Co-Branding Agreement

Co-branding is a marketing strategy involving multiple brand names being jointly aligned and used on a single service or product.

  

When businesses two or more, draw up a contract and agree to form a cooperation in an effort to associate any of their varied logos, brand identifiers and color schemes to a one specific product, this act is typically known as entering into a Co-Branding Agreement.

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Co-branding (also called brand partnership) can create marketing synergy between brands. There are various forms or types of co-branding:

One form is ingredient co-branding. This entails the creation of a new brand from the materials, components or parts that are contained within other existing products. For example, A chicken brand from Kentucky combing with the Jacked maize snack to create a burger with serious crunch.

Another form is same company or internal co-branding, these are businesses or brands with two or more brands within the same company, that decide to promote their brands simultaneously. For example, A courtyard hotel brand that also offers residence inn accommodation to its guests.

You also get Joint venture co-branding, which is another way that co-branding is done, involves more than one coming together with another in order to make available a joint product aimed at a targeted audience. An example: Banks will partner with airlines (let’s say British Airways) to offer products such as a bank card for credit that automatically qualifies the holder access to the executives member’s club of the airline.

When choosing a co-branding partner, it is essential to get to know and gather information about them. The importance of choosing a partner that offers products or services that complement shouldn’t be overlooked.  This is important to establish natural link between you and your potential partner. The product or service offering must be relevant and should offer end user value. A Co-Branding Agreement must be advantageous and add value to both brands.

the reputation, financial and market position as well as the operations of both brands should always be considered when entering into a Co-Branding Agreement.

When entering into a Co-Branding Agreement, both parties will have a say in the branding exercise. There might however, be instances where one of the parties may be more involved than the other due to its expertise, know how, etc.

This should not however, take away from the importance of both parties participating and being involved in some form or another.

The Co-Branding Agreement should be carefully drafted and detailed and should set out the parameters of their relationship.

The Co-Branding Agreement should include the use of intellectual property, the retention of the proprietary rights by each brand holder once the Co-Branding Agreement is terminated.

A Co-Branding Agreement lays out quality control measures such as the manner and form in which trademarks will be allowed or used and the scope of such use. The importance of having a set out marketing strategy/ plan can never be overlooked, this plan should stipulate the how’s, the mediums and monitoring of the promotion and marketing of the product or service.

The Co-Branding Agreement should have provisions dealing with the exclusivity, duration and termination of the agreement. Grounds for termination should be widely construed to cater for a variety of circumstances such as targets not met, misuse of intellectual property, negative publicity, etc. A Co-Branding Agreement should also cover warranties, indemnities and confidentiality. While we are here, I would like to point out that when entering into a Co-Branding Agreement it may become necessary to make available to the other party certain privileged information, which can be your market research and customer data or your technologies and know how. Please also make sure when disclosing such confidential information that your Co-Branding Agreement covers for the non-disclosure of such confidential information upon the termination of the Co-Branding Agreement.

The agreement should also deal with any new intellectual property, whether it be trade marks or new technology, etc. derived from the co-branding exercise.

More agreements and contracts can be found at the Business Own Corporation MIND Repository.

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Co-branding is the act of associating more than one brand name with a single product or service. It can also be viewed as associating someone other than the principal producer with a product.

combining the strength of two brands is the purpose behind a Co-Branding Agreement. This is done for various different reasons which include increasing the premium consumers are willing to pay, copy proofing the product or service against private label manufacturers and combining the different brand and their properties with a single product.

How to Handle Workers’ Compensation Claims - Worksheet

Workers' compensation

Workers' compensation is an insurance which provides a form of wage replacement and affords medical benefits to employees injured while performing their specified duties in exchange for mandatory relinquishment of the employee's right to sue their employer.

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Workers’ Compensation Claims have been known for making the blood of small-business owner’s run cold, this reason has been attributed to one of two things:

Either an employee has been injured or has fallen sick because of the job they perform for their company.

Or, that the employee is faking an injury or illness and in which case they might be attempting to disadvantage and manipulate the system.

After-all, no employer would like to witness their employees have to endure suffering. And, perhaps even more so, employers know that one questionable workers’ compensation claim can open and set in motion a whole plethora of questionable claims. The fear held by employers of employee injury / illness claims can be overcome by effective communication. This is the best way to handle the many types of workers’ compensation issues that may arise.

Employers Should Always Talk to Your Employees about Workers’ Compensation.

It is said that more than 80 percent of employers think that communicating with their employees resulted in them filing a workers’ compensation claim, this is wrong.

The fact is that that an injured worker will often hire an attorney because they did not receive sufficient information from the company with regard to their benefits. And, not because they desire to cheat the company into paying undue costs. In this article we want to suggest to business owners and employers to open a strong line of communication with regards to Workers’ Compensation Claims and your employees might not feel compelled to acquire the services of an attorney.

In the Worksheet we provide a step-by-step guide on How to Handle Workers’ Compensation Claims.

Additionally, here are some pointers to help employers keep the communications line open.

Employers need to exercise openness and honesty with their employees with regards to their Workers’ Compensation Claims. This exercise should be conducted from the beginning of the employer-employee relationship.

When hiring a new employee, ensure that a booklet explaining the benefits of the company’s workers’ compensation plans. Detail in your booklet the injuries and diseases covered and how to receive benefits for them. The claims process should also be explained and employees should also be given a way to contact the company with questions regarding Workers’ Compensation Claims.

As a business owner, your business must engage the staff in regular safety training exercises. These sessions should be aimed at prevention methods towards workplace injuries and the following of procedure in the case of an incident. Focus on reinforcing protocol in order to try ensure the most desirable outcome is reached even in an accident. It should be noted that the employer should underestimate the risks faced by employees in the workplace. For instance; The Accounting Department should be aware and able to recognize the signs of carpal tunnel syndrome or A company’s copywriters should be informed on how to keep the proper posture and use available ergonomic devices in order to reduce the risk of gaining back problems.

Employers need to make sure that employees can easily access the required workers’ compensation information. For instance, you may want to assign a dedicated person the role of handling all workers’ compensation claims communication and inquiries. It would be a big mistake for an employer to avoid an employee after they have suffered an occupational injury or illness. Employers need to maintain a productive relationship with the employee and a simple phone call or card wish them well may be what is needed to maintain the relationship. A more formal form of contact with the employee during their period of recovery, such as visiting the injured employee once every week or every time after their medical examinations.

In conclusion, it is important that employers ensure that during all of the communication between themselves and the employees, the importance bared by the employee to report an injury or illness as soon as possible is emphasized. There are reporting deadlines for workers’ compensation claims and if those are missed, employees may not be able to receive benefits.

This article has bee about how to handle workers compensation using the worksheet, for more worksheets and other corporate documents, the Business Own Corporation MIND Repository is resourced with documents used in everyday business and entrepreneurship situations.

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Compensation Claim

(related to injury and illness at workplace) the absolute right demanded by any member of the company workforce who get injured, disabled or are suffering from illness in connection with their work.

Employees affected by the Workers’ Compensation Claims are entitled to receive certain benefits for their suffering from injury or occupational illness arising at work during employment. benefits may be monetary or in the form of medical care to the employee or their family in the case of the employee’s passing. 

How to apply for Government Grants – Worksheet

A government grant is a financial or a non-financial award given by the government to an eligible grantee. Government grants aren’t expected to be paid back and do not come with technical help or other financial help, such as a loan or loan guarantee, an interest rate subsidy, direct appropriation, or revenue sharing.

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A lot of startups all over the world experience the difficulty of acquiring capital to start or capacitate their businesses. A government funded grant may be just thing that a business needs, and entrepreneurs should consider getting government grant in order to acquire the funds that they need.

Some government institutions offer grants for the purpose of actively encouraging startup up businesses. These institutions are involved in searching for new incorporators, more specifically, they are looking for businesses that will affect the economy in a positive manner and create more jobs.

Government funded business grants are used to help give the needed financial backing to support the varied economic activities that are undertaken by a business, which include but are not limited to the competitiveness of a business, developing or growing export activities of business, manufacturing,  the ability of a business to access the market as well as providing a pipeline allowing for direct investment.

While some grants are designed in order to grow an entire industry such as the vehicle manufacturing sector. Grants such as the automotive grants are targeted at light vehicle manufacturers who produce around 60,000 units annually in each of their plants. This is often calculated within a three-year period.

Other government grants are in the form of non-repayable grants These are usually established to ensure a corporation is both competitive, has an edge and is sustainable. These types of grants are usually used to grow existing businesses for example: employ additional staff. These types of grants however are not meant to help start-up companies.

Just like there are grants aimed at the automotive industry, so too you have grants that are aimed at the clothing and textiles industry. These types of grants are for competitiveness Improvement.

The aim of this type of grant is usually to ensure that the employment rate of a company remains stable and consistent, ensure that a company keeps improving its competitive edge within the clothing, textile, footwear, leather and leather goods manufacturing industries.

Funding Institutions will also grant entrepreneurs with funding for a business’s critical infrastructure.

Usually a critical infrastructure grant is a cost sharing grant for endeavors that have specifically designed upscale a company’s critical infrastructure. These types of funding grants offer as grant a portion for the cost of developing the required infrastructure.

Grants such as this are used for lowering the costs and risks of the business in effort to increase competitiveness, provide financial support which is targeted at acquiring physical infrastructure, promote upstream and downstream linkages.

Furthermore, these types of business grants are given to local and national municipalities, qualifying private investors and established companies

Government Grants are also available for the film industry, these are usually in the form of an incentive programme.

Funding in the form of a grant from the Government offers a variety of incentives for the company in an effort to promote the film and television industry.

These incentives are made of foreign film and television production companies who want to produce and post-produce on location.

Countries want to attract overseas-based film production houses to come and shoot on location in their countries, including conducting post-production activities in those countries as well as providing and co-producing their productions in the country.

Government funding and grants that are focused on business-process-services are also offered by agencies and are created with the intention of attracting investments that are gunned at creating employment opportunities to beneficiaries through the offshore activities of a company. While these types of grants work well, they also carry with them a secondary objective, which is to stimulate an environment the produces more opportunities for youth to get employed so that they can contribute towards the growth of revenue created by exporting their services.

In order to be able to qualify for this type of business grant, you company must; be already operational in the business-process-services space, you company is busy launching a new operation or expanding an already existing operation for the purposes of business-process-service activities, your company must within a set period (usually by the end of 3 – 5 years  from the day of inception of the new project or expansion) have employed  a minimum of a set number of employees (usually around~50) in new overseas jobs, the company will commence with its commercialized operations at a date no later than six months from the day on which the grants were issued and if the company is in a joint venture arrangement, it must have at least one of the parties registered in the country it is seeking a grant from as a legal entity, the company must comply with government policies for seeking funding, company must comply with all statutory regulations

There are many other different types of government grants such as cost-sharing business grants, grants that support the development of new technology, grants targeted at youth entrepreneurs in order to provide an opportunity to access financial and non-financial business development support and grants can also be issued to specific groups within the populace of a country or region.

It is therefore important for any business considering a grant as means for funding to do their homework. Every country works differently and businesses must ensure to comply with laws of the country that are operating in.

Governments often offer various different types of funding vehicles that serve different types of business needs. In this article we took you through some of the government grants available and how they work.

Do you need a grant application worksheet? the Business Own Corporation MIND Repository has many good worksheets.

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Government grants facilitate the funding of ideas and endeavors providing public services and stimulating the economy. Grants support critical recovery initiatives, innovative research and other programs.

grants are funded by tax monies and require stringent compliance and reporting measures for ensuring the money is well-spent.

Bank Loan

The most common way for business to acquire loan capital is with a bank loan. Financing for bank loans is usually medium or long-term. The interest rate, the cyclical amounts of repayments and the fixed period over which the loan has to be repaid (usually. 3 to 30 years), is all set by the bank.

The bank will more often than not ask that the business be able to provide security in the form of collateral for the loan, start-ups however have to come with personal guarantees provided by the entrepreneur as collateral.

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Every business that seeks a bank loan, does so for numerous reasons. However, a bank isn’t the only place where one can get a loan. There are a number of government offices and funding institutions that make loans to businesses. accounts receivable and inventory can be used as collateral when making a loan. When loaning money, you have to consider the expense of doing this, as well as the high risk you are exposing yourself to. To Add to that. You have to also keep in mind the risk of whatever business you might have established, taking out a loan introduces you to a different type of risk. Never the less, when raising capital for a business, debt is a way of financing the operations of said corporation.

Companies will often take out a loan to acquire real estate to expand its operations. There is a high likely hood that banks will finance an already existing establishment that is need of buying a property in order to grow its offices. In a case such as this the bank will more than likely approve you and your business for a loan. Real estate Banks loans are usually conveyed until the completion of the loan period. Long-term loans, such as real estate loans usually run for a period of 25 to 30 years. In this type of loan, the property is used as collateral in case of forfeiture.

A business needs to purchase equipment and there are some options available to Businesses with regard to the purchasing of new equipment. A business may opt to buy or lease equipment. If you want to buy your equipment, you might have ample reason to buy it by approaching a financier to borrow the money. Businesses have been known to get tax cuts for their paraphernalia while depreciating the rest over its lifespan. An enterprise may opt to sell its equipment for salvage value once it has reached the end of its economic life span. when a business applies for a loan in order to buy equipment, there bank will usually approve an intermediate loan period for this. The Intermediate loan term is generally 10 to 15 years long.

Companies need inventory and banks will give businesses loans to purchase inventory, however it should be noted that, this type of loan will be allowed sometimes. Some companies operate in industries that are by their nature seasonal and similarly the profit, this is especially true for retail businesses. Let us say your company receives the majority of its sales annually when the holiday season is in full effect, this means that you would want to ensure that your sales floor stays full during this period, and you will therefore increase all of you back up and sales floor inventory prior to the start of the holiday season. The need for a bank loan before the season to be merry commences so that you are able to buy inventory stock in bulk and set yourself up to profit during this time. Banks will give some businesses credit for buying inventory stock, these are mostly short-term loans and have to be paid off with a portion of the profit made during the periodic sales cycle.

The working or operating capital of a business, is the monies used for the daily operations of a business. In order for any business to survive, it requires working capital, so, businesses will sometimes find themselves in a situation where they need a loan to get working capital until their income producing assets are able to meet all of the business working capital requirements. Banks have intermediate to short-term loan facilities available to businesses, so that they need not worry about operational finances and can focus getting things started and growth. With the growth of the businesses assets, the company will earn money to repay the borrowed operating capital to the bank. These types of loans, do however, have a higher interest rate attached to them when compared to others such as a loan to purchase real estate, this is due to banks seeing working capital loans as high risk.

Every business…Let me self-correct and say, in exception of the smallest one, has the opportunity to use debt and equity financing when raising capital. The most common method to get a business loan is through a commercial bank. As a Businesses you have many different types of needs all of which can be filled by either a short-term, intermediate or long-term loan.

Coming back to the long term loan and why it is essential for the enterprise. We especially like long-term business loans to be used by businesses. Loans are used for various different reasons in business, and therefore have different periods of maturation as well.

A Long-Term Loan secured by the business via a Bank more than often has a fixed maturity period and rate of interest along with a monthly or quarterly repayment cycle. Long-term loans mature in 5 to 15 years, but depending on what the loan will be used for, they can be stretched to as far as 30 years.

In order for a company to be able to secure a bank loan for the Long-term, it must be able to support it with collateral, this collateral will usually be the assets of a company.

How easy it is to acquire a business loan is dependent on many factors some of which include loan policies of the bank you are transacting with, how strong is your company financially and how healthy is the economic environment.

A business plan along with financial statements dating back some years have to be produced in order for a company to secure a long-term business loan. The also needs to be able to show that it can repay the borrowed amount by way of forecasted financial statements.

Before applying for a loan, you should compare what are the pros and on leasing versus taking a loan for the asset that you would like to finance. This is because the rate of interest to be paid on a long-term loan will often be few points below that of a short-term loan.

This article is about Bank Loans and how they work. the Business Own Corporation MIND Repository provides view to other banking related documents and other related documents that you need to be aware of.

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Banks generally charge at a lower interest rate for loans compared to bank overdrafts for instance. Therefore, loans are a good investment when it comes to financing fixed assets such as machinery for a plant, real estate and other like investments.

Startup businesses recording a poor cash flow and profitability are likely not to get business loans. Banks see these businesses as being high-risk, especially since the credit crunch, banks and lending institutions are more cautious about the kind of lending they do.

Absolute Assignment And Transfer Of Loans

Debt Assignment is the transferring of a debt, and all the associated rights and obligations, from a creditor to a third party, often a debt collector. Debt assignment could occur with individual debts and business debts. The company that is assigning the debt does so, in order to improve its liquidity and/or to decrease the amount of risk it is exposed to.

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Absolute Assignment and Transfer of Loans: Is it the sensible thing to do and what steps should one take when doing it?

Absolute assignment and transfer of loans is the process whereby assignor transfers their remaining loan amount to the limited partnership usually for a better interest rate and better features ion the loan. Almost every type of loan - auto, personal, home, education has an absolute assignment and transfer of loans facility and most financial institutions offer the said feature.

The absolute assignment and transfer of loans is a very lucrative way for businesses which have taken out loans to raise capital, surprisingly though, only a few avail themselves to it. The fact that very few are aware of it might be a stumbling block, however, every business that has loans should look at getting an absolute assignment and transfer of loans once, at the very least, during the lifespan of a particular loan. The absolute assignment and transfer of loans is able to reduce the business’s rate of interest on loan therefore creating an opportunity to make a saving on the interest payments resulting in direct cash injection for the business. The balance sheet levels of a business are dynamic and while you’re currently making five million dollars per annum, this might be substantially more compared to what your balance sheet recorded two years ago. The absolute assignment and transfer of loans is a fantastic way to re-examine, make changes and tweaks according to the requirements that exist in the liabilities of your balance sheet.

A lot of financial institutions provide an allowance to top up a loan with an absolute assignment and transfer of loans, indicators show that this is the reason for personal loans and home loans. It should however be stated that, the principle motivation behind Absolute Assignment and Transfer of Loans is to aid in the lessening of the burden of the company debt and it is not advisable for a company to opt for a top up loan, we do also agree that, there are situations that make it absolutely necessary to take such a loan.

An absolute assignment and transfer of loans makes sense if for instance; your business has a business loan for $ 250,000 running for a period of 3 years at a rate of 20% interest, which should bring your equated monthly installment (EMI) to $ 9,291. This means that on the whole for the tenure of the loan the interest owed by the business will come to an amount totaling $ 84,472. Assuming that the business avails itself to an absolute assignment and transfer of loans after 12 months and gets a reduction in the interest rate to 14%, therefor resulting in the original amount of outstanding money being reduced to $ 176,299. So, the Absolute Assignment and Transfer of Loans of monies still owed when rounded off to the next common denominator is $ 180,000, and the monthly EMIs are $ 8,642 this in turn brings the total payable interest down to $ 27,416. Now, remember that, during the initial 24 months’ period, your business would have already made payments amounting to $ 44,039 towards said loan which means another $ 40,433 will be required in order to recover the loan. However, because of the absolute assignment and transfer of loans the business is now owing a total interest of $ 27,416, which means an immediate direct cash injection of $ 13,000 is recorded in the books of the business.

With reference to the above example, if, the loan period can also be reduced to a year, and if your income statements provide a cushion for this, you will get even cash injections in the form of interest payable. The business will enjoy a $ 26,493 increase, but this will also increase monthly EMIs to a steep $ 16,162.

Similarly, if you have a business loan for two and a half million dollars at 13.5 % for a period of 20 years, the business has to pay monthly EMIs amounting to $ 30,184. The total Interest the business pays during this 20-year tenure amounts to $ 4,744,248. Following in the same light as the example above and after a year the business opts for an absolute assignment and transfer of loans, which in turn then reduces the rate of interest to 12%, meaning that the principal outstanding is $ 2,473,700. Notice that the principal amount hasn’t decreased by a lot, this mainly because $ 335,912 has gone towards the fulfillment of payments owed to interest.

Assuming that the business has chosen the absolute assignment and transfer of loans during this 12% stage at $ 2,480,000 say for another 20 years, notice immediate reduction in the total payment of interest owed by the company is $ 4,073,665 resulting in a saving of more than $ 330, 000. The following exercise brings down the monthly EMIs to $ 27,307 which I am sure you agree that, that is a much more manageable figure.

The beautiful thing about the absolute assignment and transfer of loans is that it has no limit on the number of absolute assignment and transfers on the loan and as the income of the business increases so too does the propensity to fulfill said loan. It is considered as good practice to opt for the absolute assignment and transfer of loans every 36 to 60-month period, which essentially means that the business will be repaying its loan sooner if the income keeps increasing and thus enjoy the benefits of reduced interest rates. It is common practice for institutions to reduce the rate of interest by as much as 25 basis points, but this usually happens at later payment periods but even the small reductions can more often, mean a lot towards the overall balance sheet of a company.

The Business Own Corporation MIND Repository is an incubator of corporate documents find the Absolute Assignment and Transfer of Loans and other assignment/transfer and loan agreements.

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Additional info

In the event the debt is transferred and assigned to a third party such as debt collector. The borrower should be made aware of such assignment or transfer in order that he or she may know where and to whom they should they make payments. Should the borrower hand over money to their old creditor once that debt has been assigned, chances are the payments will not be accepted, this might create a situation where the debtor defaults their payment unintentionally. Once a customer receives a debt transfer notice, they should verify with the new creditor that they have the correct balance total for the debt and that the monthly payment has been accurately recorded.

Authorization to Debit Account

Authorization to debit account letter a letter written to the Bank by an owner or a Signatory of a bank account to allow the bank do transactions on the account. If you wish to give a third party the power of attorney to a to manage your banking account, you must write a letter of authorization to debit account and send it to your banker.

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An authorization to debit account letter, authorizes the holder to debit transaction on the specified account and could be explained in a similar way to a 'Buy Now' button on a website.

What happens behind the scenes is a process that sort off simulates the authorization to debit account letter and you’ve probably also asked yourself, how the dots connect to each other when one clicks on the ‘Buy’ link on a website? Well, when one makes a purchase using a credit/ debit card, a card authorization to debit account request is sent to the bank, this is done so that the card sending the request is able to prove authenticity and validity with the bank.

You see an approval system such as the card authorization, is there to ensure that the payer has enough monies in their account in order to be able to make payment on the transaction, while the authorization to debit account note allows the holder to debit the said account in a similar way. This approval is from the issuer and is usually done through a card processing agent. Assuming that the details the customer entered are not incorrect and that the money found in that account is enough for the transaction, then the requested monies are held (when using an Authorization to Debit Account letter the said amount will be debit from the issuing account) in order that they can be debited from the credit account of the customer.

 

Whenever an account is effected by a credit or debit transaction, the merchant account will send a request to debit for said transaction to the acquiring bank, through (Authorization to Debit Account) a card processing agent, such as a verified payment gateway. The financial institution that maintains the merchant’s bank account sends through to the issuer a request to review its client’s records, to find out if indeed the client is who he says he is and that they are using a validated card, while also checking whether or not they have the requested funds that are desired in order to fulfill the payment.

If the funds are found to be sufficient and are able to fulfill the requested amount for the transaction, an authorization to debit account hold is effected on the requested amount from the account of the customer, which in turn means that their credit account is also reduced by an amount which is equivalent to that of the purchase. This in return results in the acquirer getting an approval or error message. like you might have already guessed, in the event that an insufficient funds message is received, the requested transaction will not be completed. This would be the equivalent to a holder of the Authorization to Debit Account letter finding that the account they have been authorized to debit has no monies.

An Authorization to Debit Account letter will help you to protect your money if you need to debit monies from a customer’s account this letter is used to instruct the issuing bank to place a hold on the money so that it is available for you to debit.

By placing a hold on monies effected by the authorization to debit account for credit or debit account transactions, the merchant can safeguard his/her business against fraud and unnecessary chargebacks. In the event of such dealing, they are able to quickly block the funds in order to verify them, thus ensuring that they get their payment for the purchase.

What happens with the authorization to debit account hold? First of all, this is removed once the merchant confirmed that the due amount has been recorded or authorization reaches its expiry date (mostly five days). Placing a temporary hold on the customer’s account provides the acquirer a certain timeframe in which to validate and so record the amount (via merchant) to fulfill the transaction.

This is how the processes and cogs turn when an authorization to debit account is unsuccessful.

Most payment gateways apprize on-line customers regarding these failures mechanically by displaying an explicit message regarding why their action wasn’t successful. While on the other side, the merchant is able to view the root of the unsuccessful transaction as showed by the error message. The message displaying the error may vary in accordance with the type of error being experienced. There are codes for technical problems or issues with the data that has been transferred to the processing unit, an incorrect configuration may occur while processing, the might be an incorrect value while filling in the checkout details, and so forth. However, in usual cases, error messages or alerts are in most cases with regards to a customer’s account having insufficient funds.

An Authorization to Debit Account letter does pretty much the same thing for the holder (the holder of the letter would be the merchant in this explanation) as the acquirer does for the merchant.

This and other banking related letters can be accessed from the Business Own Corporation MIND Repository for your convenience. This article explains the Authorization to Debit Account letter and how it works.

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debit

ˈdɛbit/

noun

noun: debit; plural noun: debits

1.1.

an entry capturing the amount owed, this is normally listed on the left-hand side or column of an account.

"a double-entry system of clerking, where each debit has a corresponding credit entry"

o    a payment made or owed.

"a further withdrawal of £21 060 60 had been received from the Railway Department"

verb

verb: debit; third person present: debits; past tense: debited; past participle: debited; gerund or present participle: debiting

1.1.

(of a bank or another monetary organization) take away (a quantity of money) from a customer's account.

"$10,000 was debited from their account"

o    remove an amount of money from (a bank account).

"cash terminals automatically debit a customer's bank account"

Authorization to Debit Account for Bank

You cannot complete your banking formalities for various reasons. You have the option of giving a power of attorney to a trusted person to act legally on your behalf and complete your banking formalities for you. You must indicate your personal information in the letter and then indicate the surnames, forenames and addresses of the proxy holder (s). Attached to your letter must be a photocopy of either side of the identity cards of the 2 persons involved with the power of attorney for banking. The sending of your mail should be addressed to your bank branch, for your banker, by registered mail with acknowledgement of receipt.

How to Decline a Request for a Recommendation Letter

A letter of recommendation, also known as a reference letter, is a document where the writer evaluates the qualities, characteristics, and capabilities of the person being recommended in terms of their ability to perform a specific task or role.

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A letter of recommendation, also known as a reference letter, is a document where the writer evaluates the qualities, characteristics, and capabilities of the person being recommended in terms of their ability to perform a specific task or role.

If you are a senior at your company and a former employee asks you for a letter of recommendation, you might feel conflicted, especially if the employee was not well-regarded. This situation raises an important question: how do you write a letter of reference for someone you do not endorse?

The Importance of Saying “No”

The ability to say “No” is a crucial skill that many people find challenging. However, it is essential for managing stress and maintaining productivity. Many individuals struggle with declining requests and often feel pressured into agreeing to things they would rather not do. The truth is, saying “No” assertively and clearly can earn you respect rather than resentment.

You are never obligated to write a recommendation letter for someone. Here, we provide a guide on how to politely and diplomatically decline such a request without offending the person asking for it. The key is to refuse without making your response sound like a personal criticism or a professional rejection.

Steps to Decline a Recommendation Request

1. Not Acquainted with the Individual: Explain that the best recommendations come from people who are familiar with the individual’s character and work skills. Communicate that it is not in anyone’s best interest for you to endorse someone you cannot genuinely speak about or do not know well.
2. Maintaining Professional Integrity: If the individual insists, explain that you are not comfortable writing the recommendation as your integrity and professionalism are at stake with each recommendation you make.
3. Time Constraints: Sometimes, you may genuinely be too busy to write a recommendation letter. In such cases, it is perfectly acceptable to explain that your current workload does not allow you the time to write a thorough and thoughtful recommendation.
4. Suggesting Alternatives: If possible, suggest someone else who might be more suitable to write the recommendation. This shows that you are still supportive and willing to help in another way.

Top Tip: Use “I” statements rather than “you” statements. For example, say “I feel that we are not adequately acquainted…” instead of “You haven’t made a good impression on me.”

Avoiding Negative References

Some seniors might give negative references without considering the impact on the individual, both professionally and psychologically. It is better not to give a recommendation at all than to provide a vague or negative one.

The Psychological Impact of Declining Requests

Declining a request for a recommendation letter can be stressful, both for the person making the request and the person declining it. Here are some psychological aspects to consider:

• For the Requester: Being turned down can feel like a personal rejection. It is important to be empathetic and considerate in your response to minimize any negative feelings.
• For the Decliner: Saying “No” can induce feelings of guilt or anxiety. Remember that it is better to be honest and maintain your integrity than to provide a disingenuous recommendation.

Crafting Your Response

When crafting your response, it is important to be clear, concise, and respectful. Herein is a sample letter you can use:

The Role of Professional Boundaries

Maintaining professional boundaries is crucial in any workplace. Agreeing to write a recommendation letter when you are not comfortable doing so can blur these boundaries and lead to potential conflicts. It is important to set clear boundaries and communicate them effectively.

The Long-Term Benefits of Saying “No”

While it may be difficult in the short term, saying “No” can have long-term benefits for both you and the requester. It allows you to maintain your integrity and ensures that the requester receives a genuine and supportive recommendation from someone who is better suited to provide it.

Conclusion

The fall of the Ottoman Empire, while rooted in a combination of internal and external factors, serves as a poignant reminder of the ever-changing nature of geopolitics and the transient nature of empires. Its legacy, however, endures in the modern nations that have arisen from its ashes, and the lessons its decline offers to contemporary states.

This article contains A Non-Abrasive Way to Decline to Write a Letter of Recommendation. This and other Human Resources letters can be found at the Business Own Corporation MIND Repository.

  
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Letter of Recommendation

A letter of recommendation in which a writer (usually a person in a supervisory role) evaluates the skills, work habits, and achievements of an individual applying for a employment, for admission to graduate school, or for some other professional position. Also called a letter of reference.

When requesting a letter of recommendation (from a former professor or supervisor, for instance), you should (a) clearly identify the deadline for submitting the letter and provide adequate notice, and (b) offer your reference with specific data regarding the position being applied for.

Many prospective employers and graduate colleges request that recommendations be submitted online, usually within the prescribed format.

Business Plan - Accounting Firm

A written document that describing in detail how a corporation, usually a new one, is going to achieve its goals is known a business plan. A plan lays out a written arrangement with regards to the marketing, financial and operational viewpoints.

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A business plan for an accounting firm covers all the essential information that you need when starting or running a business. with a business plan you can effortlessly detail how you will/are running the day-to-day activities of your accounting business, the typical target market, growth potential, startup costs, legal considerations. the business plan for an accounting service business demonstrates how you will keep track of income, expenses, taxes, and other financial-related information for organizations and individuals. Provide investors and partners (and yourself) with a clear picture of how your company will handle the finances, implementation of tax mitigation strategies, and all sorts of other financial benefits for your clients and show your company’s’ prowess with numbers and spreadsheets.

Typically, your business plan should talk to how you will handle the day to day running of the accounting firm of which you will involve everything from how you will be sorting out new purchasers to producing and modifying accounting spreadsheets, explaining financial information to clients, delegating duties to employees and handling marketing efforts.

A business plan displays the cost of client fees. whether it is an hourly or a flat rate for every project work. Also Including if the client fee can be paid as an annual sum of money that covers the entire years’ worth of accounting work.

A good Accounting Business plan should show the growth potential of your business. The accounting business is a hot field. And, as long as businesses and complex finance/tax laws exist, accounting services will always play an important role. So, your business plan should be able to prove the worth of its accountant/s. A business plan displays how to expand throughout your region, across the state and beyond, displaying how you will optimally grow your accounting service for clients throughout the nation and even the world.

An Accounting Firm Business Plan covers the costs involved in opening/running an accounting firm.

Charting a Plan for your business that is comprehensive and clear is essential for success as an entrepreneur. A few vital topics to contemplate are your initial expenses, your target market, and how long it will take you to break even.

Your accounting firm plan should help you to clearly define your brand. A complete brand image is what your company should stand for, as well as how your business is perceived by the public. A strong business plan will result in a brand that will help your business stand out from competitors.

A comprehensively written business plan concisely show how you will promote & market your accounting firm, how you will keep customers coming back, How and when to build a team, what are the legal considerations etc.

Your accounting service business plan will stipulate the ongoing expenses for your accounting firm example: rent, utilities, high-speed Internet, employee salaries, marketing costs, insurance, computer/software upgrades and general office expenses.

Accounting firm business plan displays the profit your firm makes and how you will make your business even more profitable.

the Business Own Corporation MIND Repository has many documents for compiling business plans and other related documents.

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A concisely defined plan detailing the objectives of a business, the strategies and tactics planned to attain them, and therefore the expected profits, typically over an amount of time, usually three to ten years

business

ˈbɪznəs/

noun

a person's regular occupation, profession, or trade.

"over the Internet, is where experts typically conduct their business "

synonyms:     work, line of work, line, occupation, profession, career, employment, job, day job, position, pursuit, vocation, calling, field, sphere, walk of life, trade, craft

commercial activity.

"firms who want to do business with Japan"

synonyms:     trade, trading, commerce, buying and selling, dealing, traffic, trafficking, marketing, merchandising, bargaining

Plan

plan/

noun

a detailed proposal for doing or achieving something.

"the UN peace plan"

synonyms:     scheme, plan of action, idea, master plan, game plan, proposal, proposition, ploy, suggestion, project, programme, system, method, procedure, strategy, stratagem, formula, recipe, scenario, arrangement, schedule, agenda

an intention or decisiveness regarding what one is going to do.

"I have no plans to retire"

synonyms:     intention, aim, idea, intent, objective, object, goal, target, hope, aspiration, ambition

"really, her plan was just to find the hotel"

verb

decide on and make arrangements for in advance.

"they were planning a trip to Egypt"

synonyms:     organize, arrange, work out, think out, design, line up, outline, sketch out, map out, chalk out, draft, prepare, schedule, programme, formulate, frame, project, develop, set up, fix up, shape, build, devise, concoct, contrive

design or build and idea of (something to be created or built).

"she had planned the garden from scratch"

synonyms:     design, draw up a plan of, make a drawing of, draw up a layout of, sketch out, make a map of, map out, make a representation of;

plat

"there are many things to bear in mind when planning a new garden"