Employee Attitudes Essay -- GCSE Business Marketing Coursework

Representative Attitudes Presentation A glad laborer makes for a decent specialist you state? All things considered, United Airlines had to some degree a â€Å"all for one† representative disposition in July 1994. They declared the acquisition of their own organization for which they work for $5 billion through ESOP (Employee Stock Ownership Plan). So now, on account of United Airlines, there clearly is a take off in worker efficiency and spirits. Stocks have risen 120% because of this buyout (very nearly multiple times higher than the carrier business normal increase). Each organization or entrepreneur wants a positive representative demeanor inside their association for high profitability and quality. Joined Airlines accomplished this on the grounds that the representatives themselves made a move, yet for the lion's share, it is the management’s first move. Taking the Apple from the tree The Idiot’s Guide for Changing Employee Attitudes would state to pay the representative what O.J. paid his barrier group. Remove the cash some portion of an occupation then nobody aside from an old charitable worker for a Save the World Foundation or a basic goof ball is going to show great perspectives towards the activity. Presently let’s get real†¦but I believed that we were! Cash can spellbind a few representatives to turn into an increasingly profitable laborer, yet not all workers. (Furthermore, even the ones that are roused at the primary look at dead presidents will soon want†¦. you got it, more cash so as to drag their languid ass up the subsequent stage). Shouldn't something be said about Bill Gate’s techno wizards at Microsoft? What total of cash shy of Bill’s own financial balance will persuade these 30-year-old Gulfstream proprietors to change their gaudy perspectives? On a progressively down to earth premise, shouldn't something be said about those representatives who esteem characteristic compensations over the money related sort? Not all representatives will be weaned with the glimmer of money. So we as a whole should consider the way that individuals will be reliable towards the general feeling of fulfillment, yet what kind of things lead to this fulfillment? What sort of fulfillment would we say we are searching for? All the more things being what they are, what will fulfill a worker? The greater part of the examination in the investigation of OB (Organizational Behavior) are worried about employment fulfillment, work contribution and hierarchical duty. (Robbins, 1997) The second two perspectives, work contribution and hierarchical responsibility, are pretty much the aftereffects of employment fulfillment. A representative who has a significant level of employment ... ...e to work for me. This was actually the situation. I abhorred that young lady for expert and individual reasons, yet couldn’t truly fire her for two reasons. To start with, on the off chance that she leaves, at that point he leaves. Second, she truly preferred the kind of work she was accomplishing for my business, and it is this second explanation that I changed. Obviously, in the event that a worker loves the work that they are doing, at that point it is a preferred position to the association, however I felt that I needed to cause her to accept that she truly didn’t like working at my store with the goal that she leaves on her own terms. Thusly, I dispose of her without loosing the spouse worker. To make a long story short, I don’t accept a private company should recruit a wedded couple because of issues which can emerge from individual sentiments (If only one of the two representatives locate an unpalatable circumstance, at that point the other will be lur ed to follow. Presently, there is twofold the issue.), however before all else, I had no way out since she needed to follow along. Her better half was the prime decision for my store because of his broad information and involvement with this field, and for the measure of pay that he was eager to take, I wasn’t ready to surrender that chance. So exercise very much learned.

A Year Round Education and Staff Burnout

As our populace builds, schools are being confronted with the issues of congestion and under financing. Many school regions are proposing an all year instruction program. I feel that all year training is just a â€Å"quick fix† for school regions d will be unfavorable to educators kids and families. Congestion in schools is turning into an issue in practically all networks. Numerous schools are building trailers and increments to oblige a higher limit. A few regions are proposing building new schools. This raises issues of changing boundarie transporting, and higher charges. A few locale are proposing a multi-track all year instruction program. By all accounts, all year instruction appears to be an intelligent answer for the congestion. Kids are isolated into four tracks. Each track follows an alternate calendar going to class for about a month and a half at that point having three weeks off. This implies there is an ays one track out of school. This arrangement expands the school†s limit by 25%. The all year training plan will just briefly set aside citizens cash. Schools were not made to be all year offices, numerous schools are no even cooled. Upkeep and janitorial staff should be employed full time all year. They ll need to invest over effort to complete ventures and bigger tasks should be contracted out. The extra expense for transportation, utilities, bolster staff, ect, may not merit the bother. Also the additional wear that a school sick take by having kids in it all year. Over the long haul, keeping up a school for an entire year may end up being all the more expensive. Staff burnout is another worry with all year instruction. Instructors will not, at this point have the option to enhance their salary throughout the late spring with regular occupations. In certain plans instructors will have the option to either take the breaks with the youngsters or go about as a s stitute for the tracks who are in school. On the off chance that the instructors decide to substitute they will pass up their breaks, allowing for arranging and unwinding. Instructors will pass up projects to facilitate their training, along these lines hindering their prof Administrators deteriorate bargain. They are presently answerable for four â€Å"mini schools† and school is consistently in meeting so escaping is now and then hard. A few plans offer to recruit a subsequent chief advocated by the expanded populace. Another cost I rred continuously round instruction plan. All year training may influence the nature of instruction for certain youngsters. Educators with more instruction, certifications, and residency will select the favored track. Kids on the less favored track will get an alternate nature of instruction. Great t chers by and large may incline toward schools who have the customary school year. The all year training plan additionally negatively affects the family time from multiple points of view. In certain plans two kids from a similar family may not be on a similar track and along these lines don't have similar breaks. Booking time for family excursions will be more earnestly One kid will consistently need to mind a sleep time. Taking family travels is unthinkable except if one youngster is removed from school. Non custodial guardians will likewise have an issue investing their energy with their kids. Presently most dynamic non-custodial guardians take their youngsters for an enormous part of the Summer break. This time went through with the non-custodial parent gives the kid an ense of â€Å"living† with that parent. This course of action will never again be a reality. Expanded time with the non-custodial parent will barely be conceivable except if again one kid is removed from school. I accept this will likewise cause many separated from guardians t eturn to court to reexamine their announcements, another expense to citizens and guardians. All year training may likewise put a budgetary strain on working guardians. Numerous guardians depend on more established kin to watch more youthful kin during school breaks. On the off chance that the school schedules don†t correspond guardians will as a rule need to pay for substitute consideration. A few specialists feel that an all year training will be valuable to kids since they won't have the long break where information is lost. They are worried about the data that is lost. I accept that data will be lost at any rate if an ild isn't really intrigued. School is a spot to figure out how to learn and to get familiar with the establishments of the world around. School is where the data kind of learning should happen. Maintenance is constantly a worry with any break, b contemplates show that learning misfortune starts to happen during the initial half a month. By having more breaks during the year we may discover all the more learning is lost. The ceaseless school year can be unpleasant for a youngster. With a multi-track framework mates will have various breaks making kids envy various timetables and be discontent with their own. Kids will pass up occasions or need to de with the expectation of school the following day. With a multi week break kids scarcely get the opportunity to unwind before planning for school beginning once more. For kids who don't especially appreciate school this can be a very upsetting in light of the fact that there I not a long enough break to rise themselves in something that they appreciate. Extra curricular exercises will likewise be affected. Understudies may need to go to practices and gatherings on their off weeks. They will chance passing up the group exercises, pre-game events, and significant occasions. It is difficult to plan four separate da es, science fairs, and homecoming games. School will never stop so understudies won't get the break that they merit. The projects themselves will get a lower turnout. I accept that less well known clubs and associations will in the long run be no more. Somebody suggested a the conversation starter that if all year instruction was the conventional school schedule, and a â€Å"new calendar† was proposed where kids were just taught for nine months every year would the American open even think about it? My answer is, â€Å"ye The possibility of all year tutoring returns to the seventeenth century. It is really 200 years more established that the conventional school year. The most established all year school today is just thirty years of age. This implies every single other school once selected I recollect my own Summer get-aways. The initial fourteen days were constantly spent slowing down from the long school year. At that point we started to wander out and set out on new experiences. I can recall long bicycle rides and mapping out new spots to investigate, ea day getting more remote in to a type of journey. Sleepovers each other day at each other†s house with my nearby neighbor. At the point when I was a kid we remained with my dad in Chicago for about a month and a half of the Summer. That was an encounter I could never relin ish. Over the Summer my family took excursions. We went paddling in the limit waters of Canada and drove crosscountry spontaneously without the expectation of preparing for school. School assumes the job of showing kids how to learn. Summer break is an opportunity to apply what they have realized and advance their lives with individual experience. Changing to an all year training plan will be negative to our children†s issue s ving abilities, imagination, and bliss. In general, I accept that there are an excessive number of destructions and insufficient advantages to changing to all year training. Going to all year instruction as an answer for congestion in schools would just be an impermanent arrangement. An all year instruction wo d put a lot of weight on our kids, families, workforce, and network. We ought to gain from an earlier time and leave the conventional school year in affability.

Word of the Week! Doldrum Richmond Writing

Word of the Week! Doldrum Richmond Writing July marks the lowest ebb of my summer, at least when I do not escape Richmonds continual sauna for more temperate climes. I feel like Im a ship becalmed under a burning sun. In a word, in the doldrums. By August Im gearing up for the semester ahead and the doldrums lie behind me. Our word this week has a fascinating history, with the OED Online providing an etymology from the more familiar dull and the less familiar dold, meaning dim-witted. We no longer call a dull or boring person a doldrum, saving that term for dull moods, as when Carlo Marx, the fictional counterpart of Allen Ginsberg in Kerouacs On the Road,   complains of times when he is not being creative as his doldrums. I consider the nautical use of the word its most pow erful. Every summer, for no reason I can fathom, I pack my sea chest and embark on a fictional sea voyage, usually by sail. It is not something Id ever want to do in reality, but the specialized language of sailing, the rich history, and of course the many disasters compel me to read on. This year my pick is Joshua Slocums 1900 memoir, Sailing Alone Around the World. Slocum was the first person, at least on record, to do so. He faced many dangers, from pirates, storms, to hostile native tribes, and I looked forward with delight to his traversing the Atlantic doldrums, an equitorial region where winds are calm or nonexistent. Slocum sailed right through, to my great disappointment. Otherwise, the book is really fine reading. Yet to this reader the thought of being beca lmed at sea seems worse than any storm. All one can do is wait for wind. Thus the term fits well with Carlo Marxs, and other writers,   fears of getting stuck. May your doldrums be brief and a fair wind fill your sails, until the storms of Autumn arrive. This blog will continue all summer, so nominate a word by e-mailing me (jessid -at- richmond -dot- edu) or leaving a comment below. See all of our Words of the Week  here. Creative Commons image from Flikr, courtesy of Joan Campderrós-i-Canas

All About the Genre of Character Writing

A brief descriptive sketch of a class or type of person (such as a city slicker, a country bumpkin, or a grumpy old man) rather than of an individual personality. Character-writing became a popular literary form in England following the publication in 1592 of a Latin translation of Theophrastus, an ancient Greek writer of similar sketches. Characters eventually became more individualized and were integrated with the essay and the novel. Also Known As: character sketch Examples of Character Writing The Character of the Man in Black, by Oliver GoldsmithA Definition of a Gentleman, by John Henry NewmanGood Souls, by Dorothy ParkerThe Landlord, by Henry David ThoreauMr. Barlow, by Charles DickensThe Plumber, by Anthony TrollopeThe Satirist, by Robert Louis StevensonStatus Details in Tom Wolfes DescriptionsThree Characters by John EarleThe True Friend, by Joseph Hall Etymology From the Latin (mark, distinctive quality) from the Greek (scratch, engrave) Observations and Examples: The 17th-century character writings reflected the assumptions of the period about the nature of human beings, but they also conditioned the ways in which subsequent authors would for a time treat character...The great strength of the character sketch as a genre was its ability to create a single unified impression of a person, whether as an individual or a type. The succinctness essential for producing this effect carried inherent limitations. Character sketches tended to be reductive. Each of the early forms, for differing reasons, oversimplified the human beings they depicted.(James Engell, Johnson and His Age. Harvard University Press, 1984)Modern Example of a Character: The AnchormanHe graduated from drama school and looked for parts in television. Because he had prognathous jaws like a cowboys and every cilium of his light-brown hair seemed to be nailed into his skull for keeps, he was steered into the news department. At first, like all beginning newscasters, he had to leave th e building...He would stand in front of the building and hold a microphone covered in black styrofoam and recite AP or UPI copy about [an] event. He could do this without skipping a beat, and he maintained his head of hair nearly intact, and soon he did not have to leave the building anymore. He was promoted to the anchor desk of the stations six oclock news broadcast, where he reads the AP and UPI copy from the Teleprompter. Only two things stand in the way of his goal of reaching the network news desk. One is the Anchorwoman, a fireproof blonde who is so aggressive, such a nutcracker, that she terrifies him. His on-air Happy Hour Chitchat with her sounds as if it is being extracted by water torture. The other is the ever-so-imperceptibly widening part in his hair.(Tom Wolfe, Success Stories: The Anchorman. In Our Time, Farrar, 1980)The Theophrastian CharacterTheophrastus (c. 371-287 BC) was a Greek rhetorician and philosopher. Today he is best remembered for what he considered a m inor work, his Characters, a series of sketches originally intended as models for students of rhetoric. The Characters (the word in Greek meant distinctive marks) consists of satires of comic, foolish, or cloddish types. The sketches follow a formula: first a definition of the trait to be illustrated, then a number of situations and responses that dramatically reveal the trait in terms of behavior. For example, After dinner, the waiter brings the check; the stingy man drops his napkin and hides beneath the table until someone else has paid.(Thomas S. Kane and Leonard J. Peters, Writing Prose: Techniques and Purposes, 6th ed. Oxford University Press, 1986)Classic Example of a Character: The Penurious ManThe Penurious man is one who, while the month is current, will come to ones house and ask for a half-obol [a silver coin]. When he is at the table with others he will count how many cups each of them has drunk; and will pour a smaller libation to Artemis than any of the company. Whene ver a person has made a good bargain for him and charges him with it, he will say that it is too dear. When a servant has broken a jug or a plate he will take the value out of his rations; or, if his wife has dropped a three-farthing piece, he is capable of moving the furniture and the sofas and the wardrobes, and of rummaging in the curtains. If he has anything to sell he will dispose of it at such a price that the buyer shall have no profit. He is not likely to let one eat a fig from his garden, or walk through his land, or pick up one of the olives or dates that lie on the ground, and he will inspect his boundaries day by day to see if they remain the same. He is apt, also, to enforce the right of distraining, and to exact compound interest. When he feasts the men of his parish, the cutlets set before them will be small: when he markets, he will come in having bought nothing. And he will forbid his wife to lend salt, or a lamp-wick, or cummin, or verjuice, or meal for sacrifice, or garlands, or cakes; saying that these trifles come to much in the year. Then, in general, it may be noticed that the moneyboxes of the penurious are mouldy, and the keys rusty; that they themselves wear their cloaks scarcely reaching to the thigh; that they anoint themselves from very small oil-flasks; that they have their hair cut close; that they take off their shoes in the middle of the day; and that they are urgent with the fuller to let their cloak have plenty of earth, in order that it may not soon be soiled.(The Characters of Theophrastus, edited and translated by R.C. Jebb. Macmillan, 1870)

An Enquiry Concerning Human Understanding, Section 10 Essay

In Hume’s 1748 publication: An Enquiry Concerning Human Understanding , Section 10 is titled Of Miracles. This section is an extended argument against the veracity of miracles. In response to Hume, Richard Price published Four Dissertations in 1768. In Dissertation IV, The Importance of Christianity, the Nature of Historical Evidence and Miracles, Price outlines a Bayesian argument against Hume’s conclusions that miracles cannot ever occur. My thesis is that Price’s Bayesian argument, arguably the first use of Bayes’ Theorem to challenge another published argument fails. It fails on three fronts: it mischaracterizes Hume’s argument as non-conditional; it improperly employs a Bayesian model test case of newspaper reporting; and it does not consider the effects of the preliminary seeding of probabilities for its Bayesian model of miracles. 1.0 Hume’s Argument Against Miracles Hume’s argument is multi-faceted but most commentators (Millican, Earman) agree that the key summary occurs in paragraph 13. The plain consequence is (and ‘tis a general maxim worthy of our attention) â€Å"That no testimony is sufficient to establish a miracle, unless the testimony be of such a kind, that its falsehood would be more miraculous, than the fact, which it endeavours to establish†¦Ã¢â‚¬  (E 10.13) This first quote establishes a simple probability model of a miracle occurring (Miracle Happening: MH) given a true testimony about that event (True Testimony: TT) and Hume argues that it must be greaterShow MoreRelatedWhat Is The Problem Of Freewill?1495 Words   |  6 Pagesprovides us with a compelling argument for determinism. Though a libertarian, Richard Taylor justifies the stance that humans assume universal causation without realising. In â€Å"Freedom and Determinism† in Metaphysics, he gives the example of a person who hears a sudden noise and instantly tries to find the cause. This illustrates the fact that recurring experience of causation means that humans have taken the law of cause and effect as a fundamental belief that is objectively true. If we find an event thatRead More Humes Wide Construal of the Virtues Essay3865 Words   |  16 Pagesat around seventy, with the more untraditional ones including wit, good manners, and dialog. Unsurprisingly, Humes crit ics have attacked him for making nonsense of the concept of virtue by construing it so widely. Hume was aware that his broad understanding of virtue was controversial and he offered several defenses for it. After presenting the neglected attacks of his contemporaries along with Humes response, I argue that a problem remains: by failing to distinguish between degrees of virtue, HumeRead MoreDavid Humes Argument Against Belief in the Existence of Miracles2000 Words   |  8 Pagesknowledge comes through the senses. He argued against the existence of innate ideas, stating that humans have knowledge only of things which they directly experience. These claims have a major impact on his argument against the existence of miracles, and in this essay I will explain and critically evaluate this argument. In his discussion Of Miracles in Section X of An Enquiry concerning Human Understanding, Hume defines a miracle as â€Å"a violation of the laws of nature and as a firm and unalterableRead MoreThe Foundations Of Rationalism By Plato1762 Words   |  8 Pagestoday a prominent global force manifested in religion, too, holds a function in logical enquiry. Faith is to hold a conviction void of actual evidence, yet Reason needs faith in order to function, it is faith that is linked to the imagination and hypothesis for enquiry. Humans are not machines, which can function on reason alone, and thus, to eradicate faith would be to eradicate a evolutionary flaw in the human makeup. Faith, akin to love in this way, makes individuals happy. In Plato’s dialoguesRead MoreLabour Relations8410 Words   |  34 Pages COSATU†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 1.8.2) FEDUSA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 1.8.3) NACTU†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦......... 11 2.) Qualities of a Good Negotiator†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦......... 12 2.1) Characteristics of a Negotiator†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 14 3.) Workplace Forums†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.......... 17 3.1) The Current Position†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 18 4.) Procedural Aspects during a disciplinary enquiry†¦Ã¢â‚¬ ¦.... 20 4.1) Adequate Notice†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 21 4.2) The enquiry must precede the decision†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreTorture and Custodial Violence in Prisons12554 Words   |  51 PagesNational Human Rights Commission, New Delhi, India Project Report On â€Å" Torture and Custodial Violence in Prisons â€Å" Submitted By- Yashwardhan Pratap Singh 1st year, B.A.LLB Course, Jindal Global Law School, O.P. Jindal Global University, Sonipat, Haryana. Report on - The Custodial Violence and Torture In Prisons: Can it be justified even if done for a greater good? Where to draw the line between the autonomy of the police and the rights of the prisoners ? Basic StructureRead MoreIti Industrial Training Report16491 Words   |  66 PagesNation’s first Electronic Switching Systems Production Unit. 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The argument will be developed through a critical review of ‘performance appraisal in NHS Hospital’ article, discussing its conceptual bases, researchRead MoreProject on Settlement of Grievance8309 Words   |  34 Pagestheir administration in prescribed dozes does not cause any side effects to the patients.Ayurveda gives a complete look into the lifestyle of a person, like starting from his/herpersonality to the daily food habits. The Science of Life helps us in understanding each individual at a very subtle personal level and giving a detailed description about the diet, daily routine, lifestyle, actions and activities to be followed. The science teaches how to live life in a balance way. Ayurveda aims at having aRead MoreDeveloping a framework for critiquing health research5723 Words   |  23 Pagesâ€Å"health research includes any study addressing understandings of human health, health behaviour or health services, whatever the disciplinary starting point† (p5). They further suggest that health research may expand knowledge of society and health, or address an existing health care problem. Undergraduates of health related studies therefore have to consider health research in its broadest sense. A common method of assessing understanding both of the subject area and the research methodologies

Rapex is a weapon for woman against rape Free Essays

Rapex is a weapon for woman against rape. It is a diaphragm with teeth which bites when something touches it that is not supposed to, such as a penis. This is both painful and will make the rape stop immediately. We will write a custom essay sample on Rapex is a weapon for woman against rape or any similar topic only for you Order Now It also has to be removed surgically thus it is much easier to identify the rapist. In this essay I will explain and discuss the facts and uses for Rapex, the medical concerns for Rapex and the ethical and safety issues. In South Africa there are 119 people per 100,000 that are raped every year. This is probably 9 times as much because the number that was previously mentioned is only the reported rapes. You could also say that there is 50,000 rapes per year in South Africa. This is again about 4 times as many because rapes of children and acquaintances are never reported. This is an alarmingly high number and measures needed to be made. One of these measures was the Rapex anti rape device. Rapex also prevents pregnancy and the infection of sexually transmitted diseases. This is another important function of Rapex because South Africa has the most people in the world which are infected by HIV/AIDS. 1 of nine people in South Africa are infected with the virus. This scientific development has lead to many discussions of ethical issues such as if Rapex would be used for revenge by an angry wife or girlfriend or that it might cause the men to act violently towards the women and hurt them or even kill them. Rapex is made of latex and polyurethane which is held firm by shafts of sharp barbs. When the man penetrates the hooks are fastened into the tip of the man’s erected penis and the Rapex has to be surgically removed after that. Rapex is much like a diaphragm thus it should not stay inside the vagina for more than 24 hours. You should wear it when you know you are in danger of being raped such as walking a long distance or when you are somewhere were there are a minimal amount of people and a rapist can easily be attacked. You should also not wear it when you have you are menstruating. The reason that the men rape women in South Africa is that the men feel superior to them and women don’t really count in society. They are suppressed by men and don’t have the sufficient means to protect themselves. The reason for men raping children is that there is a smaller chance of sexually transmitted diseases. The man suffers from pain but no permanent injuries are inflicted. The woman may however suffer from violence from the man as a result to the pain the man is having. This could even result in death. Rapex is not as helpful by preventing rape because the man still has to penetrate for the Rapex to have an effect. This still causes the woman to be raped but she stops it immediately and she doesn’t get pregnant or get a sexually transmitted disease. She does however get a chance to get the man back. In my opinion it is more a weapon for revenge than for self protection. The defense mechanism, Rapex, should be this hard. At least for the time being to scare men and do reduce the amount of rapes taking place. Also, the men that do rape will be identified. The punishment for raping in South Africa is very low at the moment and if the Rapex I going to be used the punishment should also go up. There should also be a punishment for women that use it as a weapon for attack and not as self defense. The 3 main religions in South Africa are Zion Christian, Pentecostal/Charismatic and Catholic. None of these religions encourage rape and so the religious and cultural issues of the Rapex have no impact on this in my opinion. If they choose to rape, against their religion then they can also suffer from this. To conclude I believe I think that the Rapex is a good idea to stop rape, pregnancy and sexually transmitted disease. However, there is a big chance that it will be misused and that the men will get angry and kill the women. Therefore, I don’t think Rapex should be produced in large amounts but I think the whole educational system, civil law system and the society needs to change when it comes to its look on women. Women need to get a better education allowing them to work and became more equal to men. The civil law system needs to change its punishments of rape and the society needs to change in the way that men except woman as their equal. Rapex is only a temporary solution to the problem of rape and instead of investing money in something short term I believe you can better invest it in something that will stay long term such as a change in society and the role of women within that society. How to cite Rapex is a weapon for woman against rape, Papers

Perry Benson Essays (348 words) - Fiction, Film, Literature

Perry Benson 09/22/2017 Professor Brushaber Movie Analysis - 12 Angry Men In the movie titled, there are many displays of social psychological phenomena. This nail biting, tense, and unendingly suspenseful film features 12 jurors who have in their hands the fate of someones life, through a not guilty or guilty verdict. Near the beginning of the film, initially 11 of the appointed 12 jurors vote guilty, a decision that would ultimately kill the accused. As the movies run time continues, gradually they alter their verdict to one of not guilty. When viewing the film it is easy to spot the psychological theories of conformity and group process. Conformity https://www.youtube.com/watch?v=5xNlNV-UIUs Contextualizing the jury room, the simple idea of conformity is irresponsible and dangerous. Twelve Angry Men puts this idea in one of the most clear and sufficient ways, displaying the power of sheer social influence. Conformity due by social influence is shown in the first moments of the film. The jury room is in heated up debate and is obviated by a beginning vote. When the jurors place their verdicts, 11 who voted guilty, there is obvious hesitancy among the 11. In the clip above you can see the man at the front of the table call for the vote, in the very beginning of the vote only 6 people raise their hands. After a couple seconds 3 more raise their hands, then the last 2 raise their hands sheepishly, almost regrettably, showing their hesitance brilliantly. Lastly, Fonda, the one person who believes from the start that the verdict is not guilty, does not raise his hand. Change in Attitude and Persuasion https://www.youtube.com/watch?v=EqDd06GW76o Persuasion is an inherent characteristic in the provocative nature of Twelve Angry Men. The idea of persuasion is a series of small ideas working towards changing someones integral attitude towards something. Fonda appeals for the accused persons innocence in a clear, well thought out matter, sourcing his points directly with factual evidence and eventually ends up changing the jurors initial votes. However, the sick business man appeals to the racially and ethnically motivated, pointing towards stereo typically motivated ways of persuasion, which leads him to be shunned by the other jurors.

Crime and Modern Technology essays

Crime and Modern Technology essays Technology offers the potential for friendship, unity, and a lasting support to law enforcement, but is this friendship truly compatible or has technology increased the need for new and tougher laws, with a revision to most of the old laws already on the books. Technology has taken an average mans job and turned into one with much needed education and even then the learning does not come fast enough for our ever changing world. This paper will examine new technologies in the help with fighting crime or in reality are the things that make our lives easier allow criminals easier access to our loved ones, the things we have worked for and even allow them to escape punishment. Crime has been around for as long as humans and will only become disappear when we are gone. Why, because crime is defined as offending and violating laws, and laws were created by man and if we are not here than they would not be needed. I dont believe anyone would deny that technology has lifted crime rates and has even created new varieties of crime, but it has also aided in solving them? Before a decision is made, this paper will assess new and different technological examples. We will look at tools that both hurt and help the law enforcement community as a whole. Lets start with some basic technology enhancements; night vision goggles see invisible infrared light and convert it to visible light (Levine such as night sights on sniper rifles, night vision lenses on still and video cameras of narcotics or organized crime surveillance teams, and night vision goggles worn by police helicopter pilots (Levine & Martin, 1992). These improvements have been very helpful, but sometimes when officers are in a hurry and possibly impatient they tend to try and skirt the letter of the law and force issues without proper paper work. This is where these ...

Easily Share Your Marketing Calendar With CoSchedules Read-Only View

Easily Share Your Marketing Calendar With s Read-Only View â€Å"Please look, but do not touch.† (the thought racing through your mind every time  you get a request to â€Å"access the calendar†) Your calendar is mission control for your entire  marketing strategy. It’s your baby. And those accidental deletions†¦ Finger flubs†¦ And randomly â€Å"misplaced† content†¦ aren’t simple fixes They’re all-nighter, stomach dropping fiascos. 😠± So, how to do you keep the right people in the know AND still maintain control over your marketing calendar (and what happens to it)? Until today, you had two options: Pay for additional users  who may or may not EVER log in†¦(and live in constant fear that something will get deleted or modified or vanish) OR take hundreds of static screenshots  and manually upload them into an email or presentation(which is ineffective and tedious as hell). Luckily†¦ Starting today, we’ve got a MUCH better solution. Introducing Read-Only View from !  AKA the *new* way to share your calendar (with outsiders) without paying for additional users, taking a bunch of static screenshots, and worrying about unwanted edits! (Plus, every Read-Only View is mobile-friendly and support both phone AND tablet!) With Read-Only View from , you can: Keep higher-ups â€Å"in the know† sans static screenshots (or other weird workarounds). With Read-Only View, you can create custom views of your calendar that are interactive, update in real-time, AND give your team the details they need (nothing more, nothing less). And eliminate unwanted edits to your content! When you share a Read-Only View with someone outside your calendar, they can only look at your contentno edits, finger flubs, accidental deletions, or moving around your carefully planned marketing campaigns allowed.   Whether you need to share important marketing details with a clientyour supervisoror a contributor outside the calendar†¦ Now it’s easy to share the RIGHT details†¦ at the right level. 😉

Gangs and gang behavior - week 5 Essay Example | Topics and Well Written Essays - 250 words - 1

Gangs and gang behavior - week 5 - Essay Example disruptive conduct disorders before entry into school system (Kalb &Loeber, 2003) and, according to Loeber and Farrington (2001), these problems develop later during growth. The later theory is backed by Vaughn and colleagues (2009), who argue that children become more exposed to an array of risks during the elementary period and onward and also argue that children get more vulnerable to bad peer influences outdoor. In other cases, some theories do not highlight other potential causes of this problem of gang involvement, for example, Loeber, Farrington and Petechuk (2003) including Tremblay (2003) discover that concentrated disadvantages obstruct socialization of juveniles. Loeber and Farrington (2001) talk about relevant family variables present at the preschool level, low social resources and a number of family hitches inclusive. On another account, Pogarsky, Lizotte and Thornberry (2003) identified broken families, parental delinquency, poor child management, abuse, grave matrimonial conflicts and inexperienced young motherhood. With regards to the above, it is vivid to see that other theories actually forget to put into account other relevant factors. In another analysis, theories contend for example Kroneman, Loeber and Hipwell (2004) who strongly assimilate societal poverty with behavioral problem and specifically girls, Hipwell (2002) as well as Wei (2005) make a conclusion regarding the same theory highlighting girls become the most affected in disadvantaged neighborhoods. Some factors are common across all the four developmental stages as well as the theories, therefore, this means that a single theory can be developed out of all the theories with respect to the developmental stages of a

Old Life in Hangzhuo China and the Modern Life in New York City Essay

Old Life in Hangzhuo China and the Modern Life in New York City - Essay Example Similar to the modern day New York City, Huangzhuo is one of the most important cities in China in the 13th century. Huangzhuo is the capital of the Southern Song dynasty making it a major cultural and political center. The account of Marco Polo describes this city as "magnificent" and "beyond dispute the finest and the noblest in the world" (Yule 185). Being surrounded by bodies of water, the city is surrounded by twelve thousand bridges in order to facilitate travel to and from it. This physical structure is also present in the modern day New York even though the number of bridges is far smaller. The Staten Island is connected to Brooklyn by the Verrazano-Narrows Bridge (New York City). Being the capital of a dynasty, Huangzhuo has also been a seat of entertainment which is performed in what Marco Polo describes as "a rich, beautiful and spacious edifice, furnished in such style as to seem fit for a palace of an Emperor (Yule 186)" in one of the city's island. Within this structure, important celebrations and occasions are held. In the modern day New York City, this can be likened to the Coney Island which is one of the earliest amusement ground in the US, the Madison Square Garden, and the Broadway theatre district (New York City). The economic significance of the two cities is also comparable

Concepts of Project Finance

Concepts of Project Finance Introduction Project Finance. Origins of project finance Project financing is generally sought for infrastructure related projects. Its linkages to the economy are mutiple and complex, because it affects production and consumption directly, creates negative and positive externalities, and involves large flow of expenditure. Prior to World War I, private entrepreneurs built major infrastructure projects all over the world. During the 19th century ambitious projects such as the suez canal and the Trans-Siberian Railway were constructed, financed and owned by private companies. However the private sector entrepreneur disappeared after world War I and as colonial powers lost control, new governments financed infrastructure projects through public sector borrowing. The state and the public utility organizations became the main clients in the commissioning of public works, which were then paid for out of general taxation. After World War II, most infrastructure projects in industrialized countries were built under the supervision of the state and were funded from the respective budgetary resources of sovereign borrowings. This traditional approach of government in identifying needs, setting policy and procuring infrastructure was by and large followed by developing countries, with the public finance being supported by bond instruments or direct sovereign loans by such organizations as the world Bank, the Asian Development Bank and the International Monetary Fund. Development In the early 1980s The convergence of a number of factors by the early 1980s led to the search for alternative ways to develop and finance infrastructure projects around the world. These factors include: Continued population and economic growth meant that the need for additional infrastructure- roads, power plants, and water-treatment plants-continued to grow. The debt crisis meant that many countries had less borrowing capacity and fewer budgetary resources to finance badly needed projects; compelling them to look to the private sector for investors for projects which in the past would have been constructed and operated in the public sector Major international contracting firms, which in the mid-1970s had been kept busy, particularly in the oil rich Middle East, were, by the early 1980s, facing a significant downturn in business and looking for creative ways to promote additional projects. Competition for global markets among major equipment suppliers and operators led them to become promoters of projects to enable them to sell their products or services. Outright privatization was not acceptable in some countries or appropriate in some sectors for political or strategic reasons and governments were reluctant to relinquish total control of what maybe regarded as state assets. During the 1980s, as a number of governments, as well as international lending institutions, became increasingly interested in promoting the development for the private sector, and the discipline imposed by its profit motive, to enhance the efficiency and productivity of what had previously been considered public sector services. It is now increasingly recognized that private sector can play a dynamic role in accelerating growth and development. Many countries are encouraging direct private sector involvement and making strong efforts to attract new money through new project financing techniques. Such encouragement is not borne solely out of the need for additional financing, but it has been recognized that the private sector involvement can bring with it the ability to implement projects in a shorter time, the expectation of more efficient operation, better management and higher technical capability and, in some cases, the introduction of an element of competition into monopolistic structures. However, the private sector, driven by commercial objectives, would not want to take up any project whose returns are not consumerate with the risks. Infrastructure projects typically have a long gestation period and returns are uncertain. What then are the incentives of private capital providers to participate in infrastructure projects, which are fraught with huge risks? Project finance provides satisfactory answers to these questions. Project finance is typically defined as limited or non-recourse financing of a new project through separate incorporation of vehicle or Project Company. Project financing involves non-recourse financing of the development and construction of a particular project in which the lender looks principally to the revenues expected to be generated by the project for the repayment of its loan and to the assets of the project as collateral for its loan rather than to the general credit of the project sponsor. In other words the lenders finance the project looking at the creditworthiness of the project, not the creditworthiness of the borrowing party. Project Financing discipline includes understanding the rationale for project financing, how to prepare the financial plan, assess the risk, design the financing mix, and raise the funds. A knowledge base is required regarding the design of contractual arrangements to support project financing; issues fior the host government legislative provisions, public/private infrastructure partnerships, public/private financing structures; credit requirements of lenders, and how to determine the projects borrowing capacity; how to prepare cash flow projections and use them to measure expected rates of return; tax and accounting considerations; and analytical techniques to validate the projects feasibility. Traditional finance is corporate finance, where the primary source of repayment for investor and creditors is the sponsoring company, backed by its entire balance sheet, not the project alone. Although creditors will usually still seek to assure themselves of economic viability of the project being financed so that it is not a drain on the corporate sponsors existing pool of assets, an important influence on their credit decision is the overall strength of the sponsors balance sheet, as well as their business reputation. If the project fails, lenders do not necessarily suffer, as long as the company owning the project remains financially viable. Corporate finance is often used for shorter, less capital-intensive projects that do not warrant outside financing. The company borrows funds to construct a new facility and guarantees to repay the lenders from its available operating income and its base of assets. However private companies avoid this option, as it strains their balance sheets and capacity, and limits their potential participation in future projects. Project financing is different from traditional forms of finance because the financier principally looks to the assets and revenue of the project in order to secure and service the loan. In project finance a team or consortium of private firms establishes a new project company to build, own and operate a separate infrastructure project. The new project company to build own and operate a separate infrastructure project. The new project company is capitalized with equity contributions from each of the sponsors. In contrast to an ordinary borrowing situation, in a project financing the financier usually has little or no recourse to the non-project assets of the borrower or the sponsors of the project. The project is not reflected in the sponsors balance sheets. Extent of recourse Recourse refers to the right to claim a refund from another party, which has handled a bill at an earlier stage. The extent of recourse refers to the range of reliance on sponsors and other project participants for enhancement to protect against certain projects risks. In project financing there is limited or no recourse. Non-recourse project finance is an arrangement under which investors and credit financing the project do not have any direct recourse to the sponsors. In other words, the lender is not permitted to request repayment from the parent company if borrower fails to meet its payment obligation. Although creditors security will include the assets being financed, lenders rely on the operating cash flow generated from those assets for repayment. When the project has assured cash flows in the form of a reliable off taker and well-allocated construction and operating risks, the lenders are comfortable with non-recourse financing. Lenders prefer limited recourse when the project has significantly higher risks. Limited recourse project finance permits creditors and investors some recourse to the sponsors. This frequently takes the form of a precompletion guarantee during a projects construction period, or other assurance of some form of support for the project. In most developing market projects and in other projects with significant construction risk, project finance is generally of the limited recourse type. Merits and Demerits of Project Financing: Project financing is continuously used as a financing method in capital-intensive industries for projects requiring large investments of funds, such as the construction of power plants, pipelines, transportation systems, mining facilities, industrial facilities and heavy manufacturing plants. The sponsors of such projects frequently are not sufficiently creditworthy ot obtain tr5aditional financing or unwilling to take the risk and assume the debt obligation associated with traditional financing. Project financing permits the risk associated with such projects to be allocated among number of parties at levels acceptable to each party. The advantages of project financing are as follows: 1. Non-recourse: The typical project financing involves a loan to enable the sponsor to construct a project where the loan is completely â€Å"Non-recourse† to the s[sponsor i.e. the sponsor has no obligation to make payments on the project loan if revenues generated by the project are insufficient to cover the principle and interest payable on the loan. This safeguards the assets of sponsors. The risks of new projects remain separate from the existing business. 2. Maximizes leverage: In project financing. The sponsors typically seek to finance the cost of development and construction of project on highly leverage basis. Frequently such costs are financed using 80 to 100 percent debt. High leverage in an non recourse financing permits a sponsor to put less in funds at risk, permits a sponsor to finance a project without diluting its equity investment in the project and in certain circumstances, also may permit reduction in cost of capital by substituting lower cost, tax deductible interest for higher cost, taxable return on equity. 3. Off balance sheet treatment: Depending upon the structure of project financing the project sponsors may not be required to report any of the project debt on its balance sheet because such debt is non recourse or of limited recourse to the sponsor. Off balance sheet treatment can have the added practical benefit of helping the sponsor comply with convenient and restrictions related to the board. Borrowings funds contain in other indentures and credit agreements to which the sponsor is a party. 4. Maximizes tax benefits: Project finance is generally structured to maximize tax benefit and to assure that all available tax benefit are used by the sponsors or transferred to the extent possible to another party through a partnership, lease or vehicle. 5. Diversifies risk: By allocating the risk and financing need of the projects among a group of interested parties or sponsors, project financing makes it possible to undertake project that would be too large or would pose too great a risk for one party ion its own. Demerits: 1. Complexity of risk allocation: Project financing is complex transaction involving many participants with diverse interest. If a project is to be successful risk must be allocated among the participants in an economically efficient way. However, there is necessary tension between the participants. For e.g between the lender and the sponsor regarding the degree of recourse, between the sponsor and contractor regarding the nature of guarantees., etc which may slow down the realization of the project. 2. Increase transaction cost: It involves higher transaction costs compared to other types of transactions, because it requires an expensive and time-consuming due diligence conducted by the lenders lawyer, the independent engineers etc., since the documentation is usually complex and lengthy. 3. Higher interest rates and fees: The interest rates and fees charged in project financing are higher than on direct loan made to the project sponsor since the lender takes on more risk. 4. Lender supervision: In accordance with a higher risk taken in project financing the lender imposes a greater supervion on the mangement and operation of the project to make sure that the project success is not impaired. The degree of lender supervision will usually result into higher costs which will typically have to be borne by the sponsor. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. There has been a rise in number of companies that need innovative financing to satisfy their capital needs, in a significant number of instances they have viable goals but find that traditional lenders are unable to understand their initiatives. And so the need emerged for project finance. Project financing is a specialized form of financing that may offer some cost advantages when very large amounts of capital are involved It can be tricky to structure, and is usually limited to projects where a good cash flow is anticipated. Project finance can be defined as: financing of an industrial (or infrastructure) project with myriad capital needs, usually based on non-recourse or limited recourse structures, where project debt and equity (and potentially leases) used to finance the project are paid back from the cash flow generated by the project, with the projects assets, rights and interests held as collateral. In other words, its an incredibly flexible and comprehensive financing solution that demands a long-term lending approach not typical in todays market place. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. Infrastructure is the backbone of any economy and the key to achieving rapid sustainable rate of economic development and competitive advantage. Realizing its importance governments commit substantial portions of their resources for development of the infrastructure sector. As more projects emerge getting them financed will continue to require a balance between equity and debt. With infrastructure stocks and bonds being traded in the markets around the world, the traditionalist face change. A country on the crest of change is India. Unlike many developing countries India has developed judicial framework of trust laws, company laws and contract laws necessary for project finance to flourish. Types of Project Finance Build Operate Transfer (BOT) Build Own Operate Transfer (BOOT) Build Own Operate (BOO) Build Operate Transfer Build operate transfer is a project financing and operating approach that has found an application in recent years primarily in the area of infrastructure privatization in the developing countries. It enables direct private sector investment in large scale infrastructure projects. In BOT the private contractor constructs and operates the facility for a specified period. The public agency pays the contractor a fee, which may be a fixed sum, linked to output or, more likely, a combination of the two. The fee will cover the operators fixed and variable costs, including recovery of the capital invested by the contractor. In this case, ownership of the facility rests with the public agency. The theory of BOT is as follows:- BUILD A private company (or consortium) agrees with a government to invest in a public infrastructure project. The company then secures their own financing to construct the project. Operate The private developer then operates, maintains, and manages the facility for a agreed concession period and recoups their investment through charges or tolls. Transfer- After the concessionary period the company transfers ownership and operation of the facility to the government or relevant state authority. In a BOT arrangement, the private sector designs and builds the infrastructure, finances its construction and operates and maintains it over a period, often as long as 20 or 30 years. This period is referred to as the â€Å"concession† period. In short, under a BOT structure, a government typically grants a concession to a project company under which the project company has the right to build and operate a facility. The project company borrows from the lending institutions in order to finance the construction of the facility. The loans are repaid from â€Å"tariffs† paid by the government under the off take agreement during the life of the concession. At the end of the concession period the facility is usually transferred back to the government. Advantages The Government gets the benefit of the private sector to mobilize finance and to use the best management skills in the construction, operation and maintenance of the project. The private participation also ensures efficiency and quality by using the best equipment. BOT provides a mechanism and incentives for enterprises to improve efficiency through performance-based contracts and output-oriented targets The projects are conducted in a fully competitive bidding situation and are thus completed at the lowest possible cost. The risks of the project are shared by the private sector Disadvantages There is a profit element in the equity portion of the financing, which is higher than the debt cost. This is the price paid for passing of the risk to the private sector It may take a long time and considerable up front expenses to prepare and close a BOT financing deal as it involves multiple entities and requires a relatively complicated legal and institutional framework. There the BOT may not be suitable for small projects It may take time to develop the necessary institutional capacity to ensure that the full benefits of BOT are realized, such as development and enforcement of transparent and fair bidding and evaluation procedures and the resolution of potential disputes during implementation. Build Own Operate Transfer (BOOT) A BOOT funding model involves a single organization, or consortium (BOOT provider) who designs, builds, funds, owns and operates the scheme for a defined period of time and then transfers this ownership across to a agreed party. BOOT projects are a way for governments to bundle together the design and construction, finance, operations and maintenance and potentially marketing and customer interface aspects of a project and let these as a package to a single private sector service provider. The asset is transferred back to the government after the concession period at little or no cost. The Components of BOOT. B for Build The concession grants the promoter the right to design, construct, and finance the project. A construction contract will be required between the promoter and a contractor. The contract is often among the most difficult to negotiate in a BOOT project because of the conflict that increasingly arises between the promoter, the contractor responsible for building the facility and those financing its construction. Banks and other providers of funds want to be sure that the commercial terms of the construction contract are reasonable and that the construction risk is placed as far as possible on the contractors. The contractor undertakes responsibility for constructing the asset and is expected to build the project on time, within budget and according to a clear specification and to warrant that the asset will perform its design function. Typically this is done by way of a lump-sum turnkey contract. O for Own The concession from the state provides concessionaire to own, or at least possess, the assets that are to be built and to operate them for a period of time: the life of the concession. The concession agreement between the state and the concessionaire will define the extent to which ownership, and its associated attributes of possession and control, of the assets lies with the concessionaire. O for Operate An operator assumes the responsibility for maintaining the facilitys assets and the operating them on the basis that maximizes the profit or minimizes the cost on behalf of the concessionaire and, like the contractor undertaking construction and be a shareholder in the project company. The operator is s often an independent through the promoter company. T for Transfer This relates to a change in ownership of the assets that occurs at the end of the concession period, when the concession assets revert to the government grantor. The transfer may be at book value or no value and may occur earlier in the event of failure of concessionaire. Stages of Boot Project Build Design Manage project implementation Carry out procurement Finance Construct Own Hold in interest under concession Operates Mange and operate facility Carry out maintenance Deliver products/services Receive payment for product/ service Transfer Hand over project in operating condition at the end of concession period Advantages The majority of construction and long term risk can be transferred onto the BOOT provider. The BOOT operator can claim depreciation on the facility constructed and depreciation being a tax-deductible expense shareholder returns are maximized. Using an output based purchasing model, the tender process will encourage maximum innovations allowing the most efficient designs to be explored for the scheme. This process may also be built into more traditional tendering processes. Accountability for the asset design, construction and service delivery is very high given that if the performance targets are not met, the operator stands to lose a portion of capital expenditure, capital profit, operating expenditure and operating profit. Boot operators are experienced with management and operation of infrastructure assets and bring these skills to scheme. Corporate structuring issues and costs are minimal within a BOOT model, as project funding, ownership and operation are the responsibility of the BOOT operator. These costs will however be built into the BOOT project pricing. Disadvantages Boot is likely to result in higher cost of the product/ service for the end user. This is a result of the BOOT provider incurring the risks associated with 100 percnet financing of the scheme and the acceptance of the ongoing maintenance liabilities. Users may have a negative reaction to private sector involvement in the scheme, particularly if the private sector is an overseas owned company Management and monitoring of the service level agreement with the BOOT operators can be time consuming and resource hungry. Procedures need to be in place to allow users to assess service performance and penalize the BOOT operator where necessary. A rigorous selection process is required when selecting a boot partner. Users need to be confident that the BOOT operator is financially secure and sufficiently committed to the market prior to considering their bid. Build Own Operate In BOO, the concessionaire constructs the facility and then operates it on behalf of the public agency. The initial operating period {over which the capital cost will be recovered} is defined. Legal title to the facility remains in the private sector, and there is no obligation for the public sector to purchase the facility or take title. The private sector partner owns the project outright and retains the operating revenue risk and all of the surplus operating revenue in perpetuity. As an alternative to transfer, a further operating contract {at a lower cost} may be negotiated. Design Build Finance Operate (DBFO): Under this approach, the responsibilities fro designing, building, financing and operating are bundled together and transferred to private sector partners. They are also often supplemented by public sector grants in the from of money or contributions in kind, such as right of way. In certain cases, private partners may be required to make equity investments as well. DBFO shifts a great deal of the responsibility for developing and operating to private sector partners, the public agency sponsoring a project would retain full ownership over the project. Others: Build Transfer Operate (BTO) The BTO model is similar to BOT model except that the transfer to the public owner takes place at the time that construction is completed, rather than at the end of the franchise period. The concessionary builds and transfers a facility to the owner but exclusively operates the facility on behalf of the owner by means of management contract. Buy Build Operate (BBO) A BBO is a form of asset sale that includes a rehabilitation or expansion of an existing facility. The government sells the asset to the private sector entity, which then makes the improvements necessary to operate the facility in a profitable manner. Lease Own Operate (LOO) This approach is similar to a BOO project but an existing asset is leased from the government for a specified time. the asset may require refurbishment or expansion. Build Lease Transfer (BLT) The concessionaire builds a facility, lease out the operating portion of the contract, and on completion of the contract, returns the facility to the owner. Build Own Lease Transfer (BOLT) BOLT is a financing scheme in which the asset is owned by the asset provider and is then leased to the public agency, during which the owner receives lease rentals. On completion of the contract the asset is transferred to the public agency. Build Lease Operate Transfer (BLOT) The private sector designs finance and construct a new facility on public land under a long term lease and operate the facility during the term of the lease. the private owner transfers the new facility to the public sector at the end of the lease term. Design Build (DB) A DB is when the private partner provides both design and construction of a project to the public agency. This type of partnership can reduce time, save money, provide stronger guarantees and allocate additional project risk to the private sector. It also reduces conflict by having a single entity responsible to the public owner for the design and construction. The public sector partner owns the assets and has the responsibility for the operation and maintenance. Design Bid Build (DBB) Design bid build is the traditional project delivery approach, which segregates design and construction responsibilities by awarding them to an independent private engineer and a separate private contractor. By doing so, design bid build separates the delivery process in to the three liner phases: Design, Bid and Construction. The public sector retains responsibility for financing, operating and maintaining infrastructure procured using the traditional design bid build approach. Design Build Maintain (DBM) A DBM is similar to a DB except the maintenance of the facility for the some period of time becomes the responsibility of the private sector partner. The benefits are similar to the DB with maintenance risk being allocated to the private sector partner and the guarantee expanded to include maintenance. The public sector partner owns and operates the assets. Design Build Operate (DBO) A single contract is awarded for the design, construction and operation of a capital improvement. Title to the facility remains with the public sector unless the project is a designbuildoperatetransfer or designbuildownoperate project. The DBO method of contracting is contrary to the separated and sequential approach ordinarily used in the United States by both the public and private sectors. This method involves one contract for design with an architect or engineer, followed by a different contract with a builder for project construction, followed by the owners taking over the project and operating it. A simple design build approach credits a single point of responsibility for design and construction and can speed project completion by facilitating the overlap of the design and construction phases of the project. On a public project, the operations phase is normally handled by the public sector under a separate operations and maintenance agreement. Combining all three phases in to a DBO approach maintains the continuity of private sector involvement and can facilitate private sector financing of public projects supported by user fees generated during the operations phase. Lease Develop Operate (LDO) or Build Develop Operate (BDO) Under these partnerships arrangements, the private party leases or buys an existing facility from a public agency invests its own capital to renovate modernize, and expand the facility, and then operates it under a contract with the public agency. A number of different types of municipal transit facilities have been leased and developed under LDO and BDO arrangements. Theoretical Perspective Project Finance Strategic Business Unit A one-stop-shop of financial services for new projects as well as expansion, diversification and modernization of existing projects in infrastructure and non -infrastructure sectors Since its inception in 1995 the Project Finance SBU has built-up a strong reputation for its in-depth understanding of the infrastructure sector as well as non-infrastructure sector in India and they have the ability to provide tailor made financial solutions to meet the growing diversified requirement for different levels of the project. The recent transactions undertaken by PF- Concepts of Project Finance Concepts of Project Finance Introduction Project Finance. Origins of project finance Project financing is generally sought for infrastructure related projects. Its linkages to the economy are mutiple and complex, because it affects production and consumption directly, creates negative and positive externalities, and involves large flow of expenditure. Prior to World War I, private entrepreneurs built major infrastructure projects all over the world. During the 19th century ambitious projects such as the suez canal and the Trans-Siberian Railway were constructed, financed and owned by private companies. However the private sector entrepreneur disappeared after world War I and as colonial powers lost control, new governments financed infrastructure projects through public sector borrowing. The state and the public utility organizations became the main clients in the commissioning of public works, which were then paid for out of general taxation. After World War II, most infrastructure projects in industrialized countries were built under the supervision of the state and were funded from the respective budgetary resources of sovereign borrowings. This traditional approach of government in identifying needs, setting policy and procuring infrastructure was by and large followed by developing countries, with the public finance being supported by bond instruments or direct sovereign loans by such organizations as the world Bank, the Asian Development Bank and the International Monetary Fund. Development In the early 1980s The convergence of a number of factors by the early 1980s led to the search for alternative ways to develop and finance infrastructure projects around the world. These factors include: Continued population and economic growth meant that the need for additional infrastructure- roads, power plants, and water-treatment plants-continued to grow. The debt crisis meant that many countries had less borrowing capacity and fewer budgetary resources to finance badly needed projects; compelling them to look to the private sector for investors for projects which in the past would have been constructed and operated in the public sector Major international contracting firms, which in the mid-1970s had been kept busy, particularly in the oil rich Middle East, were, by the early 1980s, facing a significant downturn in business and looking for creative ways to promote additional projects. Competition for global markets among major equipment suppliers and operators led them to become promoters of projects to enable them to sell their products or services. Outright privatization was not acceptable in some countries or appropriate in some sectors for political or strategic reasons and governments were reluctant to relinquish total control of what maybe regarded as state assets. During the 1980s, as a number of governments, as well as international lending institutions, became increasingly interested in promoting the development for the private sector, and the discipline imposed by its profit motive, to enhance the efficiency and productivity of what had previously been considered public sector services. It is now increasingly recognized that private sector can play a dynamic role in accelerating growth and development. Many countries are encouraging direct private sector involvement and making strong efforts to attract new money through new project financing techniques. Such encouragement is not borne solely out of the need for additional financing, but it has been recognized that the private sector involvement can bring with it the ability to implement projects in a shorter time, the expectation of more efficient operation, better management and higher technical capability and, in some cases, the introduction of an element of competition into monopolistic structures. However, the private sector, driven by commercial objectives, would not want to take up any project whose returns are not consumerate with the risks. Infrastructure projects typically have a long gestation period and returns are uncertain. What then are the incentives of private capital providers to participate in infrastructure projects, which are fraught with huge risks? Project finance provides satisfactory answers to these questions. Project finance is typically defined as limited or non-recourse financing of a new project through separate incorporation of vehicle or Project Company. Project financing involves non-recourse financing of the development and construction of a particular project in which the lender looks principally to the revenues expected to be generated by the project for the repayment of its loan and to the assets of the project as collateral for its loan rather than to the general credit of the project sponsor. In other words the lenders finance the project looking at the creditworthiness of the project, not the creditworthiness of the borrowing party. Project Financing discipline includes understanding the rationale for project financing, how to prepare the financial plan, assess the risk, design the financing mix, and raise the funds. A knowledge base is required regarding the design of contractual arrangements to support project financing; issues fior the host government legislative provisions, public/private infrastructure partnerships, public/private financing structures; credit requirements of lenders, and how to determine the projects borrowing capacity; how to prepare cash flow projections and use them to measure expected rates of return; tax and accounting considerations; and analytical techniques to validate the projects feasibility. Traditional finance is corporate finance, where the primary source of repayment for investor and creditors is the sponsoring company, backed by its entire balance sheet, not the project alone. Although creditors will usually still seek to assure themselves of economic viability of the project being financed so that it is not a drain on the corporate sponsors existing pool of assets, an important influence on their credit decision is the overall strength of the sponsors balance sheet, as well as their business reputation. If the project fails, lenders do not necessarily suffer, as long as the company owning the project remains financially viable. Corporate finance is often used for shorter, less capital-intensive projects that do not warrant outside financing. The company borrows funds to construct a new facility and guarantees to repay the lenders from its available operating income and its base of assets. However private companies avoid this option, as it strains their balance sheets and capacity, and limits their potential participation in future projects. Project financing is different from traditional forms of finance because the financier principally looks to the assets and revenue of the project in order to secure and service the loan. In project finance a team or consortium of private firms establishes a new project company to build, own and operate a separate infrastructure project. The new project company to build own and operate a separate infrastructure project. The new project company is capitalized with equity contributions from each of the sponsors. In contrast to an ordinary borrowing situation, in a project financing the financier usually has little or no recourse to the non-project assets of the borrower or the sponsors of the project. The project is not reflected in the sponsors balance sheets. Extent of recourse Recourse refers to the right to claim a refund from another party, which has handled a bill at an earlier stage. The extent of recourse refers to the range of reliance on sponsors and other project participants for enhancement to protect against certain projects risks. In project financing there is limited or no recourse. Non-recourse project finance is an arrangement under which investors and credit financing the project do not have any direct recourse to the sponsors. In other words, the lender is not permitted to request repayment from the parent company if borrower fails to meet its payment obligation. Although creditors security will include the assets being financed, lenders rely on the operating cash flow generated from those assets for repayment. When the project has assured cash flows in the form of a reliable off taker and well-allocated construction and operating risks, the lenders are comfortable with non-recourse financing. Lenders prefer limited recourse when the project has significantly higher risks. Limited recourse project finance permits creditors and investors some recourse to the sponsors. This frequently takes the form of a precompletion guarantee during a projects construction period, or other assurance of some form of support for the project. In most developing market projects and in other projects with significant construction risk, project finance is generally of the limited recourse type. Merits and Demerits of Project Financing: Project financing is continuously used as a financing method in capital-intensive industries for projects requiring large investments of funds, such as the construction of power plants, pipelines, transportation systems, mining facilities, industrial facilities and heavy manufacturing plants. The sponsors of such projects frequently are not sufficiently creditworthy ot obtain tr5aditional financing or unwilling to take the risk and assume the debt obligation associated with traditional financing. Project financing permits the risk associated with such projects to be allocated among number of parties at levels acceptable to each party. The advantages of project financing are as follows: 1. Non-recourse: The typical project financing involves a loan to enable the sponsor to construct a project where the loan is completely â€Å"Non-recourse† to the s[sponsor i.e. the sponsor has no obligation to make payments on the project loan if revenues generated by the project are insufficient to cover the principle and interest payable on the loan. This safeguards the assets of sponsors. The risks of new projects remain separate from the existing business. 2. Maximizes leverage: In project financing. The sponsors typically seek to finance the cost of development and construction of project on highly leverage basis. Frequently such costs are financed using 80 to 100 percent debt. High leverage in an non recourse financing permits a sponsor to put less in funds at risk, permits a sponsor to finance a project without diluting its equity investment in the project and in certain circumstances, also may permit reduction in cost of capital by substituting lower cost, tax deductible interest for higher cost, taxable return on equity. 3. Off balance sheet treatment: Depending upon the structure of project financing the project sponsors may not be required to report any of the project debt on its balance sheet because such debt is non recourse or of limited recourse to the sponsor. Off balance sheet treatment can have the added practical benefit of helping the sponsor comply with convenient and restrictions related to the board. Borrowings funds contain in other indentures and credit agreements to which the sponsor is a party. 4. Maximizes tax benefits: Project finance is generally structured to maximize tax benefit and to assure that all available tax benefit are used by the sponsors or transferred to the extent possible to another party through a partnership, lease or vehicle. 5. Diversifies risk: By allocating the risk and financing need of the projects among a group of interested parties or sponsors, project financing makes it possible to undertake project that would be too large or would pose too great a risk for one party ion its own. Demerits: 1. Complexity of risk allocation: Project financing is complex transaction involving many participants with diverse interest. If a project is to be successful risk must be allocated among the participants in an economically efficient way. However, there is necessary tension between the participants. For e.g between the lender and the sponsor regarding the degree of recourse, between the sponsor and contractor regarding the nature of guarantees., etc which may slow down the realization of the project. 2. Increase transaction cost: It involves higher transaction costs compared to other types of transactions, because it requires an expensive and time-consuming due diligence conducted by the lenders lawyer, the independent engineers etc., since the documentation is usually complex and lengthy. 3. Higher interest rates and fees: The interest rates and fees charged in project financing are higher than on direct loan made to the project sponsor since the lender takes on more risk. 4. Lender supervision: In accordance with a higher risk taken in project financing the lender imposes a greater supervion on the mangement and operation of the project to make sure that the project success is not impaired. The degree of lender supervision will usually result into higher costs which will typically have to be borne by the sponsor. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. There has been a rise in number of companies that need innovative financing to satisfy their capital needs, in a significant number of instances they have viable goals but find that traditional lenders are unable to understand their initiatives. And so the need emerged for project finance. Project financing is a specialized form of financing that may offer some cost advantages when very large amounts of capital are involved It can be tricky to structure, and is usually limited to projects where a good cash flow is anticipated. Project finance can be defined as: financing of an industrial (or infrastructure) project with myriad capital needs, usually based on non-recourse or limited recourse structures, where project debt and equity (and potentially leases) used to finance the project are paid back from the cash flow generated by the project, with the projects assets, rights and interests held as collateral. In other words, its an incredibly flexible and comprehensive financing solution that demands a long-term lending approach not typical in todays market place. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. Infrastructure is the backbone of any economy and the key to achieving rapid sustainable rate of economic development and competitive advantage. Realizing its importance governments commit substantial portions of their resources for development of the infrastructure sector. As more projects emerge getting them financed will continue to require a balance between equity and debt. With infrastructure stocks and bonds being traded in the markets around the world, the traditionalist face change. A country on the crest of change is India. Unlike many developing countries India has developed judicial framework of trust laws, company laws and contract laws necessary for project finance to flourish. Types of Project Finance Build Operate Transfer (BOT) Build Own Operate Transfer (BOOT) Build Own Operate (BOO) Build Operate Transfer Build operate transfer is a project financing and operating approach that has found an application in recent years primarily in the area of infrastructure privatization in the developing countries. It enables direct private sector investment in large scale infrastructure projects. In BOT the private contractor constructs and operates the facility for a specified period. The public agency pays the contractor a fee, which may be a fixed sum, linked to output or, more likely, a combination of the two. The fee will cover the operators fixed and variable costs, including recovery of the capital invested by the contractor. In this case, ownership of the facility rests with the public agency. The theory of BOT is as follows:- BUILD A private company (or consortium) agrees with a government to invest in a public infrastructure project. The company then secures their own financing to construct the project. Operate The private developer then operates, maintains, and manages the facility for a agreed concession period and recoups their investment through charges or tolls. Transfer- After the concessionary period the company transfers ownership and operation of the facility to the government or relevant state authority. In a BOT arrangement, the private sector designs and builds the infrastructure, finances its construction and operates and maintains it over a period, often as long as 20 or 30 years. This period is referred to as the â€Å"concession† period. In short, under a BOT structure, a government typically grants a concession to a project company under which the project company has the right to build and operate a facility. The project company borrows from the lending institutions in order to finance the construction of the facility. The loans are repaid from â€Å"tariffs† paid by the government under the off take agreement during the life of the concession. At the end of the concession period the facility is usually transferred back to the government. Advantages The Government gets the benefit of the private sector to mobilize finance and to use the best management skills in the construction, operation and maintenance of the project. The private participation also ensures efficiency and quality by using the best equipment. BOT provides a mechanism and incentives for enterprises to improve efficiency through performance-based contracts and output-oriented targets The projects are conducted in a fully competitive bidding situation and are thus completed at the lowest possible cost. The risks of the project are shared by the private sector Disadvantages There is a profit element in the equity portion of the financing, which is higher than the debt cost. This is the price paid for passing of the risk to the private sector It may take a long time and considerable up front expenses to prepare and close a BOT financing deal as it involves multiple entities and requires a relatively complicated legal and institutional framework. There the BOT may not be suitable for small projects It may take time to develop the necessary institutional capacity to ensure that the full benefits of BOT are realized, such as development and enforcement of transparent and fair bidding and evaluation procedures and the resolution of potential disputes during implementation. Build Own Operate Transfer (BOOT) A BOOT funding model involves a single organization, or consortium (BOOT provider) who designs, builds, funds, owns and operates the scheme for a defined period of time and then transfers this ownership across to a agreed party. BOOT projects are a way for governments to bundle together the design and construction, finance, operations and maintenance and potentially marketing and customer interface aspects of a project and let these as a package to a single private sector service provider. The asset is transferred back to the government after the concession period at little or no cost. The Components of BOOT. B for Build The concession grants the promoter the right to design, construct, and finance the project. A construction contract will be required between the promoter and a contractor. The contract is often among the most difficult to negotiate in a BOOT project because of the conflict that increasingly arises between the promoter, the contractor responsible for building the facility and those financing its construction. Banks and other providers of funds want to be sure that the commercial terms of the construction contract are reasonable and that the construction risk is placed as far as possible on the contractors. The contractor undertakes responsibility for constructing the asset and is expected to build the project on time, within budget and according to a clear specification and to warrant that the asset will perform its design function. Typically this is done by way of a lump-sum turnkey contract. O for Own The concession from the state provides concessionaire to own, or at least possess, the assets that are to be built and to operate them for a period of time: the life of the concession. The concession agreement between the state and the concessionaire will define the extent to which ownership, and its associated attributes of possession and control, of the assets lies with the concessionaire. O for Operate An operator assumes the responsibility for maintaining the facilitys assets and the operating them on the basis that maximizes the profit or minimizes the cost on behalf of the concessionaire and, like the contractor undertaking construction and be a shareholder in the project company. The operator is s often an independent through the promoter company. T for Transfer This relates to a change in ownership of the assets that occurs at the end of the concession period, when the concession assets revert to the government grantor. The transfer may be at book value or no value and may occur earlier in the event of failure of concessionaire. Stages of Boot Project Build Design Manage project implementation Carry out procurement Finance Construct Own Hold in interest under concession Operates Mange and operate facility Carry out maintenance Deliver products/services Receive payment for product/ service Transfer Hand over project in operating condition at the end of concession period Advantages The majority of construction and long term risk can be transferred onto the BOOT provider. The BOOT operator can claim depreciation on the facility constructed and depreciation being a tax-deductible expense shareholder returns are maximized. Using an output based purchasing model, the tender process will encourage maximum innovations allowing the most efficient designs to be explored for the scheme. This process may also be built into more traditional tendering processes. Accountability for the asset design, construction and service delivery is very high given that if the performance targets are not met, the operator stands to lose a portion of capital expenditure, capital profit, operating expenditure and operating profit. Boot operators are experienced with management and operation of infrastructure assets and bring these skills to scheme. Corporate structuring issues and costs are minimal within a BOOT model, as project funding, ownership and operation are the responsibility of the BOOT operator. These costs will however be built into the BOOT project pricing. Disadvantages Boot is likely to result in higher cost of the product/ service for the end user. This is a result of the BOOT provider incurring the risks associated with 100 percnet financing of the scheme and the acceptance of the ongoing maintenance liabilities. Users may have a negative reaction to private sector involvement in the scheme, particularly if the private sector is an overseas owned company Management and monitoring of the service level agreement with the BOOT operators can be time consuming and resource hungry. Procedures need to be in place to allow users to assess service performance and penalize the BOOT operator where necessary. A rigorous selection process is required when selecting a boot partner. Users need to be confident that the BOOT operator is financially secure and sufficiently committed to the market prior to considering their bid. Build Own Operate In BOO, the concessionaire constructs the facility and then operates it on behalf of the public agency. The initial operating period {over which the capital cost will be recovered} is defined. Legal title to the facility remains in the private sector, and there is no obligation for the public sector to purchase the facility or take title. The private sector partner owns the project outright and retains the operating revenue risk and all of the surplus operating revenue in perpetuity. As an alternative to transfer, a further operating contract {at a lower cost} may be negotiated. Design Build Finance Operate (DBFO): Under this approach, the responsibilities fro designing, building, financing and operating are bundled together and transferred to private sector partners. They are also often supplemented by public sector grants in the from of money or contributions in kind, such as right of way. In certain cases, private partners may be required to make equity investments as well. DBFO shifts a great deal of the responsibility for developing and operating to private sector partners, the public agency sponsoring a project would retain full ownership over the project. Others: Build Transfer Operate (BTO) The BTO model is similar to BOT model except that the transfer to the public owner takes place at the time that construction is completed, rather than at the end of the franchise period. The concessionary builds and transfers a facility to the owner but exclusively operates the facility on behalf of the owner by means of management contract. Buy Build Operate (BBO) A BBO is a form of asset sale that includes a rehabilitation or expansion of an existing facility. The government sells the asset to the private sector entity, which then makes the improvements necessary to operate the facility in a profitable manner. Lease Own Operate (LOO) This approach is similar to a BOO project but an existing asset is leased from the government for a specified time. the asset may require refurbishment or expansion. Build Lease Transfer (BLT) The concessionaire builds a facility, lease out the operating portion of the contract, and on completion of the contract, returns the facility to the owner. Build Own Lease Transfer (BOLT) BOLT is a financing scheme in which the asset is owned by the asset provider and is then leased to the public agency, during which the owner receives lease rentals. On completion of the contract the asset is transferred to the public agency. Build Lease Operate Transfer (BLOT) The private sector designs finance and construct a new facility on public land under a long term lease and operate the facility during the term of the lease. the private owner transfers the new facility to the public sector at the end of the lease term. Design Build (DB) A DB is when the private partner provides both design and construction of a project to the public agency. This type of partnership can reduce time, save money, provide stronger guarantees and allocate additional project risk to the private sector. It also reduces conflict by having a single entity responsible to the public owner for the design and construction. The public sector partner owns the assets and has the responsibility for the operation and maintenance. Design Bid Build (DBB) Design bid build is the traditional project delivery approach, which segregates design and construction responsibilities by awarding them to an independent private engineer and a separate private contractor. By doing so, design bid build separates the delivery process in to the three liner phases: Design, Bid and Construction. The public sector retains responsibility for financing, operating and maintaining infrastructure procured using the traditional design bid build approach. Design Build Maintain (DBM) A DBM is similar to a DB except the maintenance of the facility for the some period of time becomes the responsibility of the private sector partner. The benefits are similar to the DB with maintenance risk being allocated to the private sector partner and the guarantee expanded to include maintenance. The public sector partner owns and operates the assets. Design Build Operate (DBO) A single contract is awarded for the design, construction and operation of a capital improvement. Title to the facility remains with the public sector unless the project is a designbuildoperatetransfer or designbuildownoperate project. The DBO method of contracting is contrary to the separated and sequential approach ordinarily used in the United States by both the public and private sectors. This method involves one contract for design with an architect or engineer, followed by a different contract with a builder for project construction, followed by the owners taking over the project and operating it. A simple design build approach credits a single point of responsibility for design and construction and can speed project completion by facilitating the overlap of the design and construction phases of the project. On a public project, the operations phase is normally handled by the public sector under a separate operations and maintenance agreement. Combining all three phases in to a DBO approach maintains the continuity of private sector involvement and can facilitate private sector financing of public projects supported by user fees generated during the operations phase. Lease Develop Operate (LDO) or Build Develop Operate (BDO) Under these partnerships arrangements, the private party leases or buys an existing facility from a public agency invests its own capital to renovate modernize, and expand the facility, and then operates it under a contract with the public agency. A number of different types of municipal transit facilities have been leased and developed under LDO and BDO arrangements. Theoretical Perspective Project Finance Strategic Business Unit A one-stop-shop of financial services for new projects as well as expansion, diversification and modernization of existing projects in infrastructure and non -infrastructure sectors Since its inception in 1995 the Project Finance SBU has built-up a strong reputation for its in-depth understanding of the infrastructure sector as well as non-infrastructure sector in India and they have the ability to provide tailor made financial solutions to meet the growing diversified requirement for different levels of the project. The recent transactions undertaken by PF-