First Mutual Holdings Limited (FMHL.zw) listed on the Zimbabwe Stock Exchange under the Insurance sector has released it’s 2006 annual report.For more information about First Mutual Holdings Limited (FMHL.zw) reports, abridged reports, interim earnings results and earnings presentations, visit the First Mutual Holdings Limited (FMHL.zw) company page on AfricanFinancials.Document: First Mutual Holdings Limited (FMHL.zw) 2006 annual report.Company ProfileThe Group has more than a hundred years of serving Zimbabwe by provision of economic dignity though its strategic business units. We have diverse interests in life assurance, health insurance, short term insurance; short term re-insurance; long term re-insurance; wealth management, property sector, funeral services and microfinance housed under the following subsidiaries; First Mutual Life, First Mutual Health, NicozDiamond Insurance, First Mutual Reinsurance, FMRE Property & Casualty (Botswana), First Mutual Wealth Management, First Mutual Properties, First Mutual Funeral Services and First Mutual Microfinance. First Mutual Holdings Limited is listed on the Zimbabwe Stock Exchange.
Unifreight Africa Limited (UNIF.zw) listed on the Zimbabwe Stock Exchange under the Transport sector has released it’s 2020 circular For more information about Unifreight Africa Limited (UNIF.zw) reports, abridged reports, interim earnings results and earnings presentations, visit the Unifreight Africa Limited (UNIF.zw) company page on AfricanFinancials.Document: Unifreight Africa Limited (UNIF.zw) 2020 circular Company ProfileUnifreight Africa Limited is a transport holding company in Zimbabwe, offering services in logistics, freight and passenger services to clients in sub-Saharan Africa. The company was re-named after the successful acquisition of Pioneer Corporation Africa Unifreight Africa Limited services include inter-city freight, distribution of general goods and an international courier service. Its brands include Skynet Worldwide Express, Swift and Bulwark. The engineering division operates in two sectors; maintenance of its Unifreight fleet and sales and procurement of parts for Yutong busses, aswell as heavy haulage and abnormal freight transport. Skynet Worldwide Express offers international and domestic courier and airfreight services. Unifreight Africa Limited owns a fleet of vehicles which are available on a contract agreement or for once-off hire. Unifreight Africa Limited is listed on the Zimbabwe Stock Exchange
Architects: TTAT Area Area of this architecture project Suburban House in Tychy / TTATSave this projectSaveSuburban House in Tychy / TTAT ArchDaily Poland Suburban House in Tychy / TTAT Manufacturers: Cetris, Renolit, YawalTeam:Magdalena Tokarska, Piotr Tokarski, Bartosz WolnyCity:TychyCountry:PolandMore SpecsLess SpecsSave this picture!© Tomasz ZakrzewskiRecommended ProductsWoodStructureCraftEngineering – Architectural & FreeformWoodSculptformTimber Click-on BattensWoodAccoyaAccoya® Cladding, Siding & FacadesWoodParklex International S.L.Wood cladding – FacadeText description provided by the architects. The biggest asset of the parcel located in the suburbs of the city of Tychy is the surroundings of farmland and forests. The area is weakly urbanized and has a typical rural character. The parcel has a view over open space and characteristic farmyard buildings.Save this picture!© Tomasz ZakrzewskiThe nearest neighbourhood influenced the applied design solutions. The main idea was to continue the typical style of the buildings located in the surroundings as well as to maintain form of the house which is characteristic for the area. A simple and elongated body of the building along with the loft located under a gable roof was the most suitable solution for the accepted layout and matched the form of the buildings surrounding it. The body of the building blends into the traditional surroundings but got a modern look of the elevation due to the applied finishing materials and details, which gave the building its synthetic and minimalistic character. As a result the house combines the elements of traditional buildings with elements of modern architecture.Save this picture!© Tomasz ZakrzewskiThe function of the house was structured in such a way as to take advantage of the biggest asset of the parcel, which is its surroundings. The objective of the design was to evoke in the dwellers the sensation that the house is strongly integrated with the neighbourhood. Therefore in the centrally located living area, which consists of the living room, dining room and kitchen, big windows situated on the opposite walls overlook beautiful scenery. The blending of the interior and the exterior enhances the feeling that the house is strongly set in the context.Save this picture!© Tomasz ZakrzewskiSave this picture!Ground Floor PlanSave this picture!© Tomasz ZakrzewskiBig windows, situated on the opposite walls in the living room, allow different types of light enter the interior at different time of the day, and therefore the main living area is practically lit from the east to the west. Moreover, thanks to the elevated ceiling, indirect light from the living room illuminates the hall situated in the sleeping area on the first floor.Save this picture!© Tomasz ZakrzewskiThe ground floor plan consists of centrally situated daily living area along with the kitchen, larder and bathroom, completed with the entrance area and garage. Directly next to the living room there is a study and parents’ sleeping area. The loft creates space for four children and consists of twin rooms, two of them located along each gable wall of the house. The hall which links the rooms is a functional row with a dressing room, bathroom and a laundry room. It is lit thanks to a skylight located in the elevated part of the dining room.Save this picture!© Tomasz ZakrzewskiProject gallerySee allShow lessMVRDV Breaks Ground on Creative Office Hub in AmsterdamArchitecture NewsThe Democratic Monument: Adam Nathaniel Furman’s Manifesto for a New Type of Civic C…Architecture News Share Save this picture!© Tomasz Zakrzewski+ 37 Share Houses “COPY” Year: ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/874742/suburban-house-in-tychy-ttat Clipboard “COPY” Projects Area: 204 m² Year Completion year of this architecture project 2015 CopyHouses•Tychy, Poland ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/874742/suburban-house-in-tychy-ttat Clipboard Photographs Photographs: Tomasz Zakrzewski Manufacturers Brands with products used in this architecture project CopyAbout this officeTTATOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesTychyPolandPublished on July 03, 2017Cite: “Suburban House in Tychy / TTAT” 03 Jul 2017. ArchDaily. Accessed 11 Jun 2021.
Oakland, Calif. — The Black community of Bayview Hunter’s Point in San Francisco has demonstrated its outrage at the firing-squad execution of 26-year-old Mario Woods, another African-American victim of wanton police terror. Three eyewitness videos show police officers surrounding Woods before he was shot by at least five of them on Dec. 2.Since the shooting, there have been several community responses to this blatant disregard for the life of an African-American youth in an area of San Francisco historically known as the heart of the African-American community. Now, after years of gentrification, the remaining African-American residents call themselves “the last 3 percent.”People came out on the streets on the night of the shooting. The next day, a community vigil was followed by a community town hall meeting that night. After that gathering, large crowds poured into the streets and blocked traffic.Community members packed the San Francisco Police Department town hall meeting on Dec. 4, expressing their outrage. Police Chief Greg Suhr tried to claim the usual “police were in fear of their lives” justification for the killing. Suhr showed an enlarged frame from one of the videos which showed Woods with his arms extended, and claimed it showed the victim was pointing a small kitchen knife at the officers.However, when community activists downloaded the same video and played it in slow motion, it was clear that police fired the first shot before Woods’ arm was extended — and so the victim’s movement could have been a reflex to that shot.Hundreds of angry protesters turned up on Dec. 9 at the first San Francisco Commission meeting since the shooting. They demanded Suhr’s resignation.‘Justice for Mario Woods!’Two days later, hundreds of high school and middle-school students walked out of school to protest this police killing. One group started at the Bay Area Rapid Transit station on 16th and Mission streets and marched to City Hall, where they were met by more students. Then they marched down Market Street toward Union Square, chanting “Black lives matter!” and “Justice for Mario Woods!” shutting down several intersections along the way.At the same time, John Burris, the Woods’ family attorney, announced at a press conference that he was filing a federal civil rights lawsuit on behalf of the victim’s family. As Burris released a third — and very revealing — eyewitness video, he said, “Mario’s arms were at his sides. He was not committing a dangerous act. He was not threatening police officers at the time. He was walking slowly. It was the police officer that created [a] confrontation when he jumped in front of him.”A Dec. 12 article in SFGate.com continued, “Burris questioned whether Woods had a knife on him at the time of his death. On the video, it is unclear if he is armed. Burris also asserted that the officers involved should be indicted.” Additionally, Burris said that “attorneys at his office counted 20 bullet wounds on Woods’ body, including several in his back and to the back of his head.”On Dec. 11 the SFPD released the names of the five officers involved in Woods’ shooting: Winson Seto, Antonio Santos, Charles August, Nicholas Cuevas and Scott Phillips. They are all on administrative leave with pay.KPFA radio commentator Davey D. Cook asked in his Dec. 12 blog post: “Where is Kamala Harris on this Mario Woods Killing?” Harris is the California State Attorney General and is projected to be the Democratic Party’s nominee to replace outgoing Sen. Barbara Boxer. Harris has not prosecuted a single killer cop since she’s been in office. The Justice for Alan Blueford Coalition held a rally at the Oakland State Building in February 2014 demanding that Harris prosecute the cops who killed African-American youth Alan Blueford and countless others across the state. Eight people were arrested for civil disobedience, including this writer.In yet another instance of recent police violence, Oakland officers fatally gunned down Richard Perkins Jr. in East Oakland on Nov. 15. The officers say that he pointed a pellet gun at them, which was mistaken for a real gun. Multiple shots were fired. The East Oakland community is outraged.However, there was no eyewitness video of Perkins’ slaying, and the Oakland Police had turned off their body cameras. The only known video footage was taken by a gas station security camera. It was immediately confiscated by the police and has yet to be made public. Only a people’s struggle can win the release of this video.Justice for Mario Woods, Alan Blueford, Richard Perkins Jr. and all other victims of fatal police violence!FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Service Employees Local 1199 (SEIU) picketed outside the Key Bank building July 3 in downtown Cleveland to “declare independence from poverty wages.” The 1199 district representing Ohio, Kentucky and West Virginia was “calling on Key Bank CEO and Chair of the Cleveland Clinic Board of Directors Beth Mooney to stand with workers at the clinic who struggle under the weight of poverty wages.” (SEIU release, July 2) Over 100 workers at the clinic were promised a pay increase, up from $13.85 an hour, but were then denied it.Cleveland Clinic, with over 32,000 workers, is the largest employer in Cuyahoga County, but remains nonunion. KeyCorp is the ninth largest employer, with net profits of $1.8 billion in 2018. CEO Mooney earned over $9 million in compensation last year from KeyCorp alone, not including what she was paid by Cleveland Clinic, AT&T and other companies where she is on the board of directors. SEIU Local 1 recently won wage increases to $15 an hour in four years, along with health insurance, for 500 janitors who service downtown buildings, including Key Bank. The fight for $15 and a union continues. As the workers chanted, “If we don’t get it, shut it down! All the way down! Way, way down!”FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
TCU places second in the National Student Advertising Competition, the highest in school history ReddIt Sophia Vandewark This author does not have any more posts. printNobel Prize winners announcedThe Nobel Assembly at the Karolinska Institute announced the winners of the 2020 Nobel Prize in Physiology or Medicine for the discovery of the hepatitis C virus.The award was given jointly to Drs. Harvey J Alter, Michael Houghton and Charles M. Rice.While the hepatitis A and B viruses have previously been discovered, researchers have been working since the 1970s to isolate the genetic sequence of the hepatitis C virus.The hepatitis C virus leads to long-term illness and affects millions of people every year. The discovery of the three recipients allows for a blood test to detect the virus.The virus can now be treated, and cured in a matter of weeks, while a vaccine is currently in the works, according to The New York Times.Gay men redefine #ProudBoys hashtagFollowing comments from President Trump during the first presidential debate, members of the far-right white nationalist group Proud Boys took to social media to rally their supporters. Actor and gay rights activist George Takei, however, tweeted Thursday encouraging gay men to share pictures of themselves with their families and tagging #ProudBoys in order to “reclaim” the hashtag for the LGBTQ+ community. The far-right group has expressed anger over the use of the hashtag, leaving homophobic slurs in many comments. Allies came out in support of the movement, retweeting and sharing images of family and friends.Trump has since denounced the group after his initial comments last week, according to The Washington Post.Brad and I are #ProudBoys, legally married for 12 years now. And we’re proud of all of the gay folks who have stepped up to reclaim our pride in this campaign. Our community and allies answered hate with love, and what could be better than that. pic.twitter.com/GRtSH1ijQ8— George Takei (@GeorgeTakei) October 4, 2020 President Trump to leave hospital where he received COVID-19 treatmentPresident Trump announced in a tweet Monday afternoon he would be leaving Walter Reed National Military Medical Center tonight. Trump has been staying in the hospital since Friday for COVID-19 treatments. He made a brief drive-by outing on Sunday to greet supporters. Trump’s doctors said his health has been improving, according to NBC News.I will be leaving the great Walter Reed Medical Center today at 6:30 P.M. Feeling really good! Don’t be afraid of Covid. Don’t let it dominate your life. We have developed, under the Trump Administration, some really great drugs & knowledge. I feel better than I did 20 years ago!— Donald J. Trump (@realDonaldTrump) October 5, 2020 Carjacking leaves child deadA one-year-old died Sunday night following a carjacking outside Texas Health Huguley Hospital, located in south Fort Worth.The child’s parents had met in the parking lot of the hospital to trade custody of their son when a man forced his way into the car, before hitting and then running over the child and the child’s mother.The child was cared for at Cook Children’s Medical Center but died from his injuries. The suspect crashed the car not far from the hospital and was arrested. There was no connection between the suspect and the victims, according to The Dallas Morning News. Facebook Facebook ReddIt Linkedin This combination of photos shows, from left, Harvey J. Alter, Charles M. Rice, and Michael Houghton who jointly won the Nobel Prize for medicine on Monday, Oct. 5, 2020, for their discovery of the hepatitis C virus. The major source of liver disease affects millions worldwide. (Rhoda Baer/National Institutes of Health, Richard Siemens/University of Alberta, AP Photo/John Minchillo) Twitter World Oceans Day shines spotlight on marine plastic pollution Linkedin Previous articleTCU’s Food Recovery Network is unable to deliver food amid COVID-19Next articleLeader of the ‘Let Us Worship’ movement brings his message to Fort Worth Sophia Vandewark RELATED ARTICLESMORE FROM AUTHOR Twitter Welcome TCU Class of 2025
Tagged with: Conference Board Consumer Confidence Consumer Sentiment housing industry U.S. Economy University of Michigan The Week Ahead: Nearing the Forbearance Exit 2 days ago Print This Post in Daily Dose, Featured, Market Studies, News Conference Board Consumer Confidence Consumer Sentiment housing industry U.S. Economy University of Michigan 2015-02-27 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago While Fannie Mae’s February 2015 Economic Outlook released on Thursday predicted a boost for housing this year based on strong economic growth, consumers may not be quite convinced, based on two consumer sentiment indices released this week.The University of Michigan/Thomson Reuters Index of Consumer Sentiment released Friday tumbled down to 95.4 for February after reaching its highest level in 11 years, 98.1, in January. Even with the month-over-month decline, however, February’s reading was still at its highest level in eight years and still much higher than the 81.6 reported for February 2014.”The underlying strength that has kept confidence at high levels has been job gains,” said Richard Curtin, chief economist for the Survey of Consumers. “While buffeted by harsh weather and lower gas prices, consumers have remained focused on gains in jobs and wages. Consumers intend to increase their spending during the year ahead, but they also want to keep a tight rein on their debt as well as to increase their precautionary savings. Few consumers believe that gas prices will not increase in the future, and even fewer think the economy will no longer suffer downturns. Without more robust wage increases, consumers will increasingly condition their spending on the availability of reduced prices.”Many economists and analysts have insisted that robust wage growth among Americans is needed to facilitate a complete recovery in housing – and particularly needed among milliennials, those ages 25 to 34, who are the key to household formation.The U.S. Bureau of Labor Statistics Employment Summary released in early February reported an average hourly wage gain of 12 cents month-over-month, from $24.63 to $24.75. Still, U.S. Treasury Secretary Jacob Lew said after that report was released that more wage growth is needed in order for the economy, and hence the housing industry, to recover.”Over the last year, we’ve seen average wages going up, a little over 2 percent,” Lew said in an interview with CNBC earlier this month. “We need more wage growth than that for people to really feel it, but it’s something to be that’s starting to be something that’s a trend in the right direction. I think we’ve got to do everything we can to help drive that trend forward.”The University of Michigan Index is not the only consumer index released this week that saw a decline, however. The Conference Board Consumer Confidence Index, released earlier this week, took a dive in February down to 96.4 after hitting 103.8 in January. In fact, consumers’ outlook was less optimistic in February than in January across the board – Conference Board data for the month indicated declines in consumers’ appraisal of current conditions, optimism about the short term outlook, and the outlook for the labor market – despite recent reports from the Obama Administration proclaiming that the labor market is at its healthiest since the turn of the century.”After a large gain in January, consumer confidence retreated in February, but still remains at pre-recession levels (September 2007, Index, 99.5),” said Lynn Franco, Director of Economic Indicators at the Conference Board. “Consumers’ assessment of current conditions remained positive, but short-term expectations declined. While the number of consumers expecting conditions to deteriorate was virtually unchanged, fewer consumers expect conditions to improve, prompting a less upbeat outlook. Despite this month’s decline, consumers remain confident that the economy will continue to expand at the current pace in the months ahead.” Demand Propels Home Prices Upward 2 days ago Consumer Sentiment Tumbles in February After Hitting 11-Year High in January Related Articles The Best Markets For Residential Property Investors 2 days ago February 27, 2015 1,196 Views Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Previous: Counsel’s Corner: Status Quo Will Prevail in Housing Policy for Foreseeable Future Next: Mortgage Insurer Compares FHA With Private Market at Congressional Hearing Share Save Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Consumer Sentiment Tumbles in February After Hitting 11-Year High in January
Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Print This Post Major Dodd-Frank Reform Proposals are Imminent Tagged with: Dodd-Frank Donald Trump Jeb Hensarling Republicans Wall Street Reform The Best Markets For Residential Property Investors 2 days ago Subscribe May 31, 2016 1,735 Views Sign up for DS News Daily Previous: McCalla Raymer and Pierce & Associates Join Forces Next: Utilizing the Single-Family Rental Market in Daily Dose, Featured, Government, News About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Major Dodd-Frank Reform Proposals are Imminent Dodd-Frank Donald Trump Jeb Hensarling Republicans Wall Street Reform 2016-05-31 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago While Republicans have been trying to roll back parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act since it was passed in 2010, in the next couple of weeks they have promised that some massive reform proposals are coming.U.S. Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, plans to present his party’s alternative to Dodd-Frank during a speech at the Economic Club of New York on June 7, according to a release from the House Financial Services Committee on Tuesday. Hensarling recently told DS News that “America needs a new vision—a new model for financial reform—because the Dodd-Frank Act is a failure.”Hensarling has not revealed any specifics about his plan as of yet, but it is believed that it will be simpler than the massive 2,300-page Dodd-Frank legislation, of which parts are still being enacted six years after the president signed it into law. He has said, however, that his plan will be tougher on Wall Street than Dodd-Frank, which the Republicans believe uses a “one size fits all” approach to reforming Wall Street that has adversely affected Main Street.In a public address back in March, Hensarling said that Dodd-Frank “stands as a monument to the arrogance and hubris of man in that its answer to incomprehensible complexity and government control is yet more incomprehensible complexity and more government control.”Hensarling’s plan is likely to include some type of reform to the Consumer Financial Protection Bureau (CFPB), which was created out of the Dodd-Frank Act. Hensarling has long criticized the Bureau as unaccountable and too powerful, and that in its current form, “it is producing great harm for consumers.”“(Dodd-Frank) stands as a monument to the arrogance and hubris of man in that its answer to incomprehensible complexity and government control is yet more incomprehensible complexity and more government control.”Jeb HensarlingAnother GOP Dodd-Frank reform proposal is coming soon from Donald Trump, the presumptive Republican presidential nominee, who told Reuters on May 18 that Dodd-Frank was a “negative force” and that he will completely overhaul the law if he is elected president.Trump said that the controversial Wall Street reform law “makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.” He did not reveal specifics of his proposal, but he did say it would include a “near dismantling” of Dodd-Frank. He said on May 18 that he would unveil his plan in the next couple of weeks.Any attempt at major Dodd-Frank overhaul will be met with aggressive opposition from Democrats, who view Dodd-Frank as one of President Obama’s greatest victories. U.S. Sen. Elizabeth Warren (D-Massachusetts), one of Dodd-Frank’s biggest backers and one of the main architects of the CFPB, said recently, “Look, if Wall Street and their buddies in the Republican party want to launch an assault on financial regulations and they want to try to roll back Dodd-Frank, all I can say is, let’s have that fight. I’m ready. You can make it with words or anything else you want, but I am not backing down.”Click here for the live streaming of Hensarling’s speech on June 7.Editor’s note: Please see the June 2016 edition of DS News for our cover feature on Jeb Hensarling. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago
ColumnsPerformance Bank Guarantees: The Linchpin Of Commercial Transactions [Part II] Ragini Agarwal26 Sep 2020 1:50 AMShare This – xThis series of blog posts shall recount the law on evolution of performance bank guarantee in India. It shall cover the meaning of bank guarantee as distinguished from indemnity and letter of credit, and the legal framework governing performance bank guarantees in India in Part 1; the types of bank guarantees and character of such guarantees in Part 2; and finally, the exceptions and…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThis series of blog posts shall recount the law on evolution of performance bank guarantee in India. It shall cover the meaning of bank guarantee as distinguished from indemnity and letter of credit, and the legal framework governing performance bank guarantees in India in Part 1; the types of bank guarantees and character of such guarantees in Part 2; and finally, the exceptions and rules concerning invocation of bank guarantees in Part 3. Character of Performance Bank Guarantees The Reserve Bank of India [“RBI”] in its Master Circular on Guarantees and Co-Acceptances notes that banks execute both, performance guarantees and financial guarantees. These form a part of the contingent commitments of banks and are a useful tool for ascertaining the soundness of a financial system. Guarantees may be structured according to the terms of agreement, taking into account the terms of agreement, with respect to security, maturity and purpose. Interpreting the clauses of the contract to distinguish whether the guarantee is ‘conditional’ or ‘unconditional’ becomes vital to assess enforcement. In this article, the method which courts use to interpret a contract to determine whether a guarantee is conditional or unconditional is elaborated upon. Further, the general characteristics of a bank guarantee determining the contractual obligations and liabilities of the parties under it are also discussed. Distinguishing Conditional and Unconditional Guarantees A conditional guarantee is one where the liability of the guarantor arises when proof of breach of terms of the underlying contract is given or proof of loss caused or both are given. In an unconditional guarantee, the liability attaches as soon as the demand is made in the manner given in the terms of the contract. Courts often interpret contracts to determine whether the guarantee is conditional or unconditional, since the nomenclature used may not be conclusive. In Hindustan Construction Co. Ltd. v. State of Bihar & Ors. (1999), the Supreme Court was confronted with the question of whether the contract in question was a conditional or an unconditional guarantee. It noted that although the guarantee contained the phrase “agree unconditionally and irrevocably to guarantee” in the initial part, it was later qualified by the amount being payable in case the obligations in the original contract were not fulfilled “giving the right of claim to the employer for recovery of the whole or part of the advance mobilisation loan from the contractor under the contract.” The guarantee contract in this case had referred to the original contract and postulated that the Bank would pay the amount due under guarantee only if the contractual obligations were not fulfilled or a portion of “advance mobilization loan” was misappropriated as specified in the clause of the original contract. In such a case, the beneficiaries could not be said to have an unfettered right to invoke the bank guarantee. The guarantee became conditional. Mere reference to the principal agreement without reference to a specific clause in the preamble of the guarantee contract would not make the guarantee furnished by the bank a conditional one. On the basis of this, the Court in Mahatma Gandhi Sahakra Sakkare v. National Heavy Engg. Coop. Ltd. (2007) concluded that the guarantee was an unconditional one and refused to allow injunction against the guarantee. In Vinitec Electronics (P) Ltd. v. HCL Infosystems Ltd., (2008) it was further clarified that the recitals in the preamble of the guarantee contract could not control the operative part of the contract. Character of Bank Guarantees: A contract of guarantee is autonomous and independent of the underlying contract. The Bank guarantee is an autonomous contract and imposes an absolute obligation on Banks to fulfill the terms of the contract (¶10). It is not qualified by the contract on performance of obligations, unless the terms of the underlying contract are specifically incorporated as was done in the Hindustan Construction Co. v. State of Bihar case (see above). Banks have their own credit at stake when granting such guarantees and cannot be prevented by the party at whose instance the guarantee was given, from honouring its commitment [Svenska Handelsbanken v. M/s Indian Charge Chrome and Ors. (1994)]. In Hindustan Steelworks Construction Ltd. v. Tarapore & Co. & Anr (1996), the question arose as to whether the liability under guarantee arises only after ascertainment of liability on account of breach of the underlying contract. It was contended that such liability could only be ascertained by the courts or arbitrator. The Supreme Court held that the contention was misplaced since a contract of guarantee is an independent contract and does not depend upon the underlying contract. The debt due could be ascertained by the beneficiary itself. Bank is not bound by any arbitration agreement between the beneficiary of the guarantee and the party at whose instance the guarantee is issued. Often, through an application under §9 of the Arbitration and Conciliation Act, 1996, parties attempt to get an injunction against the invocation of bank guarantee. In cases of unconditional bank guarantees, however, the encashment does not depend upon the adjudication of disputes between the parties. In U.P Coop. Federation Ltd. v. Singh Consultants & Engineers (P) Ltd. (1988) when a case from Allahabad High Court UOI v. Meena Steels Ltd. (1985) was cited to state that if the matter could be referred to arbitration, the guarantee was permitted to not be invoked, the Supreme Court stated that this view was unsustainable in light of the well settled principles of invoking guarantee. In Larsen & Turbro Ltd. v. Maharashtra State Electricity Board & Ors. (1995) as well, declining to interfere with invocation on the basis of a pending arbitration was held to be justified. If the invocation is permitted to be delayed on account of a pending dispute between the parties, the purpose of granting such a bank guarantee would be defeated [UP State Sugar Corporation v. Sumac International Ltd. (1997)]. Where a party has observed forbearance in invoking the guarantee in light of the pending arbitration proceedings, but decided to invoke the guarantee when the contract of guarantee is about to expire, the Supreme Court held that such act of the party does not act as a bar in encashing the guarantee [National Thermal Power Corporation Ltd. v. Flowmore Pvt. Ltd. & Anr. (1995)]. The parties are still free to settle their disputes with regard to liability or amount after the invocation of guarantee. As was aptly stated in State of Maharashtra & Anr. v. M/s National Construction Company, Bombay (1996), “The remedy arising ex-contractu is not barred and the cause of action for the same is independent of enforcement of the guarantee.” Beneficiary is the sole judge of amount payable. Even in cases where the matter may be seized by the courts or arbitration proceedings, invocation of the guarantee cannot be interfered with. In ONGC v. SBI (2000), the right to defend a suit filed for encashment of the guarantee was sought on grounds that the amount of liquidated damages was not stated and that arbitration proceedings were pending. The Supreme Court stated that these are not sufficient grounds to stop the encashment of the guarantee. In Larsen & Turbro Ltd. v. Maharashtra State Electricity Board & Ors (1995), the Supreme Court held that declining grant of injunction in light of dispute pending before the arbitrator was justified. Moreover, assessing the quantum of loss or damages or determination of debt due by the bank was not relevant, since beneficiary is the sole judge of the amount due and payable. This was clarified in Hindustan Steel Workers Construction Ltd. v. G.S. Atwal & Co. (Engineers) Pvt. Ltd. (1995). Right of the contractor to recover amounts under running bills has no impact on the liability of the bank [General Electric Technical Services Comp. Inc. v. Punj Sons (P) Ltd. (1991)]. Further, it would not matter if the amount is payable towards ‘security deposit’ or ‘mobilisation advance’ or any other heading. The bank’s liability attaches as soon as the guarantee is invoked and the amount becomes payable and the beneficiary remains the sole judge of whether there has been a breach of contract or not and also of the amount payable [Hindustan Steelworks Construction Ltd. v. Tarapore & Co. & Anr (1996)]. In Ansal Engineering v. Tehri Hydro Development Corporation (1996) it was reiterated that the bank would not be concerned about the finally determined sum payable after the award or adjudication; the only material consideration would be the quantification of liability when the guarantee is invoked. This quantification can be done by the beneficiary. If the invocation is within the terms of the contract, the amount becomes payable. The guarantor cannot go into the merits of the demand. This is an extension of the above principle that the beneficiary is the sole judge of the amount payable in cases of unconditional guarantees. A surety/guarantor cannot go into the merits of the demand and delay the encashment process. This principle follows the spirit of irrevocable letter of credit, as quoted by Justice Shientag in sztejn v. Henry Schsoder Banking Corporation, wherein he said: “It would be a most unfortunate interference with business transactions if a bank before honouring drafts drawn upon it was obliged or even allowed to go behind the documents, at the request of the buyer, and enter into controversies between buyers and the seller regarding the quality of the merchandise shipped.” This judgment was quoted with approval in UP State Sugar Corporation v. Sumac International Ltd. (1997), where it was expressly provided that the guarantor could not question the demand or require proof of liability of the seller before fulfilling the terms of the guarantee. Guarantee invocation must follow the terms of the contract. Where the invocation does not follow the terms of the contract, it cannot be said to be a valid invocation. For instance, in Hindustan Construction v. State of Bihar (1998), the person authorized under the contract had not invoked the guarantee and this led to the invocation being bad. Banks were under no obligation to pay the amount. In the context of letters of credit, the Supreme Court in United Commercial Bank v. Bank of India (1981) had held that the documents required in invoking letters of credit must be in accordance with the contract; documents which are almost the same or which will do just as well will not be sufficient (¶37). Similarly, since bank guarantees are treated analogous to letters of credit (¶41), banks must honour performance guarantees in accordance with the terms of the same. Failure to do so, despite proper presentation of documents would amount to a repudiation of the contract as a whole. In the next part, the rules and exceptions concerning invocation of bank guarantees are analyzed. Views are personal only.  See, BHEL v. India Power Corporation (India) Ltd., AP 10/2018 (Calcutta High Court) dt. 11 Jan. 2018; Standard Retail Pvt. Ltd. v. M/s. G. S. Global Corp & Ors., Commercial Arb. Pet. (L) 404/2020 (Bombay High Court) dt. 9 Apr. 2020; Leighton India Contractors v. DLF Ltd., O.M.P.(I) (COMM)109/2020 (Delhi High Court) dt. 13 May 2020; Insolare Energy Pvt. Ltd v. Sun Renewables Rt Pvt. Ltd., OMP (I) (Comm) No. 76/2020 (Delhi District Court) dt. 15 July 2020; Uni Construction v. Ircon International Ltd., O.M.P.(I)(COMM) 159/2020 (Delhi High Court) dt. 16 July 2020.  Hamzeh Malas v. British Imex Industries Ltd.,  2 Q.B .D. 127 (U.K.) and Elian & Rabbath v. Matsas and Matsas,  2 Lloyd’s List Law Reports 495 (U.K.) quoted with approval in U.P Coop. Federation Ltd. v. Singh Consultants & Engineers (P) Ltd., (1988) 1 SCC 174. Next Story
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