Assignment 2 Essay Example | Topics and Well Written Essays - 1000 words - 10

Assignment 2 - Essay Example The seller is afraid of nonpayment incidences while the buyer goods delivered will not conform to the order’s conditions. Coupled with the above-mentioned fears, it is the fact that legal recourse will be expensive besides sometimes being extremely complex taking jurisdiction into consideration. Mainly, they ease trading modes besides eliminating fears, which parties might be having especially when their merchandises emanate from other diverse regions other than where they operate from. The most occurring incidences regarding these letters not meeting the stated requirements are those of fraud, which this study intends to relate explicitly. Documentary letter of credit usually takes place between three or more parties. They include the claimant who is the buyer or one importing, issuing bank being the importers bank whereby the beneficiary may be the seller or exporter. This document may be electronically given the presented to a local bank of the owner’s choice willing to negotiate for it to negotiate for him or her. Bank mandated to give out the letter ensures it reaches to that of correspondent in the same region where the exporter might be operating. That of correspondent assumes the role of advising because its responsibility is to inform the beneficiary that the letter has already opened in his or her favor. Bank supposed to pay may deal with the beneficiary in terms of local currency though after determination of proper currency. The correspondent in advising or settling payments may need to include its name to the letter when it imposes charging fees. By completion of this procedure, the involved banks w ill settle their final dealings in an attempt to ensure they have served as necessitated. Mainly, the issuing bank ensures it settles the pending dues for the customer after he or she presents to it’s the necessary papers. Hence, the letter acts as a document to the client prepared adequately by the bank

Delegating for Growth Essay Example | Topics and Well Written Essays - 750 words

Delegating for Growth - Essay Example They fear loosing status, hence fail to assign high-profile jobs to their staff, and delegation of work is compromised, as the rookie manager is afraid of being resented by his peers (Walker, 2002, p.4). Secondly, rookie managers tend to depend highly on their bosses; this is usually a sign of disaster, since the new mangers will not learn to do his duties on his own. However, setting up brief meetings with their bosses may be of help to the new managers. In addition, lack of confidence contributes to a manager’s failure to inspire their team. These managers face the challenge of addressing their staff members. Other than addressing the problem faced by their staff, they sit back hoping things will improve, whilst the other staff members become frustrated by their lack of actions. Lack of experience from managers compromises the efforts of addressing a problem that is affecting the organization and the team as well (Walker, 2002, p.7). Therefore, there is need to train the roo kie managers on managerial skills so as to ensure that they understand their new roles, hence delivering effectively. Supporting arguments. Delegation of duties is a function of a manager. Walker (p 4) insists that a rookie manager needs to understand that his new role has nothing to do with personal achievement; instead, it entails building his staff members. However, these rookie managers tend to have insecurities especially when assigning duties to their staff members, as they fear that the employees may outdo them. Therefore, managerial skills are very important, as they enable the new managers to understand their roles; these managers need training and coaching to enable them deliver. The new managers need to be trained on how to delegate tasks effectively, hence enabling them to develop talented staffs that are an advantage to the company. Therefore, the managers will not be insecure about assigning duties effectively without prejudice. Supporting the new managers is necessary . When rookie managers are supported by their bosses, work life becomes easier; however, the kind of support given may be at a disadvantage, for instance, heavy reliance on their bosses could render them reluctant. Walker (p5) insists that managers should only consult their bosses on critical issues, but not on the nitty-gritty ones. Brief meetings between the bosses and the managers are necessary, whereby, the new manager can ask questions and receive feedback on the pressing issues. The new manager is then able to organize his thoughts on how to deal with his staff members. In addition, a manager should be capable of projecting confidence to enable him inspire the team members This is due to the rapid changing technology that requires every manager to be updated and capable of dealing with challenging issues; failure to this leads to stress in the place of work. The ability to deal with arising problems by addressing them other than watching and ignoring the situation is paramount for a manager. Employees gain confidence in a manager who addresses the problems affecting them and certainly puts the matter to rest, thus giving employees the will to perform. Bruch & Ghoshal (p5) add that, managers are not expected to do the inevitable; however, focused managers respond immediately to any arising issue that interferes with the organizational goals. It is however important for the managers to adopt managerial skills before being