Review Of The Twilight Saga Essay - 1442 Words

When I moved back to Washington State, it was news to me that the Twilight saga that everyone was reading took place in the town of Forks. I have made it a point to shun the vampire genre, but thankfully, I had already agreed to watch Van Helsing before I discovered it was a vampire show.: Determined to go in with an open mind, I was quite excited to have the opportunity to interview one of the stars, Alison Wandzura. Despite my lack of preparation, we had a lovely and delightfully informative chat this past week about her beginnings as an actress, her Hallmark work, and of course, her association with Van Helsing. wp-1474599777957.png RH: Alison, it is so good to get to talk with you. I have just pulled up your IMDB page, and I had no idea you were in so many things. In fact, I didn t know you had done some Hallmark stuff. AW: Yeah, I think I have two credits of Hallmark under my belt. {laughs} Hallmark fans seems to be a very passionate and dedicated group of fans. I recently joined the When Calls the Heart Facebook page, and it s really quite inspiring how connected the fans are. They re almost like a family. The Hallmark fans are great to the actors and actressI can t believe all the support I get from them with doing all these interviews. I have so many who will come and read my interviews whether it s a Hallmark person or not. It s so supportive, isn t it? It s wonderful! They get so excited that I m doing these interviews and trying to make themShow MoreRelatedTwilight: A Waste of Time and Money Essay example1043 Words   |  5 PagesIn 2008, Twilight debuted in theaters across the county racking in a whopping $69,637,740 in just the first weekend alone (imdb, 2008). Directed by Catherine Hardwicke, Twilight is a movie based on the first in a series of four best-selling novels by Stephenie Meyer. The movies main focus is on a teenage girl named Bella (Kristen Stewart) who moves from Phoenix, Arizona to the town of Forks, Washington to live with her father Charlie (Billy Burke). On the first day of school, she meets Edward (RobertRead MoreComparing William Shelley s Frankenstein Essay1421 Words   |  6 Pagesa humble servant to God, and that only He could provide them with a blissfully eternal life. In the modern Twilight saga, vampires also place an importance of blood, even though it seems as most of them are moral and use animal s to obtain the sticky red liquid, rather than their human counterparts. Vampires, or the â€Å"cold ones† as they’re sometimes lovingly referred to in the Twilight saga, consume blood not out of pure lust, but out of the need to survive, and in the current, less religious AmericanRead MoreWomen s Adverse Health Risks After Reading1265 Words   |  6 Pagesillustrated women who read the books were more likely to have adverse health behaviors than women who did not read the books (Bonomi et al., 2014). An article by Danielle Borgia (2011), called â€Å"Twilight: The Glamorization of Abuse, Codependency, and White Privilege† discusses literary criticism on the ‘Twilight Saga’ and how paranormal romance, that is seen throughout the text, is becoming a huge influence on middle-class teenagers in today’s society. Borgia says that the abusive romance depicted by theseRead MoreEssay on The Effects of Modern Vampires on Society1980 Words   |  8 PagesMcDonald, Anne Bishop, Juliet Marillier. Only a few names of those authors, who constitute in a genre, which is one of the biggest phenomena of this decade, especially among young women. Romantic fantasy has become particularly popular with the Twilight books, which were released in 2005. Since then, the vampire-and other supernatural creature-themed fantasy romance novels have been extremely popular all over the world. According to statistics brought out by Romance Writers of America, in 2009,Read MoreSnow Whi te and the Huntsman1324 Words   |  6 Pagesthis movie through the main soundtrack ‘Breath of life’ by Florence and the Machine. After a drum beat beginning that sets the medieval mood, a choir and rhythmic beats adds a flare to the unique voice of Florence. Jon Dolan of the Rolling Stone reviews comments that it was â€Å"All doom-drum rush and endless-midnight orchestral sweep† Ravenna looking for her breath of life (I was looking for a breath of life, A little touch of heavenly light), but the world that had once turned on itself now turnedRead MoreMy First Day Of School858 Words   |  4 PagesEnglish is still bad. When I moved to United State, I realized that I was unable to communicate to others with my limited English. I wanted to improve my English, so my sister encouraged me to read some fictional novels such as Harry Potter and Twilight Saga. These are my favorite movies, so I had motivation to read them. When there was a unknown word, I used dictionary and tried to remember its definition. By that way, it helped me improve my vocabulary. I have worked for two years to make a livingRead MoreEssay on Review: Snow White and the Huntsman1025 Words   |  5 PagesReview: Snow White and the Huntsman Snow White and the Huntsman is an adaptation of the Grimm fairy tale Snow White and the Seven Dwarfs. However the focus is not Snow White and her interaction with the seven dwarfs, much like the popular Disney portrayal of the fairytale that viewers have come to know. This version of the fairytale is dark and sinister, placing an emphasis on the evil Queen’s agenda and the Huntsman who is sent to hunt down Snow White. This new action-packed spin on the fairytaleRead MoreThe Gothic Genre Of Hell Hath No Fury Essay1681 Words   |  7 PagesI thought it did well on humanizing Vlad and keeping to the historical facts: the Ottoman War and the Night Attack at Tà ¢rgoviÅŸte. I also like how weaved Vlad’s powers into the Night Attack, providing a supernatural flare. Nonetheless, one of the reviews given said: â€Å"Neither awful enough to suck nor sharp enough to bite, Dracula Untold misses the point of its iconic character’s deathless appeal.† (Dracula Unto ld 2014) Implying the plot holes and similarities to other films such as Lord of the RingsRead MoreInterview with the Vampire Paper3909 Words   |  16 Pages2 December 2011 Summary Applications Paper: Interview with the Vampire: The Vampire Chronicles I have enjoyed many vampire movies over the years, long before they became the popular pop-culture genre they have become due to the success of The Twilight Saga films. One movie I have enjoyed viewing many times since its debut in 1994 is Interview with the Vampire. This film is an adaptation of the book Interview with the Vampire written by Anne Rice in 1973 and published in 1976. The movie was directedRead MoreImportant of English Language4703 Words   |  19 Pagesstudents reads at least one book a month in English. She usually sticks to books that are fun, about pop culture and easy to read (a teenage level is very good for many EFL/ESL students). So books like the Gossip Girl series, Harry Potter or The Twilight Saga series are great for learning new English vocabulary. The language they use is quite simple, but they also use a lot of slang terms. My student writes down every word or phrase she doesnt understand while shes reading the book then, every time

The New Angle On Buy a Research Paper Cheap Just Released

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Court of Arbitration of Sports free essay sample

Established in 1983 and starting its operation in 1984, the Court of Arbitration for Sport (â€Å"CAS†) is considered essentially an international â€Å"Supreme Court† for sport. Headquartered in Lausanne, Switzerland, the basic function of the court is to resolve legal disputes in the field of sport through arbitration. It does this issuing arbitral awards; these have the same enforceability as judgments of an ordinary court. Throughout the years, certain instances have questioned CAS’s jurisdiction and impartiality. The Court’s short, but relatively rich history includes many benchmarks and milestones that have shaped the court to what it is today. Currently, the Court is governed by the International Council of Arbitration for Sport (â€Å"ICAS†) which was created in 1994. As the governing body of CAS, it overlooks all of the CAS operations, its funding, and arbitrator selection, among other duties. The ICAS and CAS are governed by the â€Å"Code†, a charter-like document created in 1994 as a result of the Paris Agreement on 1994. The Court rules on issues of sport instances that are â€Å"off-the-field. These may come in the form of a commercial or disciplinary nature. Generally speaking, the cases involve issues of contractual nature among teams, governing bodies or corporations, and doping, eligibility, or jurisdictional issues. The Court will seldom rule on an â€Å"on-the-field† issue; when it does, the claim must be of a nature that a concern has been raised regarding the validity, legitimacy, or fairness of a rule of play. The CAS is organized in four divisions: the Ordinary Arbitration Division, the Appeals Arbitration Division, the Ad Hoc Division, and the Mediation Division. (tas-cas. om) Each division handles cases of the same nature. The divisions are differentiated in how the cases reach the Court and the type of decision the case will produce either binding or non-binding. The ICAS is composed of 20 high-level jurists with significant experience in the field of sport. The CAS is composed of at least 150 arbitrators who possess competence with regard to sports and sports law. The Court included a roster of 275 arbitrators. The Board of Directors of the organization includes 5 members: The President of ICAS and two vice presidents selected from the remaining 19 jurists of the ICAS. The remaining two are the presidents of the Ordinary Arbitration Division of the Court and the Appeals Arbitration Division. The President of the ICAS and the Board is also the President of the CAS as a whole. The mission of the ICAS and CAS is threefold. It is operational in nature referring to the different methods the Court uses to see a case. The first section of the mission statement is to â€Å"resolve the disputes that are referred to them through ordinary arbitration. † The second is to â€Å"resolve through the appeals arbitration procedure disputes concerning the decisions of IF’s or other sports-related bodies. Finally, the third addresses its mediation procedure stating that its purpose is to â€Å"provide non-binding advisory opinions at the request of the IOC, the IF’s, the NOC’s, the World Anti-Doping Agency (WADA), the associations recognized by the IOC and the Olympic Games Organizing Committees (â€Å"OCOG’s†). † (tas-cas. com) The following sections will show how the Court has evolved, how it is currently organized, and how it operates in order to directly address their mission. History The history of the CAS can be classified into two stages regarding its governing body at the time: IOC rule (1984-1994) and ICAS rule (1994-present). Various events, conflicts and intervention from the Swiss government led to this transition of the governing body after 1994. After the reform in 1994, the Court has continued to operate under ICAS rule and from time to time, its authority, independence, and jurisdiction is reiterated and enforced by external governing bodies. As a result of the increasing number of international sporting disputes in the early 1980s, the IOC president at the time, Juan Samaranch, saw a need to establish an independent sports jurisdiction which would provide binding decisions regarding sporting disputes. In 1983, the CAS was proposed by Samaranch and the IOC to serve two main needs. First, the CAS would resolve all international sporting disputes by providing binding decisions to be followed by the parties in a case exactly as dictated by the court. Secondly, the CAS would provide a quick, efficient, and affordable process to reach their decisions. On June 1984 the CAS began to operate. Under its initial beginnings, the CAS was to be governed by the IOC. At this stage, power and control of the CAS was laid upon the IOC. The IOC selected the members and arbitrators, directly referred cases, completely funded, and oversaw the court. Also, the only authority that could amend the CAS rules was the IOC at the request of the IOC President. At this point, the CAS was composed of 60 arbitrators. Right from the outset, it was established that under no circumstances was the jurisdiction of the CAS to be imposed on sporting governing bodies; it existed to serve as a â€Å"go to† source that was available freely to the parties. The CAS continued operations in this fashion until 1991. In that year, the Court saw a tremendous increase in the number of cases on its docket. This increase called for a procedural change regarding the jurisdiction of the Court. In 1991, the IOC amended the initial by-laws of the Court. The most significant change was that from now on â€Å"any dispute that cannot be settled amicably by parties must resort to CAS and accept the CAS ruling. † (tas-cas. com) Essentially, this imposed the jurisdiction of the CAS on international sports organization shifting away from the initial approach of the Court only being freely available to the parties. In 1994, in what many consider the most important event in the history of the Court, an equestrian athlete by the name of Elmar Gundel challenged the legitimacy and independence of the CAS. Mr. Gundel’s horse tested positive in a doping test forcing the Equestrian IF to ban Mr. Gundel and his horse from international competition. Mr. Gundel, having the Court at his disposal, properly appealed the case to CAS. The Court affirmed the IF’s decision barring him from international competition. In a rant, Mr. Gundel took the case to the Swiss Federal Tribunal (SFT). Here, he argued that the CAS was a biased entity controlled and influenced by the IOC. Because of this he argued that the CAS rulings were not to be considered or enforced ince the Court is not grounded on the principles of justice and impartiality. In this unprecedented judicial challenge, the Swiss Federal Tribunal reached three main conclusions. First, the Swiss Federal Tribunal ruled that the CAS was a true and impartial court of arbitration. However, secondly, it pointed out the numerous links to the IOC and pointed them out as troublesome. Finally, as a suggestion the Court recommended that the IOC and the Court work to loosen these ties and make the CAS an even more independent entity free of IOC rule. This decision by the SFT led the Court to the Paris Agreement of 1994. In 1994, the Code of Sports Related Arbitration (a. k. a. â€Å"The Code†) was created. This charter-like document, laid out all of the rules and by-laws that the Court would follow to operate from that point forward. This new Code had several main innovations. First, the agreement created the International Council of Arbitration for Sport (â€Å"ICAS†). ICAS was a 20 jurist council which was to serve as the new governing organ for the CAS. With the purpose of becoming more financially and organizationally independent from the IOC, ICAS was born to take the administrative role the IOC had. Now ICAS would manage the CAS finances, approve arbitrators, amend the Code when it was necessary, and safeguard the Courts impartiality and independence. Also, the Code laid out new structural arrangements for the CAS in terms of divisions and arbitrators. The code explicitly laid out the four divisions in which the CAS would operate: the Ordinary Arbitrations Division, the Appeals Arbitration Division, the Ad-Hoc Division, and the Mediation Division . Composition wise, the CAS was now to be composed of at least 150 arbitrators. To this day, the Code has been the foundation of the Court’s operation. It has been changed on occasions by the ICAS following the established procedure. There have been instances in which the SFT has reexamined the independence of the ICAS and the CAS under this new Code. The subsequent opinions that the SFT has issued have affirmatively maintain support of the CAS and have backed up the Court so strongly that those decisions have even deterred further challenges of the Court’s legitimacy in proceeding with a claim against CAS in an outside higher court. For example, the CAS ruled to revoke British skier Alain Baxter’s bronze medal won in Salt Lake City in 2002; the skier toyed with the idea of challenging the Court’s legitimacy in the European Court of Human Rights; he argued that because many of the arbitrators on the CAS were members of higher international sports organizations, their decisions were swayed against him. However, he did not proceed to file the claim possibly because by that time the CAS’s jurisdiction had been clearly established by external organizations. White) Roles and Functions The roles and functions of these organizations can be best described as the roles and functions of ICAS and the roles and functions of CAS. In relation to each other, ICAS serves as the governing wing of the organization and the CAS serves as the operational wing. The ICAS main function is to safeguards the independence and impartiality of the Court. It is the only body that can amend the Code by 2/3-majority vote of the Council. In case of a tie in a vote, the President’s vote is the tie-breaker. Also, it takes care of all of the financing and budgeting of the court. Moreover, it approves the Court’s arbitrators who are proposed by various governing bodies. It is also important to note that the Code includes a clause that states that the ICAS may do anything in its power, within reason, to safeguard the Court’s best interest. This broad rather vague clause established the ICAS authority and its ability to operate freely in order to maintain the Court’s status as a legitimate and independent body. The ICAS meets at least once a year. If a meeting is necessary it will be called upon. The CAS is the operational wing of the organization. Its role is to observe the submitted cases in one of its four divisions: the Ordinary Arbitrations Division, the Appeals Arbitration Division, the Ad-Hoc Division, and the Mediation Division. The Ordinary Arbitration Division sees cases that are directly submitted to the Court. For example, if two parties from the sports world are in disagreement and submit their case to CAS, it will fall under the Ordinary Arbitration Division. Also, the World Anti-Doping Agency refers cases regarding positive drug test to the CAS for the Court to evaluate and decide on the conflict. This will also fall under the Ordinary Arbitration Division. The second division, the Appeals Arbitration Division, admits cases that are appeals of a decision already made by another governing body. For example, the case of horseback rider Gundel falls under the Appeals Arbitration Division since the IF had already issued a decision, and Gundel had appealed it. The Ad-Hoc Division takes care of individual international sporting events. For every Olympic Games, World Games, and many other international competitions, the Court sets up a Ad-Hoc office on-site to address all issues that come up during the competition. These cases usually have a turn-around of 24 hours. Finally, the Mediation Division issues decisions that are non-binding. This is more of an advisory service for parties that are seeking guidance on a particular issue.

International Trade Payment Method with Special Reference Essay Example

International Trade Payment Method with Special Reference Essay To succeed in today’s global marketplace and win sales against foreign competitors, exporters must offer their customers attractive sales terms supported by appropriate payment methods. Because getting paid in full and on time is the ultimate goal for each export sale, an appropriate payment method must be chosen carefully to minimize the payment risk while also accommodating the needs of the buyer. This trend is attributable to the increased globalization of the world economies and the availability of trade payment and finance from the international banking community. As shown in figure 1. 1, there are four primary methods of payment for international transactions. During or before contract negotiations, we should consider which method in the figure is mutually desirable for both me and my customer. Figure 1. 1. Payment Risk Diagram Key Points †¢ To succeed in today’s global marketplace and win sales against International trade presents a spectrum of risk, which causes uncertainty over the timing of payments between the exporter (seller) and importer (foreign buyer). †¢ For exporters, any sale is a gift until payment is received. Therefore, exporters want to receive payment as soon as possible, preferably as soon as an order is placed or before the goods are sent to the importer. †¢ For importers, any payment is a donation until the goods are received. †¢ Therefore, importers want to receive the goods as soon as possible but to delay payment as long as possible, preferably until after the goods are resold to generate eno ugh income to pay the exporter. Objective of the study: The objectives of the study are: 1. Discuss theoretical aspects of international trade payment and finance. 2. Discuss Bangladesh aspects of international trade payment and finance. We will write a custom essay sample on International Trade Payment Method with Special Reference specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on International Trade Payment Method with Special Reference specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on International Trade Payment Method with Special Reference specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Theoretical Aspects: There are four standard and common payment methods that are in use to make or receive payment for international trade market. It basically means received of payment against export and making payment against import: 1. Cash in Advance. 2. Open Account / Supplier credit. 3. Documentary collection. 4. Documentary Credit / Letters of Credit L/C. Cash-in-Advance: From the very title it is obvious that cash will be in advance. With cash-in-advance payment terms, the exporter can avoid credit risk because payment is received before the ownership of the goods is transferred. Wire transfers and credit cards are the most commonly used cash-in-advance options available to exporters. However, requiring payment in advance is the least attractive option for the buyer, because it creates cash-flow problems. Foreign buyers are also concerned that the goods may not be sent if payment is made in advance. Thus, exporters who insist on this payment method as their sole manner of doing business may lose to competitors who offer more attractive payment terms. There are some features of Cash-in-advance * Interest of exporter is fully protected. Interest of importer is not protected. * Banks are involved in the process of transferring payments. * Documents are shipment are directly handle by the exporters. * It is guided by Purchase and Sale Agreement. * It is one of the cheapest and least popular methods in the world. Open Account: An open account transaction is a sale where the goods are shipped and delivered before payment is due, which is usually in 30 to 90 days. O bviously, this option is the most advantageous option to the importer in terms of cash flow and cost, but it is consequently the highest risk option for an exporter. Because of intense competition in export markets, foreign buyers often press exporters for open account terms since the extension of credit by the seller to the buyer is more common abroad. Therefore, exporters who are reluctant to extend credit may lose a sale to their competitors. However, the exporter can offer competitive open account terms while substantially mitigating the risk of non-payment by using of one or more of the appropriate trade finance techniques, such as export credit insurance. There are some features of Open account * Interest of importer is fully protected * Interest of exporter is not protected. Banks are involved in the process of transferring payments. * Documents are shipment are directly handle by the exporters * It is the most popular method in the world. Documentary Collections: A documentary collection (D/C) is a transaction whereby the exporter entrusts the collection of a payment to the remitting bank (is the bank on the counter of which documents are submitted by exporter, collect payment from importer on its behalf), which sends documents to a collecting bank (is the bank that is involved in the process of documentary collection other than the remitting bank), along with instructions for payment. Funds are received from the importer and remitted to the exporter through the banks involved in the collection in exchange for those documents. D/Cs involve using a draft that requires the importer to pay the face amount either at sight (document against payment) or on a specified date (document against acceptance). The draft gives instructions that specify the documents required for the transfer of title to the goods. Although banks do act as facilitators for their clients, D/Cs offer no verification process and limited recourse in the event of non-payment. Drafts are generally less expensive than LCs. There are two methods of documentary collection: * Documents against payment * Documents against acceptanc Documents Against Payment (D/P) In this case documents are released to the importer only when the payment has been done. This is sometimes also referred  as Cash against Documents/Cash on Delivery. In effect D/P means payable at sight (on demand). The collecting bank hands over The shipping documents including the document of title (bill of lading) only when the importer has paid the bill. The drawee is usually expected to pay within 3 working days of presentation. Documents Against Acceptance (D/A) In this case documents are released to the importer only against acceptance of a draft. Under Documents Against Acceptance, the Exporter allows credit to Importer, the period of credit is referred to as Usance, The importer is required to accept the bill to make a signed promise to pay the bill at a set date in the future. When he has signed the bill in acceptance, he can take the documents and clear his goods. Figure 1. 2. Process of documentary Collection The following list of documents often used in international trade: †¢ Air Waybill Bill of Lading †¢ Certificate of Origin †¢ Combined Transport Document †¢ Draft or Bill of Exchange †¢ Insurance Policy (or Certificate) †¢ Inspection Certificate Air waybill: The Air Waybill (AWB) is the most important document issued by a carrier either directly or through its authorised agent. It is a non-negotiable transport document. It covers transport of cargo from airport to air port. Bill of Lading: A bill of lading is generated by a shipper, details a  shipment  of  merchandise, gives  title  to the goods, and requires the carrier to deliver the merchandise to the appropriate party. Certificate of Origin: The Certificate of Origin is required by the custom authority of the importing country for the purpose of imposing import duty. It is usually issued by the Chamber of Commerce and contains information like seal of the chamber, details of the good to be transported and so on. Combined Transport Document: Combined transport  is a form of  intermodal transport, which is the movement of goods in one and the same loading unit or road vehicle, using successively two or more modes of transport without handling the goods themselves in changing modes. Combined transport is  intermodal transport where the major part of the journey is by rail,  inland waterways  or  sea, and any initial and/or final legs carried out by road are as short as possible Draft or Bill of Exchange: A Bill of Exchange is a special type of written document under which an exporter ask importer a certain amount of money in future and the importer also agrees to pay the importer that amount of money on or before the future date. Insurance policy: Also known as Insurance Policy, it certifies that goods transported have been insured under an open policy and is not actionable with little details about the risk covered. Inspection Certificate: Certificate of Inspection is a document prepared on the request of seller when he wants the consignment to be checked by a third party at the port of shipment before the goods are sealed for final transportation. There are some features of Documentary Collection * Interest of importer risk protected. * Interest of exporter is better protected than open account * It is guided by Purchase Sale Agreement and URC 522 * It could be risky for the exporter if documents are not received by the importer * All the banks involved in documentary collection are the agents of exporter. Documentary Credit or Letters of Credit: Letters of credit (LCs) are one of the most secure instruments available to international traders. An LC is a commitment by a bank on behalf of the buyer that payment will be made to the exporter, provided that the terms and conditions stated in the LC have been met, as verified through the presentation of all required documents. The buyer pays his or her bank to render this service. An LC is useful when reliable credit information about a foreign buyer is difficult to obtain, but the exporter is satisfied with the creditworthiness of the buyer’s foreign bank. An LC also protects the buyer because no payment obligation arises until the goods have been shipped or delivered as promised. Participants in LC Process: * Buyer- Buyer is also called Applicant * Seller- Seller is also called beneficiary * Issuing Bank- Is the bank that issued Letter of Credit. * Advising Bank- Is the bank using the service of which issuing bank advices credit to the exporter. * Nominated Bank- Is the bank nominated by the issuing bank at the counter of which documents may be submitted by the exporter in addition to the counter of an issuing. Reimbursing Bank- Is the bank through which issuing bank maximum reinvestment to the nominated bank. Payment process through LC process: The main steps in a typical documentary credit transaction are- 1. When exporter has finished the export contract, your importer arranges with a bank to open a documentary credit in exporters favour. This foreign bank is called the issuing bank and will usually check your buyer’s credit worthiness. 2. The issuing bank sends the documentary credit to any local bank of exporter called advising bank. The advising bank verifies the authencity of the documentary credit and forwards it to exporter. 3. The documentary credit sets out the documents you must present to receive payment. When exporter has shipped the goods and compiled all the necessary documents, exporter lodge the document with the local bank called nominated bank- to arrange the payment. In most cases, the advising bank and the nominated bank are the same bank and may be exporter’s regular business bank. 4. The nominated bank checks the documents to ensure the terms of the documentary credit have been met. It then sends the documents to the issuing bank with a request for payment. Sometimes a third bank called reimbursing bank, act as an intermediary between the nominated and issuing banks. 5. If the issuing bank is satisfied that exporter have provided all the necessary documents in the exact form required by the documentary credit, it forwards the payment to the nominated bank, which in turn pays you. A documentary credit will state whether exporter payment ‘at sight’ (immediately after bank verification of the documents) or at an extended term (for example, 30 days after sight). . Figure1. 3. Process of Documentary Credit Trade Financing Instrument: Companies often need financing to market, promote and manufacture their products and services. The financing needs of companies involved in international trade transactions are usually categorized as follows: (a) Pre-shipment financing: This is financing for the period prior to the shipment of goods, to support pre-export ac tivities, such as wages and overhead costs. It is especially needed when inputs for production must be imported. It also provides additional working capital for the exporter. Pre-shipment financing is especially important to smaller enterprises because the international sales cycle is usually longer than the domestic sales cycle. Pre-shipment financing instruments can take the form of short-term loans, overdrafts or cash credits. (b) Post-shipment financing: This is financing for the period following the shipment of goods. The competitiveness of exporters often depends on their ability to provide buyers with attractive credit terms. Post-shipment financing thus ensures adequate liquidity until the purchaser receives the products and the Exporter receives payment. Post-shipment financing is usually short-term. Pre- and post-shipment financing may come in the form of secured or unsecured Loans or lines of credit from banks or financial institutions. Common methods used to obtain such financing are explained below. Factoring, export receivables financing or advance against documentary bills: The exporter who sells goods to an overseas buyer on credit terms requests his bank to make an advance based on such documents as a bill of exchange, a bill of lading or a simple invoice. The lending bank generally advances from 50 to 100 per cent of the invoice value, depending on the perceived risk. * Inventory financing: An inventory of raw material or intermediate or finished products is used to secure a loan. Inventory financing is commonly used to finance trade in commodities, since commodity producers and traders typically hold substantial inventories. Inventory and warehouse receipt financing are discussed in more details in chapter IV in the context of structured commodity finance. Leasing: Some banks and financial institutions provide leasing as a medium- to long-term means of financing. Leasing is generally of interest to manufacturing companies that nee to import equipment or machinery to produce goods for export. The company procures the equipment and pays a monthly rental fee to a leasing company (or bank), which owns the equipment. Leasing thus allows an exporter to acquire capital goods for export production without having to make a large one-time cash outlay. Structured financing: Structured financing often refers to schemes whereby the lender extends a loan to the borrower by securitizing the current assets of the borrower over which the lender has control. These assets, including streams of expected cash inflows, serve as collateral for the loan. Structured financing techniques can be used for short-term financing as well as capital investment in countries where traditional financing is not available (or too onerous). However, structured financing deals are specific to each transaction or operation being financed and thus require a level of financial expertise rarely available in emerging economies. Bangladesh Aspects: In Bangladesh generally the above trade payment methods and financing instruments are used. But Cash in advanced is used less than 1% to make domestic trade payment in Bangladesh. As like other countries cash in advance is the least popular method of trade payment in Bangladesh. Open account is the most popular method of trade payment around the world. It is used more than 80% in international transaction. It is popular because in the market economy buyer is always powerful than seller and open account resembles the most common business tradition of supplier’s credit. But in Bangladesh the open account did not work because after 1971 Bangladeshi traders did some international trade through open account and Bangladesh could not pay to their exporter as a result country risk trading went down as in open account method suppliers provide goods on account. According to the domestic regulation (Import policy order 2009-2012) on import of Bangladesh open account is not used in Bangladesh. To ensure importers’ security of others country and reputation of our country it has been imposed. Then the Bangladesh Bank make the regulation that Bangladeshi importer should be used L/C. in case of import other than few exceptions (raw material, book, journal etc. ) whatever you import in country that must be through Letter of Credit. Table 2. 1: Methods of Payment used in Making and Getting Payment Methods used| Import Payment(no of cases)| Export Payment(no of cases)| Documentary credit| 85%| 65%| Documentary Collection| 10%| 30%| Cash in Advance| 2%| 2%| Open Account| 3%| 3%| Source: From the lecture of respective course teacher. (Data of 2012) From this table we can easily view the picture of trade payment method in our country. L/C has used 85% by Bangladeshi Importer in their total international payment and 65% by Bangladeshi exporter in their total international trade payment. L/C is a payment technique but it has financing component. Banks in Bangladesh also provide finance to importer to facilitate international business. Documentary collection in case of export is higher than import and rest of the methods such as cash in advance and open account is remain same in export and import payment of Bangladesh. Concluding Remarks: Even at this real time communication world, letter of credit is considered to be the one of the safest way to remit and get proceeds. But still there are some factors to be re-considered like: a)  Ã‚  Ã‚  Ã‚  Ã‚   Restructure of legal enforcement against defaulter importers and exporters in Bangladesh. )  Ã‚  Ã‚  Ã‚  Ã‚   Necessary changes in import policy to permit imports to be made without LC to reduce import cost and subsequently reduce prices on essential and consumable goods. In some countries of tight control on foreign trade operations, documentary credit is a very strong device in the government’s control and supervisory mechanism. In our country, this controlling over imports and exports are seen in a liberal ways but still some considerable changes in import and export policy and re-structuring and up-to-date foreign exchange guideline is required for our country’s smooth growth. ************************** References * U. S. Department of Commerce International Trade Administration * http://en. wikipedia. org/wiki/Combined_transport * http://www. google. com. bd/search? noj=1amp;q=what+is+bill+of+ladingamp;oq=what+is+bill+of+ladingamp;gs_l=serp. 3.. 0l10. 1425. 9130. 0. 9399. 40. 15. 1. 13. 13. 1. 293. 1568. 4j4j3. 11. 0. 0 1c. 1. 25. serp.. 19. 21. 982. ak_gnN5epFU * http://www. google. com. bd/search? noj=1amp;q=what+is+air+waybill+amp;oq=what+is+air+waybill+amp;gs_l=serp. 3.. 0i7i30l10. 642616. 662149. 0. 62825. 35. 26. 0. 2. 2. 2. 437. 3543. 11j2j5j3j1. 22. 0. 0 1c. 1. 25. serp.. 17. 18. 2129. NJY6MK5lL1M * http://www. google. com. bd/url? sa=tamp;rct=jamp;q=international%20financing%20methodamp;source=webamp;cd=3amp;cad=rjaamp;ved=0CDsQFjACamp;url=http%3A%2F%2Fwww. unescap. org%2Ftid%2Fpublication%2Ftipub2374_chap2. pdfamp;e i=8jULUue-IIGtPOmYgIAGamp;usg=AFQjCNG-edG5L12wqcReEVt-T2Ccyy7EkQamp;bvm=bv. 50723672,d. ZWU * tipub2374_chapter2. pdf * http://edupedia. educarnival. com/letter-of-credit-operation-in-bangladesh/ * Class Note.