ii (a). Define a debtor and creditor agreement
Basically, a debtor and creditor agreement or consumer-credit agreement is regulated by the Consumer Credit Act 1974. It may be either (1) a restricted-use credit agreement to finance a transaction between the debtor and a supplier in which there are no arrangements between the creditor and the supplier. For instance, when a loan is paid by the creditor direct to a dealer who is to supply the debtor (2) a restricted-use credit agreement to refinance any existing indebtedness of the debtor's to the creditor or any other person (3) an unrestricted-use credit agreement such as a straight loan of money that is not made by the creditor under arrangements with a supplier in the knowledge that the credit
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It usually implies that the debtor has received something from the creditor, in return for which the debtor has promised to make repayment at a later time. The relationship between a debtor and creditor can be positive if everyone follows the terms that were agreed upon at the onset of the contract, but it does not take too much of sentiment to turn negative if one party fails to hold up the bargain. The debtor-creditor relationship can be made up by many different individuals, business and parties that make the financial system operate. For example, the relationship between retailer and supplier. While it is the function of a retail outlet to sell merchandise to customers, business activity would not be possible without a supplier to provide the inventory. New retail and supplier relationships are developed everyday as product developers seek to obtain the greatest distribution possible. Upon delivery, a retailer may sign a contract for new merchandise and the supplier will likely mail a bill to the business at a later date. Debtors and creditors in a retail situation may agree to some incentives, such as discount pricing in exchange for placing orders of a certain size. This illustrated the debtor-creditor relationship between a retailer and
In the future, when other manufacturers are looking for a good distributor to do business with, the manufacturer might look at the distributor’s history of poor relationships with other manufacturers and customers. Since manufacturers do not want to conduct business with distributors who have a bad reputation, they will do business with another distributor, which will result in profit loss for the distributor with the bad reputation. For example, if there is a problem between Amazon and Dell, then Amazon might lose customers who were looking for Dell computers. This will also affect Dell, because customers might buy computers from other companies, resulting in losses for
When discussing the concept of contract law, there exist two bodies of legal rules that may apply to the contract. These bodies are the common law of contracts and Article 2 of the Uniform Commercial Code or the UCC. The common law of contracts is court made and is constantly changing, but the UCC is required in every state within the U.S.A. It is important to know which one to use and when, as well as what the differences between them are.
The concept “credit crunch” was firstly introduced during the Great Depression of the 1990s. It refers to a reduction in the availability of loans and other types of credit at a given interest rate. Under a condition of credit crunch, banks are supposed to hold more capital than other time and become reluctant to lend with a fear of bankruptcies and defaults. In the 1990s, shortage of financial capital and low-quality borrowers forced the banks to reduce the loan supply. But that one of 2007 was more complicated than ever before.
The claimant is a female (DOB 12/21/1977) who works as a Technical Customer Service Support Tier II Advisor who is claiming disability from 10/15/2017 onwards. The physical requirements of her job include multitasking; listening and talking to the customer, while typing to research issues, and to review and update the customer account information; and continuously using keyboard and mouse.
A credit transaction is when a consumer purchases a good or service and pays in the future. The use of a credit card can be useful as it is convenient, saving time and trouble. However, due to the extensive use of credit cards in Australia, legal issues has arisen such as the inability for consumers to repay their debts, unfair contract terms and inadequate procedures of credit providers. Prior to 1996, the Credit Act 1984 (NSW) was introduced as the only piece of legislation that regulated customer credit. However, because it only offered protection for less than 20% of consumers, the Consumer Credit Code was established in 1996 under the Consumer Credit (NSW) Act 1995 (NSW). This code is a set of uniform national rules about consumer credit transactions and has been adopted by all governments throu...
1 Determine if bankruptcy is the best option for you. Bankruptcy should be considered your last option, and should only be used if you have exhausted all other possibilities.
Suppliers must maintain good relations with the companies in the industry. This is low because there are multiyear service contracts and the delivery industry uses items such as vehicles, employee benefits, general goods and airline contracts associated with overhead of running business, but all contracts are rewarded through an RFP process. There are enough players in the market and had high fixed cost and thus have substantial buying power.
In such situations, the buying industry often faces a high pressure on margins from their suppliers. The relationship to powerful suppliers can potentially reduce strategic options for the organization.
Quickly becoming apparent after only a few rounds of play was in the absence of coordinating direction the individual supply chain links immediately focused upon acting in their own best interests much more so than the organization as a whole. Whether the end use customer was satisfied became secondary to avoiding stock outages for the next link in the chain, or their specific “upstream customer”. The real world application of this example is that focus on the end use customer must be consistent and maintained throughout the process up to and including delivery. Undoubtedly internal customers, such as retailers to wholesalers and distributors to production, must be serviced along the way for the transaction to ultimately occur. However, unless an end use customer is involved no profit can be realized by anyone.
A company’s relationship with key suppliers is a vital part of any company’s success. A good supplier relation means better price, meeting company standards and a better service level. That 's why when Honda started working with Modine, Honda made sure that its relationship with Modine was
The nature of the business of retailing puts retailers at a assumed risk of incurring costs because products are bought with the assumption that consumers will purchase. Additionally there are external factors that may also pose risks such as natural disasters, theft, spoilage and fire. In other circumstances retailers also extends financial credit to customers in the form of credit sales which facilitates the smooth transition from retailers to the marketplace. Retailers are in constant contact with customers which gives them the opportunity to research and study buyer’s behaviour. This involves collecting information about changes in customer preferences, perception and shifts in the demand curve. Through advertising within their stores retailers are able to exhibit and introduce existing and new products to the marketplace. Ultimately retailers are in the business of selling products to customers to achieve their goals of generating
Buyer-supplier relationship established since human beings started to trade goods and services. The relationship developed naturally over time after buyer and supplier developed trust and friendship which was supported by quality of product and services (Wilson. D.T, 1995). The relational development is accelerated as firms attempt to improve their relationship to achieve company goals. At the same time, the expectations in the performance have increased, and this has making the satisfactory relationship became more difficult.
Mortgages, car loans, student loans, and having children, are all situations that can drive families to the overwhelming doom of debt. Debt is mostly overlooked for the simple reason that it may be considered normal. Certain types of debt like car and mortgage payments are almost expected. Debt is sometimes very difficult to evade, especially if money is not managed sensibly. Many families accumulate debt due to overspending, medical bills, and unemployment.
The supply chain finance, or SCF, is a financial service that rounds core enterprise, manages the flows of funds and goods of SMEs, changes the uncontrollable risk of an individual enterprise into the controllable risk of the whole of supply chain enterprises and minimizes the risk by obtaining all kinds of information. Because the socialized way of production is continuously deepening, the credit sale has become the essential way of the bargain in the market competition, suppliers in the upper stream of the supply chain can hardly get the fund support of the bank through the "traditional" credit type, and the fund shortage would directly cause the stagnation of the follow-up link, even "chain broken". The enterprises in the supply chain will maintain the existence of the supply chain they are in, raising the effect of the supply chain funds operation, lowering the whole management cost of the supply chain, and
Customer Relationships is about building a relationship of trust and convenience. A customer wants the company they are working with to be intuitive. To know their needs before they do. They want to feel respected, they need to believe you are honest and have integrity. This relationship breeds comfort and familiarity and causes the consumer to continue to do business with your company. This relationship that is built develops a personal relationship, like a friendship and it is one that the consumer cannot get from the store down the road and it is that personal touch of sincerity, of knowing their needs, of servitude that will turn them into lifelong branded customers.