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A parent company guarantee (PCG) is a guarantee by a parent company of a contractor’s performance under its contract with its client, where the contractor is a subsidiary of the parent company. [1] It is mandatory for all the companies to mention about the guarantees granted as a note in their accounts because it is a risk for the company.
On February 12, 1998, its area of operation was expanded and its name accordingly changed to Trade and Investment Development Corporation of the Philippines by Republic Act No. 8494. It was re-titled again through an Executive Order 85 on March 18, 2002, to Philippine Export-Import Credit Agency (PhilEXIM).
A surety bond is defined as a contract among at least three parties: [1]. the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
A del credere commission is a commission which is paid as direct commission instead of paying through someone else. Del Crede commission is that of a surety who is liable to the principal should the purchaser make default.
Another incentive for attorneys to make sure that the text of a declaration precisely matches the declarant's recollection is that the witness may be subject to impeachment at trial if discrepancies between the declaration and any later testimony turn out to be significant. Another more practical drawback is the conservative nature of the law.
A banker's acceptance is a document issued by a bank institution that represents a bank's commitment to make a requested future payment. The request will typically specify the payee, the amount, and the date on which it is eligible for payment. After acceptance, the request becomes an unconditional liability of the bank.