Archives Tag: the law and you
The Arbitral Proceedings
April 19, 2022
Arbitration in Nigeria is governed by the Arbitration and Conciliation Act of 1988, which is based on international standards set under the UNICITRAL Model Law on Arbitration and Arbitration Rules and the New York Convention. Read more about The law and you The substantive law in an arbitral proceeding is the law that governs … Continue reading The Arbitral Proceedings
Taxing Powers By The Governments
April 19, 2022
Tax is compulsorily statute- based; hence, a tax cannot be validly imposed except by law and validly passed by the legislature. Therefore, the taxing power of government is the power of that government to impose taxes, usually by legislation duly enacted for that purpose. Read more about The law and you Taxing power means … Continue reading Taxing Powers By The Governments
Securities For Loans And Credit Facilities
April 19, 2022
Granting loans and overdrafts is part of the banking business, and to stay solvent, a bank must be certain that the customer to whom a loan is to be given or an overdraft granted has the means of repaying same as and when due. Read more about The law and you However, no matter … Continue reading Securities For Loans And Credit Facilities
Risk Management: Underwriting And Reinsurance Claims
April 19, 2022
Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose Most insurance companies have a responsible official whose main function is to scrutinize every proposal for insurance and to decide whether the risks proposed for insurance shall be accepted or … Continue reading Risk Management: Underwriting And Reinsurance Claims
Rights And Duties Of Parties To An Agency Relationship
April 19, 2022
The rights of an agent would usually cover the corresponding duties of the principal and vice versa. For instance, if the agent has the right to be paid a certain sum of money, then the principal may have a duty to pay such money. Read more about The law and you Since the relationship … Continue reading Rights And Duties Of Parties To An Agency Relationship
Principles And Administration Of Tax
April 19, 2022
When we speak of tax, we usually think of money paid to the government by reason of our obligation as citizens. All Citizens are expected to pay their taxes to their government, sometimes irrespective of whether or not they live and work in their country, and some people, especially companies, are expected to pay … Continue reading Principles And Administration Of Tax
Powers And Duties Of Arbitrators
April 19, 2022
The impartial third person (or persons) acting in a judicial manner in an Arbitration Proceeding is called an Arbitrator or panel of Arbitrators. An arbitrator/ panel of Arbitrators should generally be independent and unbiased. Read more about The law and you Arbitrators are often compared in this regard to judges, who must meet relatively … Continue reading Powers And Duties Of Arbitrators
Performance Of The Contract Of Sale: Duties Of The Parties
April 19, 2022
Performance refers to the delivery of goods by the seller to the buyer plus payment of the purchase price by the buyer to the seller. The main objective of the contract of sale is to transfer property from the buyer to the seller, and the strongest proof of this is by the delivery of … Continue reading Performance Of The Contract Of Sale: Duties Of The Parties
Negotiation And Out-Of-Court Settlement
April 19, 2022
Sometimes, parties to a suit pending in court may realize the advantages they will enjoy if they pursue an amicable settlement of their dispute without recourse to the court system. Read more about The law and you Such parties are allowed, despite the pendency of their suit in court, to pursue the end of … Continue reading Negotiation And Out-Of-Court Settlement
Negotiability And Assignability; Endorsement And Delivery; Presentment And Notice Of Dishonour (Part A)
April 19, 2022
An instrument is said to be transferable when it can be freely passed from one person to another either by delivery alone or by endorsement and delivery without the need to notify the party liable on it. Read more about The law and you Negotiability is the attribute of an instrument that enables the … Continue reading Negotiability And Assignability; Endorsement And Delivery; Presentment And Notice Of Dishonour (Part A)
Nature Of Conciliation
April 19, 2022
Conciliation is the process whereby the third party (known as the conciliator) in the settlement process is the one to reach a non-binding decision on behalf of the parties, having carefully listened to the facts of the dispute. Read more about The law and you The Conciliation Agreement Where the parties to an agreement … Continue reading Nature Of Conciliation
Money Laundering In Nigeria
April 19, 2022
Money laundering has been described as the process of trying to manage the product of crime. The phrase “money laundering” means simply “the washing of money” but a thing is laundered only when it is dirty with the goal of cleaning it. Read more about Law The washing of money is infused with an … Continue reading Money Laundering In Nigeria
International Export Contracts
April 19, 2022
International trade contracts are usually entered into between buyers, sellers, transporters and any other actor in the import-export business and they usually involve the sale of goods between buyers (importers) and sellers (exporters) in different countries. Read more about The law and you Usually, international trade activities involve parties from different countries and this … Continue reading International Export Contracts
Letters Of Credit And Performance Bonds
April 19, 2022
There is a significant amount of money involved in international trade, and many times, traders will have to take out loans or perform their end of the bargain on a promise to third party vendors to pay on a certain date. Read more about The law and you While this is a risky situation … Continue reading Letters Of Credit And Performance Bonds
Institutional And Regulatory Framework For The Establishment And Operation Of Banks Under Nigerian Law
April 19, 2022
Bank means any person who carries on banking business. banking business is defined as the business of receiving money on current account from the general public, of paying or collecting cheques drawn by customers and making advances to customers. Read more about The law and you There are several laws that regulate banking business … Continue reading Institutional And Regulatory Framework For The Establishment And Operation Of Banks Under Nigerian Law
