transactions, which in turn will allow to conclude transactions through electronic means of communication and the use of artificial intelligence. Of course, except for cases requiring mandatory state or notarial registration. It is proposed to supplement the Code with provisions that determine the applicable law in cases where the parties have not made an explicit choice. In particular, this applies to various types of foreign economic transactions, such as guarantee contracts, distribution contracts, agency contracts, escrow contracts, factoring, and forfeiting, as well as contracts concluded within the framework of Internet auctions, Internet contests or Internet exchanges and contracts involving consumers. The necessity of determining the scope of the law applicable to obligations arising from the infliction of harm as well as expanding the definition of the applicable law arising from various obligations arising from the infliction of harm is substantiated.

Examining supply chain financing: A comparative and coordination analysis under a buyback contract

This paper focuses on financing schemes for a supply chain with high salvage values of unsold products. Combining the buyback contract with a partial credit guarantee (PCG) contract and trade credit (TC) contract, we propose two financing schemes, PCG-Buyback and TC-Buyback, to provide flexible financing services for a capital-constrained retailer and obtain equilibrium strategies of each supply chain member. Furthermore, for PCGBuyback, this paper obtains a Pareto coordination frontier consisting of the credit guarantee coefficient and the buyback price at different initial capital levels, which is more flexible to achieve supply chain coordination. Finally, we analyze the manufacturer’s strategic choices of PCG-Buyback and TC-Buyback in terms of credit guarantee coefficient, buyback price, and financing rate. Our results show that PCG-Buyback is the optimal financing scheme for the manufacturer when both the credit guarantee coefficient and buyback price (or financing rate) are low; otherwise, TC-Buyback is the dominant strategy. This study explores how the risk-sharing mechanism combination of PCG and buyback contracts can provide a more flexible approach to supply chain coordination. Additionally, it highlights the significance of the manufacturer selecting a better financing scheme based on its individual characteristics.

Research on the Expansion of the Effectiveness of the Main Contract Arbitration Agreement to the Guarantee Contract

Research on the Expansion of the Effectiveness of the Main Contract Arbitration Agreement to the Guarantee Contract

LEGAL REASONING OF THE JUDGE'S DECISION REGARDING GOVERNMENT PROCUREMENT CONTRACT GUARANTEE CLAIM

The decision is a written legal text made by an authorized judge, and its legal product is categorized as a crown. However, despite being considered a crown, a judge's decision is not exempt from examination by legal scholars. The optics used in the examination process are based on various perspectives, including hermeneutics as the fundamental basis for interpreting the text (decision). Substantively, hermeneutics has three main streams of thought, namely as a theoretical (methodological), philosophical, and critical hermeneutics, each with different understandings. Hermeneutics as a method focuses more on the effort to capture and reveal the meaning of the text, while philosophical hermeneutics goes beyond that and emphasizes "capturing meaningful meaning," implying that the meaning of the text can be continuously produced through a dialectical process. On the other hand, critical hermeneutics focuses on the aspect of disclosing the meaning of the author's ideological interests. This research aims to examine the legal reasoning in Decision No. 272 / PDT.G / 2017 / PN.BDG regarding the Government Procurement Contract Guarantee Claim from the perspective of Hans Georg Gadamer's Hermeneutic Circle. The research type is normative doctrinal, using secondary data sources consisting of primary, secondary, and tertiary legal materials with a conceptual approach, statutory approach, and case study. The research findings suggest that the process of claiming a bank guarantee through the judicial institution can be carried out by the Procurement Committee (PPK) as long as they obtain authorization from the Budget User, who is the owner of the work (bouwheer). This is due to the hybrid nature of government procurement contracts, which distinguishes them from private contracts, and the clarity of the scope of authority of the Budget User serves as the establishment of formal justice, acting as a bridge (epistemology) toward substantive justice.

A Blockchain-Based Approach for Drug Traceability in Healthcare Supply Chain

Abstract: Healthcare supply chains are complex structures spanning across multiple organizational and geographical boundaries, providing critical backbone to services vital for everyday life. The inherent complexity of such systems can introduce impurities including inaccurate information, lack of transparency and limited data provenance. Counterfeit drugs is one consequence of such limitations within existing supply chains which not only has serious adverse impact on human health but also causes severe economic loss to the healthcare industry. Consequently, existing studies have emphasized the need for a robust, end-to-end track and trace system for pharmaceutical supply chains. Therein, an end-to-end product tracking system across the pharmaceutical supply chain is paramount to ensuring product safety and eliminating counterfeits. Most existing track and trace systems are centralized leading to data privacy, transparency and authenticity issues in healthcare supply chains. In this article, we present an Ethereum blockchain-based approach leveraging smart contracts and decentralized off-chain storage for efficient product traceability in the healthcare supply chain. The smart contract guarantees data provenance, eliminates the need for intermediaries and provides a secure, immutable history of transactions to all stakeholders. We present the system architecture and detailed algorithms that govern the working principles of our proposed solution. We perform testing and validation, and present cost and security analysis of the system to evaluate its effectiveness to enhance traceability within pharmaceutical supply chains.

Composition of Behavioural Assume–Guarantee Contracts

The growing complexity of modern engineering systems necessitates a method for design and analysis that is inherently modular. Methods based on using contracts for system design have successfully tackled this issue for a variety of system classes, but mostly in the context of discrete software systems. Motivated by this, we present assume-guarantee contracts for continuous linear dynamical systems with inputs and outputs. Such contracts serve as system specifications through two aspects. The assumptions specify the dynamic behaviour of the environment of the system, which provides inputs for it, while the guarantees specify the desired dynamic behaviour of the output of the system when interconnected with a relevant environment. This is formalized by utilizing the behavioural approach to system theory. We define and characterize notions of contract implementation and contract refinement, where the latter is used to compare contracts. We also define and characterize two notions of contract composition that allow one to reason about two types of system interconnections: series and feedback. The properties of refinement and composition allow contracts to be used for modular design and analysis.

Resource deprivation, decision stakes, and the selection of foreign players in the NBA draft

ABSTRACT This study examines the way resource endowments and decision stakes influence the managerial decision to select a foreign player during the NBA’s amateur draft. Building on evidence that general managers perceive foreign players to be riskier draft choices and on risk sensitivity theory, this study tests hypotheses that NBA teams accept greater uncertainty and risk associated with selecting foreign players in response to indicators of resource deprivation – payroll disadvantage and poor team performance. A regression analysis of 900 NBA draft selections, 2006–2020, provides mixed support for these hypotheses. Teams tend to select more foreign players later in the draft when the stakes of the decision are lower, and payroll disadvantage increases teams’ propensity to select foreign players. Evidence that poor team performance increases teams’ propensity to select foreign players is marginal. Further, the effect of payroll disadvantage tends to decrease across the draft’s first round in conjunction with the decrease in the stakes of each pick. However, the influence of payroll disadvantage appears to remain constant across the second round where NBA rules do not provide contract guarantees to players. In sum, this study adds to the growing bodies of sport management research on risk behavior, foreign players, and the amateur draft.

A Blockchain-based Approach for Drug Traceability in Healthcare Supply Chain

Abstract: The blockchain typically described as a decentralized system in which transactional or ancient statistics are recorded, stored, and maintained throughout a peer-to-peer community of personal computers referred to as nodes. Counterfeit drugs are one consequence of such limitations within existing supply chains, which not only has serious adverse impact on human health but also causes severe economic loss to the healthcare industry. Blockchain technology has gained tremendous attention, with an escalating hobby in a plethora of several applications like safe and relaxed healthcare records management. Similarly, blockchain is reforming the traditional healthcare practices to an extra reliable means, in phrases of powerful prognosis and treatment through safe and cosy facts sharing using SHA Hash Generation Algorithm. Within the future, blockchain will be an era that can probably assist in personalized, authentic, and at ease healthcare by means of merging the entire actual-time scientific information of a patient’s fitness and offering it in an up to date cosy healthcare setup. In this paper, we evaluation each the present and modern day trends inside the subject of healthcare with the aid of imposing blockchain as a model. We also talk the packages of blockchain, at the side of the demanding situations confronted and destiny views. The proposed system executed blockchain implementation in distributed computing surroundings and it gives the automated restoration of invalid chain by using Consensus and Mining Algorithm. In this system, we present a Custom blockchain-based approach leveraging smart contracts and decentralized off-chain storage for efficient product traceability in the healthcare supply chain. The smart contract guarantees data provenance, eliminates the need for intermediaries and provides a secure, immutable history of transactions to all stakeholders. We present the system architecture and detailed algorithms that govern the working principles of our proposed solution. We perform testing and validation, and present cost and security analysis of the system to evaluate its effectiveness to enhance traceability within pharmaceutical supply chains.

A Blockchain-based approach for Drug Traceability in Healthcare Supply Chain

Abstract: The blockchain typically described as a decentralized system in which transactional or ancient statistics are recorded, stored, and maintained throughout a peer-to-peer community of personal computers referred to as nodes. Counterfeit drugs are one consequence of such limitations within existing supply chains, which not only has serious adverse impact on human health but also causes severe economic loss to the healthcare industry. Blockchain technology has gained tremendous attention, with an escalating hobby in a plethora of several applications like safe and relaxed healthcare records management. Similarly, blockchain is reforming the traditional healthcare practices to an extra reliable means, in phrases of powerful prognosis and treatment through safe and cosy facts sharing using SHA Hash Generation Algorithm. Within the future, blockchain will be an era that can probably assist in personalized, authentic, and at ease healthcare by means of merging the entire actual-time scientific information of a patient’s fitness and offering it in an up to date cosy healthcare setup. In this paper, we evaluation each the present and modern day trends inside the subject of healthcare with the aid of imposing blockchain as a model. We also talk the packages of blockchain, at the side of the demanding situations confronted and destiny views. The proposed system executed blockchain implementation in distributed computing surroundings and it gives the automated restoration of invalid chain by using Consensus and Mining Algorithm. In this system, we present a Custom blockchain-based approach leveraging smart contracts and decentralized off-chain storage for efficient product traceability in the healthcare supply chain. The smart contract guarantees data provenance, eliminates the need for intermediaries and provides a secure, immutable history of transactions to all stakeholders. We present the system architecture and detailed algorithms that govern the working principles of our proposed solution. We perform testing and validation, and present cost and security analysis of the system to evaluate its effectiveness to enhance traceability within pharmaceutical supply chains.

Blockchain and Smart Contracts in a Decentralized Health Infrastructure

The blockchain typically described as a decentralized system in which transactional or ancient statistics are recorded, stored, and maintained throughout a peer-to-peer community of personal computers referred to as nodes. Counterfeit drugs are one consequence of such limitations within existing supply chains, which not only has serious adverse impact on human health but also causes severe economic loss to the healthcare industry. Blockchain technology has gained tremendous attention, with an escalating hobby in a plethora of several applications like safe and relaxed healthcare records management. Similarly, blockchain is reforming the traditional healthcare practices to an extra reliable means, in phrases of powerful progno- sis and treatment through safe and cosy facts sharing using SHA Hash Generation Algorithm. Within the future, blockchain will be an era that can probably assist in personalized, authentic, and at ease healthcare by means of merging the entire actual-time scientific information of a patient’s fitness and offering it in an up to date cosy healthcare setup. In this paper, we evaluation each the present and modern day trends inside the subject of healthcare with the aid of imposing blockchain as a model. We also talk the packages of blockchain, at the side of the demanding situations confronted and destiny views. The proposed system executed blockchain implementation in distributed computing surroundings and it gives the automated restoration of invalid chain by using Consensus and Mining Algorithm. In this system, we present a Custom blockchain- based approach leveraging smart contracts and decentralized off-chain storage for efficient product traceability in the healthcare supply chain. The smart contract guarantees data provenance, eliminates the need for intermediaries and provides a secure, immutable history of transactions to all stakeholders. We present the system architecture and detailed algorithms that govern the working principles of our proposed solution. We perform testing and validation, and present cost and security analysis of the system to evaluate its effectiveness to enhance trace- ability within pharmaceutical supply chains. Keywords— Blockchain Technology, Decentralization / Decentralized System, Distributed Com- puting, Peer-to- Peer Network, Healthcare, Supply chains, etc.

Standby personal guarantee considerations

By autonomous personal guarantee we will understand that contract by which one or more persons (autonomous personal guarantees) oblige themselves to another person (the creditor of the secured claim) to satisfy, at his request, the claim or claims submitted. This definition results from the provisions of art. 1628, para. 3, C. civ: "Autonomous personal guarantee is considered the obligation of the guarantor assumed for the benefit of a creditor, for the purpose of guarantee, in which it is expressly provided or from which it unequivocally follows that it does not depend on the obligation that another person owes the creditor". It follows from the definition that a third person can assume the obligation towards the creditor to guarantee the satisfaction of the creditor's claims contracted by him from the moment of concluding the autonomous guarantee contract. If in the case of suretyship, the guarantor undertakes to guarantee an obligation or obligations of the debtor, or in the case of the comfort letter, the obligation that he will determine the execution of the debtor's obligation, in the case of the autonomous personal guarantee, the guarantor assumes the obligation to satisfy a determined claim of the creditor or to satisfy all the creditor's claims arising during the entire period of validity of the guarantee contract. The personal guarantee can be particular or general.

Research on the Legal Effect of Guarantee in the Contract of Sale with Guarantee

As a kind of guarantee, conciliation guarantee has its own advantages and is often used in social civil activities. However, as an atypical guarantee, its effectiveness has been controversial. In judicial practice, the assignment guarantee contract is often presented in the appearance of a different name, that is, the transaction mode of "called transaction, but in fact loan" appears. There are two contracts involved in such a transaction mode, namely the loan contract and the sale contract. As a creditor's right contract, loan contract has the effect of confirming creditor's right. However, there are different academic views and practice cases on the validity of sales contract, so how to view the validity of sales contract itself will become the focus of research. Along with the promulgation of relevant normative legal documents, such as "Nine People's Records" and "Civil Code", the guarantee system becomes more and more clear, and the consensus is reached on the effect of guarantee.

A new family of modified Gaussian copulas for market consistent valuation of government guarantees

This paper deals with a copula-based stochastic dependence problem in the context of financial risks. We discuss the financial framework for assessing the theoretical up-front value of government guarantees on bank liabilities. EU States widely use these contracts to improve the financial system’s stability and manage the banking sector in crisis situations; in Italy, they have also been used to address the consequences of the Covid-19 emergency. From a market viewpoint, we deal with a defaultable guarantee contract where the State-guarantor and the bank-borrower are both subject to default risk, and their risks are interconnected. We show that the classical Gaussian copula is not satisfactory for modeling the dependence among the considered risks. Indeed, using the benchmark market model for credit risk portfolio management, we highlight some contradictory results observed for the up-front values of the guarantee when the default intensity of the guarantor is smaller than that of the borrower. Then, we introduce a new family of modified Gaussian copulas that overcomes the limitations of the standard approach, allowing to determine realistic results in terms of the guarantees “mark-to-model” value when the benchmark market model does not work. Numerical simulations validate the theoretical proposal.

Direct Attribution in Omani Tenders Law: A Jurisprudential Study

هدفت هذه الدّراسة: لبيان حقيقة الإسناد المباشر في قانون المناقصات العُماني؛ وذلك بدراسته دراسة فقهية تأصيلية مع بيان الضّوابط القانونيَّة للإسناد المباشر في قانون المناقصات العُماني ومدى توافقها مع الضّوابط الشّرعيَّة في الفقه الإسلامي. وقد توصلت الدّراسة إلى عدة نتائج أهمها: - الإسناد المباشر هو أحد الطّرق البديلة للمناقصات العلنية في قانون المناقصات العُماني، والذّي يعمل به في الدوائر والمؤسسات الحكوميَّة في الحالات الطّبيعية والطّارئة، وهو عقد من عقود التّعويضات الماليَّة وليس مجرد اتفاق أو وعد. - الشّروط المقترنة بعقد الإسناد المباشر الضابطة له كالشّروط الجزائيَّة والضّمان هي شروط ملائمة للعقد؛ لأنّها تحقق مصلحة مشروعة للعقد من حيث ضمان ما يؤول إليه هذا العقد سواءً أكان توريداً أم خدمات استشاريَّة أم نقل أم استصناع. - عقود الإسناد المباشر معرضة للاحتكار أو الغرر من قبل المقاول أو المورد، يستغل فيها حاجة المؤسسات الحكومية فيرفع السّعر أضعافاً مضاعفة والاحتكار منهي عنه في الفقه الإسلامي؛ لذلك لابد لها من ضوابط قانونيَّة كالتّسعير أو ما يسمى أسعار الوحدة (Unit Rate).

О ПРИРОДЕ ПОСРЕДНИЧЕСКИХ ОТНОШЕНИЙ В СТРАХОВАНИИ

This article considers the problems associated with the activity of insurance intermediaries, the legal capacity of insurance agents and brokers with regard to meeting licensing requirements, the relation between the agency contract and the guarantee contract for the purposes of insurance, as well as the place and role of the insurance broker in the legal relations under study. It also provides a classification of the intermediary relations in insurance and defines its criteria. Based on the results obtained, the conclusion is made that the insurance agent acting for and on behalf of the insurer can perform the following physical actions in addition to the legally significant ones, i.e., concluding insurance contracts: searching for and bringing in new clients, negotiating, arranging and justifying the calculation of an insurance premium, and involving clients in partner-intermediary relations of the insurer. The analysis of the legal nature of the insurance broker as against the insurance agent shows that the criteria for differentiation include both legal features, such as legal capacity, and particular contractual constructions. The insurance broker acting for the benefit of the insurer acquires intermediary functions on the basis of mandate or commission agreements, agency agreements, or paid services agreements. All actions of the insurance broker in the interests of the insurer (reinsurer) are specified by paid services agreements because the insurance broker becomes an actual agent of the insurer in exercising their obligations to genuinely represent the interests of the insurer under the agency agreement, mandate or commission agreements, which is expressly prohibited by law. The detailed survey of the multi-level models of intermediary-partnership relations, in which several entities become involved in the intermediary relations, reveals that confusion can be avoided by recognizing the sub-agent or sub-broker relations at the regulatory level.

Reflection on the Normative Intent of Article 16 of China’s Company Law

The ultra vires guarantee by the legal representative of a company not only involves the general rules of the Contract Law, the Guarantee Law and the Civil Code of the People’s Republic of China, but also should consider its nature as a commercial act and take into account the legislative intent of the Company Law. In judicial practice, the regulation of the company’s ultra vires guarantee is scattered and blurred, still needing improvement. Before the advent of the judicial interpretation of the Guarantee Law, the system of legal interpretation and application process was confusing and lacked legal basis. Article 16 of the Company Law affirms the company’s ability to provide external guarantees. In the academic circle, the dispute on the effectiveness of the company’s ultra vires guarantee often revolves around the nature of Article 16 of the Company Law. But in essence, Article 16 is a rule to regulate corporate governance, and its legislative purpose is to regulate the process of intention formation of the company’s external guarantee. To examine the effectiveness of the legal representative’s ultra vires guarantee, one must take into account the interpretation of the intention expression process. The process from the company’s intention formation to the intention expression is not only a significant part to judge the validity of the ultra vires guarantee contract, but also the true representation of the normative intent of Article 16 of the Company Law.

Credit and guarantee insurance: A consistent pricing approach in supply chain finance

Credit insurance is a new loan guarantee contract which can effectively stimulate domestic demand and promote consumption. According to different modes of payment, individual credit loan guarantees mainly include credit insurance and guarantee insurance. In this paper, we apply the Complete Information Game to analyze the strategies of the insured subject and the risk subject under different scenarios of personal loan guarantee, and obtain the influencing factors of each decision-making subject in supply chain finance. The conclusion shows that the credit status of individual loan applicants greatly affects the decision-making of supply chain financial entities such as banks. Based on this, this paper puts forward corresponding suggestions for the credit insurance business management.