A demand guarantee is a type of bank guarantee that is typically used in international trade transactions. The issuing bank of a demand guarantee agrees to pay the beneficiary of the guarantee a specified sum of money if the obligor (i.e. the party that is required to perform under the terms of the contract) fails … Read more
The welfare state is a government policy designed to help individuals and families who are struggling to make ends meet. The welfare state provides a safety net of services and benefits, including financial assistance, healthcare, housing, and education. The goal of the welfare state is to reduce poverty and inequality, and to promote economic and … Read more
. What Is Welfare? There are different types of welfare programs, each with its own eligibility requirements. How do I get financial assistance? There are a few ways that you may be able to get financial assistance from the government. One way is to contact your local social services office and inquire about any programs … Read more
Most-Favored Nations (MFN) Clause: Treating Others the Same What is an MFN basis? An MFN basis is a preferential trade arrangement whereby each member country agrees to grant the same trade benefits to all other member countries. The MFN principle is the cornerstone of the World Trade Organization (WTO) and is enshrined in Article I … Read more
The Coinage Act of 1792 was an act of Congress which established the United States Mint and regulated the coinage of the United States. The act was passed on April 2, 1792, and signed into law by President George Washington. The act created the silver dime, quarter, and half dollar, and the gold eagle, half … Read more
The term “privileged communication” refers to a communication between two people that is not subject to disclosure in a court of law. The communication is considered to be privileged because it is confidential and would not be revealed in court. What are 3 types of privileges used to keep information confidential? The three types of … Read more
An embargo is a government order that restricts trade with a certain country or region. Embargoes are usually put in place in order to apply pressure to the government of the target country in order to encourage them to change their policies. For example, the United States has placed embargoes on Cuba and Iran in … Read more
Maritime law, also known as admiralty law, is a body of laws, conventions, and treaties governing the relationships between private entities that operate vessels on water. Maritime law covers a wide range of topics, including marine commerce, navigation, shipping, shipbuilding and repairs, seafaring, maritime insurance, and the transportation of passengers and goods by water. In … Read more
A sunset provision is a clause in a bill or law that causes the bill or law to expire after a certain amount of time unless it is renewed by the legislature. Sunset provisions are used to force periodic review of a bill or law to ensure that it is still needed and effective. Who … Read more
The term “reshoring” refers to the process of bringing manufacturing and other production back to the United States from other countries. This can happen for a variety of reasons, including changes in government policy, the availability of skilled labor, or the cost of production. In recent years, there has been a trend of companies “reshoring” … Read more
