Dear Sir. I have found very interesting your site. Congratulations. Please I have a question. Is about triangular business, and for LC. Let's say that A reseeves purchase order by B, who is willing to pay by LC. A pass the purchase order to C, supplier of goods. Does A, has also to issue a LC for C? As A will get paid by B's, LC. How A pays the C, supplier? Thank you in advance.
The new blogpost in the segment “lcviews CoronAdvice” aims to address one of the questions frequently asked during the clovid-19 crises: Is it possible to amend the dates and timelines applicable to a documentary credit – this in order to allow for more time; thereby contemplating delays caused by the fact that many banks work based on their contingency plans and that many countries are in different phases of lockdown.
Initially, it must be mentioned that most of the challenges facing the Trade Finance industry right now relate to LCs already issued. This means that the content of the LC – as well as the UCP 600 provisions will apply. Therefore, in order to change the applicable dates and timelines, there must be made an amendment to the LC. (For new LCs the “correct” dates and timelines can simply be inserted).
According to UCP 600 article 10(a) in order to amend an LC, agreement is required by the issuing bank, the confirming bank (if any) and the beneficiary.
This means that any date or timeline in the LC or the UCP 600 can simply be changed by way of an amendment – given the relevant parties agree to it. However, it must be stressed that although the LC; by its nature is a separate transaction from the sale or other contract (UCP 600 article 4(a)); the LC is of course based upon the agreement between the buyer and the seller. It would be common for contracts to include dates and timelines (e.g. in respect of the agreed delivery date). The dates and timelines in the LC would normally be based upon – and correspond with the dates and timelines in the agreement. This means that when considering amending dates and timelines in the LC, the content of the underlying agreement must of course be considered.
With that said, the dates and timelines potentially in scope for this are the following:
Date of expiry
UCP 600 article 10 addresses the issue of expiry; which must be read in context with how the LC is available. The outset is that an LC must state an expiry date for presentation. The expiry date is the latest date a presentation must be made – at the place where the LC is available. I.e. at the counters of the bank with which the LC is available. There are two basic scenarios:
1: Where there is a nominate bank (either specified by name – or simply “any bank”)
In such case the place for presentation is at the counters of the (or “a”) nominated bank OR at the counters of the issuing bank.
The date of expiry is the same regardless if the beneficiary makes the presentation to the nominated bank or to the issuing bank.
An example:
Issuing Bank: Bank ISS in India
Nominated Bank: Bank NOM in the UK
Applicant: IMP Trader in India
Beneficiary: EXP Trader in the UK
LC Available with Bank NOM and expires 1 May 2020 in the UK.
In such case EXP Trader (in the UK) must present the documents EITHER to Bank NOM (UK) OR to Bank ISS (India). Regardless to whom the beneficiary chooses to present, the latest date a presentation must be made is 1 May 2020.
Of course, the normal course of action would be for EXP Trader to present to Bank NOM. However, if that – for some reason – is not possible EXP Trader may need to make a direct presentation to Bank ISS. In such case, there could be a need to extend the expiry date.
Also, as mentioned above there may well be other reasons to consider extending the LC expiry date. For example, that it is not possible for EXP Trader to deliver the goods as originally agreed. However, such amendment to the LC should be aligned with the existing agreement, and there may well be a need to change the contract accordingly.
2: Where the LC is only available with the issuing bank
In such case, the place for presentation is at the counters of the issuing bank (only), and the presentation must be made to the issuing bank no later than 1 May 2020. This applies even when there is an advising bank (that is not a nominated bank) involved.
Advising Bank: Bank ADV in the UK
LC Available with Bank ISS and expires 1 May 2020 in India.
In such case the presentation must be made to Bank ISS (India). The latest date a presentation must be made is 1 May 2020.
The normal course of action would be for EXP Trader to “present” the documents to Bank ADV in due time before the expiry date, allowing Bank ADV to forward the documents (on their behalf) to Bank ISS.
As indicated, the fact that there is an advising bank does not change the fact that the presentation must be presented at the issuing bank no later than 1 May 2020.
Again, it may not possible for EXP Trader to deliver the goods as originally agreed, and therefore an amendment extending the expiry date may be considered. However, such amendment to the LC should be aligned with the existing agreement, and there may well be a need to change the agreement accordingly.
For both examples above, it is also important to consider that an extension of the expiry date could incur extra charges (e.g. issuance commission and amendment commission).
Period for presentation
UCP 600 article 14(c) addresses the period for presentation. Basically, this sub-article applies when the presentation includes a “transport document” (i.e. one of the transport documents described in UCP 600 articles 19, 20, 21, 22, 23, 24 or 25). In such case, the presentation by (or on behalf of) the beneficiary must be made not later than 21 calendar days after the date of shipment, however, not later than the expiry date of the LC (see above).
As can be seen, the default period for presentation according to UCP 600 article 14(c) is 21 days. This period is commonly modified (often reduced) in the LC. In such case it is the number of days mentioned in the LC that apply.
In a situation where there are delays, it may well take longer time than normally to obtain the documents needed to be presented under the LC. For that reason, there may well be a need, to have a longer period for presentation. In such case, there are 2 issues to consider
* The documents may potentially have a longer transit time between the seller and the buyer – and there is the risk that the goods arrive before the documents, and it may be challenging for the buyer to obtain release of the goods (e.g. because the bill of lading has not arrived timely).
* Normally an LC is structured so that the date of expiry, latest date of shipment and period for presentation are aligned. I.e.:
“Latest date of shipment” + “period for presentation” = “date of expiry”
This means that changing the “period for presentation” may trigger changes to “latest date of shipment” and “date of expiry”.
Latest date of shipment
As such the “latest date of shipment” is not defined in the UCP 600. There are, however, different places throughout the UCP 600 where “latest date of shipment” is mentioned, i.e.:
* Sub-article 29(c); latest date for shipment will not be extended as a result of the expiry date or the last day for presentation falls on a day when the bank to which presentation is to be made is closed.
* Sub-article 31(b); if the presentation consists of more than one set of transport documents, the latest date of shipment as evidenced on any of the sets of transport documents will be regarded as the date of shipment.
* Sub-article 38(g); the latest shipment date or given period for shipment is part of the data that may be changed when transferring the LC.
However, where it is primarily important in the context of this “lcviews CoronAdvice” is that all of the UCP 600 transport articles (i.e. articles 19, 20, 21, 22, 23, 24 or 25) in one form or the other define “shipment”.
Most LCs issued include a latest shipment date, which is the latest date (based on the presented transport document) that goods covered by the LC must be shipped.
LC information (excerpts):
:31D: DATE AND PLACE OF EXPIRY
200501 IN UNITED KINGDOM
:44E: PORT OF LOADING
:44F: PORT OF DISCHARGE
CHINESE PORT
:44C: LATEST DATE OF SHIPMENT
:46A: DOCUMENTS REQUIRED
+ FULL SET ON BOARD MARINE BILLS OF LADING ISSUED TO ORDER OF ISSUING BANK NOTIFY APPLICANT MARKED FREIGHT PREPAID
:48: PERIOD FOR PRESENTATION
Presentation information:
Documents presented by the beneficiary to the nominated bank: 24 April 2020
Goods shipped on board (bill of lading): 6 April 2020
The goods are shipped on board 6 April 2020, which is acceptable because the LC indicates 10 April 2020 as latest date of shipment.
As the period for presentation is 21 days, the presentation must be made no later than 27 April 2020 (i.e. 6 April 2020 + 21 days).
There may well be good reasons to consider extending “latest date of shipment”, as it may not be possible for the beneficiary to ship the goods as originally agreed. However, such amendment to the LC should be aligned with the existing underlying agreement, and there may well be a need to change the agreement accordingly. Likewise, such amendment could also trigger amendments to the date of expiry (see above).
Maturity/due date
According to UCP 600 article 6(b) an LC must state whether it is available by sight payment , deferred payment , acceptance or negotiation .
For the purpose of deferred payment and acceptance, it will apply that the payment is due a fixed period of time after a determinable date (e.g. shipment or sight).
For the purpose of negotiation, the LC may both be payable at sight – or at a future date (as determined by the LC).
For the scenarios where the LC is payable at a future date – that later date will be determined by the wording of the LC. ISBP 745 section B offers guidance in that respect.
:41A: AVAILABLE WITH
BY DEF PAYMENT
:42P: DEFERRED PAYMENT DETAILS
90 DAYS AFTER SHIPMENT
Following that, payment is due 5 July 2020 (i.e. 6 April 2020 + 90 days).
It is possible to change the deferred payment period in the LC via an amendment. However, such amendment to the LC should be aligned with the underlying agreement, and there may well be a need to change the agreement accordingly.
Timeline to determine if a presentation is complying
According to UCP 600 article 14(b) the bank (nominated bank (acting on its nomination), confirming bank and issuing bank) each have a maximum of five banking days following the day of presentation to determine if a presentation is complying. This provision is further qualified by UCP 600 article 16(d) which states that the notice of refusal (if any), must be given by telecommunication or, if that is not possible, by other expeditious means no later than the close of the fifth banking day following the day of presentation .
It is important to understand that this provision is relevant for the banks; I.e. the rationale for changing the “five days period” is for example that the involved banks have activated their contingency planes; and (as an example) the bank officers are working from home – and therefore need more time to examine the presentation and send the notice of refusal. In that respect it is important to understand that the “five days period” is actually a “ maximum of five days period”. I.e. in reality the period could be shorter. In any case, if the timeline to determine if a presentation is complying is to be changed (for the specific LC) then that is possible via an amendment.
In summing up the above, it is possible to change all timelines and dates in an LC and the UCP 600 – but it must be done using the normal way of amending LCs.
Also, it is important to bear in mind that the LC is based upon the underlying agreement between the buyer and the seller, meaning that amendments to the LC should reflect amendments to the underlying agreement.
* In order to change the applicable dates and timelines, there must be made an amendment to the LC.
* Any date or timeline in the LC or the UCP 600 can simply be changed by way of an amendment – given the relevant parties agree to it.
* When considering amending dates and timelines in the LC, the content of the underlying agreement must of course be considered.
* Changing a date or timeline, for example the “period for presentation” may trigger changes to other timelines or dates, for example “latest date of shipment” and “date of expiry”
Look out; more “lcviews CoronAdvice” to come.
Meanwhile – as always, take care of the LC – but take special care of each other during these difficult times.
Kind regards
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Latest single window questions.
How to determine the presentation period when multiple sets of bills of lading are presented.
Dear Mr. Old Man,
Let me go straight to the point and ask you this question.
Regarding The Tenor of L/C, ISBP Paragraph 43(e) and (f) stated that:
– If more than one set of BoL is presented under one draft, the date of the LAST BoL will be used for the calculation of the maturity date.
– If a BoL showing more than one on board notation, …, the EARLIEST of these on board dates would be used for calculation of the evidences on board vessel
Correspondingly, on calculating of the latest date of shipment, ISBP Paragraph 105 stated that:
– … In the event that more than one set of BoLs are presented and incorporate different dates of shipment, the LATEST of these dates of shipment will be taken for the calculation of any presentation period.
– Nonetheless, there is NO article/paragraph stipulating how to determine the presentation date for BoL showing more than one board notations.
On Frequently asked questions under UCP 600 of Gary Collyer, the same issue has been raised but the suggested answer cannot be considered comprehensive enough.
I want to ask your opinion on this situation?
Thanks and best regards.
Thomas —————–
Dear Thomas,
I would like to note that ICC has just published a new ISBP version called ISBP 745 paragraph E19 of which can answer your question. Please find below herewith paragraph E19 ISBP 745:
a. When a credit prohibits partial shipment, and more than one set of original bills of lading are presented covering shipment from one or more ports of loading (as specifically allowed, or within a geographical area or range of ports stated in the credit), each set is to indicate that it covers the shipment of goods on the same vessel and same journey and that the goods are destined for the same port of discharge.
b. When a credit prohibits partial shipment, and more than one set of original bills of lading are presented in accordance with paragraph E19 (a) and incorporate different dates of shipment, the latest of these dates is to be used for the calculation of any presentation period and must fall on or before the latest shipment date stated in the credit.
c. When partial shipment is allowed, and more than one set of original bills of lading are presented as part of a single presentation made under one covering schedule or letter and incorporate different dates of shipment, on different vessels or the same vessel for a different journey, the earliest of these dates is to be used for the calculation of any presentation period, and each of these dates must fall on or before the latest shipment date stated in the credit.
So, I wish to answer your questions as follows:
In line with paragraphs E19 (a) and (b) ISBP 745, the latest date shall be used for calculation of the presentation period for both situations.
As ISBP 745 is silent as to the situation where a bill of lading shows more than one dated on board notation, my answer had to be based on paragraphs E19 (a) and (b). I thought the principle applied to the situation in E19 (a) and (b) could apply to the situation in question. In my opinion, paragraph E19 should have included this situation.
I hope you are now quite satisfied with my answer.
Kind regards, Mr. Old Man
Questions regarding bpo, negotiation with or without recourse, whether a confirming bank is a nominated bank and…, whether documents can be presented directly to the issuing bank, why is field 46a optional, where a mmtd cannot be issued in negotiable form, documents are to be presented within xx days from/after shipment date, claims payable, settling agent, franchise, excess (deductible), reimbursement claim, insurance document issued to order of the issuing bank, changing payment terms of the lc, amount of cover, lc with special payment condition, abbreviations, tolerance applicable against individual quantities, lc is transferable, another case of assignment of proceeds, authentication of corrections on bill of lading and invoice, domestic lc, why available by payment instead of available by negotiation, assignment in favour of the nominated bank, invoice not issued by the beneficiary, address of the beneficiary, certificate of origin indicating a quantity greater than that stated in the credit, lc confirmed by the first advising bank, a full set of bills of lading means a full set of original bills of lading, the name of the country need not be stated, cargo to be released with more than one bill of lading to be surrendered, counter guarantee, stamp in a language other than that required in the credit, correction and alteration, a certificate must be issued by the entity stated in the credit, documents presented directly to the issuing bank, bl and bl rider signed with different signatures, need the name of the country be stated, where original bills of lading are not required to be presented, shipped on board the pre-carriage vessel, place of availability vs place of expiry, place of presentation, when lc requires presentation of less than a full set of original bills of lading, express bill of lading, where documents under d/p are not paid, where the bl date is referred to as the date of issuance, whether sub-article 14 (c) is applicable, bill of lading dated prior to lc issuance date, căn cứ để icc quy đinh số tiền bảo hiểm tối thiểu phải là 110% trị giá cif, lc xác nhận và những tình huống xác nhận không có trong sách giáo khoa, revocable lc vs irrevocable lc, consignee on documents other than certificate of origin (updated with isbp 821), đường tranh bích họa yên khê, đừng vội vàng chia sẻ những tin tức “pha ke”.
August 5, 2013 at 11:08 pm
chippink writes:Dear Mr.Old Man,First of all, i am so sorry if i make a question to you in a wrong place, because i can not find where i can make a new article in your blog. i got the problem that the quantity shown as follows: + Invoice : 1,500 MT+ Packing list : 1,500 MT+ B/L: 1.500 MT the problem here is decimal mark. The true number here is one thousand five hundred MT and B/L also means one thousand five hundred MT. However, Based on decimal mark, if we call quantity on invoice and packing list to be one thousand five hundred MT, the B/L will read it as one point five MT. I also met another case, L/C stipulates:quanity: 15.200 MTunit price: USD2,000/MTamount: USD30,400Invoice showed quanity: 15,2 MTunit price: USD2,000/MTamount: USD30,400In this case, we can see the quantity should be 15.2 I/O 15,2, but we also can understand that is fifteen point two. Should i ignore those mistake? i haven't seen this subject on UCP. Thank you so much! And have a nice week, Mr.Old Man. ^^
August 6, 2013 at 10:08 am
I would classify these errors as misspelling or typing errors. If they do not affect the meaning of the figure or make us misunderstanding, then they do not make the document discrepant.
April 21, 2016 at 11:06 pm
Please help us to clarify the issue relating to determine the presentation period: In case LC prohibits partial shipment, however, more than one set of BL presented as part of a single presentation made under one covering letter show the discrepancy – partial shipment. It means: different date of shipment, on different vessel. How can we determine the presentation period
April 22, 2016 at 3:39 pm
As indicated in the covering schedule you can refuse the documents stating the discrepancy “partial shipment”. What if LC prohibits partial shipment and more than one set of original bills of lading are presented as part of a single presentation made under one covering schedule or letter and incorporate different dates of shipment, on different vessels or the same vessel for a different journey?
This situation is not covered in ISBP, but I think ISBP 745 para. 19 (c) can be applied, i.e. the earliest of these dates is to be used for the calculation of presentation period.
June 22, 2016 at 10:51 am
Revisiting the issue – determining the latest presentation date in case of multiple bill of ladings, we have concerns: 1. LC prohibits partial shipment, multiple bill of ladings show: different date of shipment, different vessels. We know that in this case late shipment is effected–> this is a discrepancy. But which date we define the latest presentation date: earliest or latest date.
2. lc allows partial shipment, multiple bill of ladings show: different date of shipment, same vessels, same destination. which date we define the latest presentation date: earliest or latest date.
In my opinion which date to calculate is based on terms and conditions of lc which allows partial shipment or no. In case lc prohibit partial shipment, even multiple bill of lading shows partial shipment effected, we still use the latest date of shipment to calculate???. Similiar to second case, it will be the earliest date. Is it correct
Can you advise any ICC commission relating to the issue
Thanks and best regards
June 23, 2016 at 10:39 am
Your question makes me think much!!!
My view is as follows:
1. Shipment on more than one vessel is a partial shipment. Case No. 1 is not covered by ISBP E19. So in addition to the discrepancy “partial shipment”, you may cite the discrepancy “late presentation” based on the any shipment date which constitutes late presentation. I don’t think the presenter can reject the discrepancy.
2. Shipment on different dates but on the same vessel is not a partial shipment. So, based on ISBP E19 (b), the latest of the shipment dates is to be used for calculation of the presentation period.
I don’t think ISBP E19 (b) is apopropriate for Case No. 2.
May 17, 2017 at 7:08 am
Hi Mr. Old Man,
Further to your comment on CASE 2 above, since LC allows partial shipment ISBP 745 para E19 (c) will apply, the earliest date will be used for calculation of maturity date.
Regards, Vivek
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Mr. Old Man trả lời câu hỏi liên quan đến số tiền bảo hiểm. Căn cứ nào để ICC quy định tai…
Open confirmation vs silent confirmation, ucp 600 articles 30 and 31, field 72 (sender to receiver information) of mt 103, transferring bank s liability under transferred lc, to order bill of lading and endorsement, mr old man: hi, i must say that the lc stipulation with regard to period for presentation is..., iqbal moolla: dear mr old man. i find your comments most valuable. we are having a debate and..., faisal zaheer: hi mr. old man. can we call 2nd confirmation as silent confirmation or not..., mr old man: hi, what i understand from your description is that bafl india added its confirm..., popular posts, partial shipments under sub-article 31 (b), whether mt999 is an authenticated swift message, payment lc vs negotiation lc, early presentation.
QUESTION Dear Mr Old Man, I am Dang from Vietnam Prosperity bank. I know …
Bắt được quái vật sông hoài, where 1/3 original bill of lading is to be sent directly to the issuing bank, signed by handwriting v. manually signed, where the draft is drawn on the confirming bank, can banks in vietnam issue standby l/cs.
Post by CSNg » Sun May 27, 2012 8:58 am
Post by Sabrina » Sun May 27, 2012 10:23 am
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Ideas and insights from Harvard Business Publishing Corporate Learning
When we talk with our L&D colleagues from around the globe, we often hear that presentation skills training is one of the top opportunities they’re looking to provide their learners. And this holds true whether their learners are individual contributors, people managers, or senior leaders. This is not surprising.
Effective communications skills are a powerful career activator, and most of us are called upon to communicate in some type of formal presentation mode at some point along the way.
For instance, you might be asked to brief management on market research results, walk your team through a new process, lay out the new budget, or explain a new product to a client or prospect. Or you may want to build support for a new idea, bring a new employee into the fold, or even just present your achievements to your manager during your performance review.
And now, with so many employees working from home or in hybrid mode, and business travel in decline, there’s a growing need to find new ways to make effective presentations when the audience may be fully virtual or a combination of in person and remote attendees.
Whether you’re making a standup presentation to a large live audience, or a sit-down one-on-one, whether you’re delivering your presentation face to face or virtually, solid presentation skills matter.
Even the most seasoned and accomplished presenters may need to fine-tune or update their skills. Expectations have changed over the last decade or so. Yesterday’s PowerPoint which primarily relied on bulleted points, broken up by the occasional clip-art image, won’t cut it with today’s audience.
The digital revolution has revolutionized the way people want to receive information. People expect presentations that are more visually interesting. They expect to see data, metrics that support assertions. And now, with so many previously in-person meetings occurring virtually, there’s an entirely new level of technical preparedness required.
The leadership development tools and the individual learning opportunities you’re providing should include presentation skills training that covers both the evergreen fundamentals and the up-to-date capabilities that can make or break a presentation.
So, just what should be included in solid presentation skills training? Here’s what I think.
The fundamentals will always apply When it comes to making a powerful and effective presentation, the fundamentals will always apply. You need to understand your objective. Is it strictly to convey information, so that your audience’s knowledge is increased? Is it to persuade your audience to take some action? Is it to convince people to support your idea? Once you understand what your objective is, you need to define your central message. There may be a lot of things you want to share with your audience during your presentation, but find – and stick with – the core, the most important point you want them to walk away with. And make sure that your message is clear and compelling.
You also need to tailor your presentation to your audience. Who are they and what might they be expecting? Say you’re giving a product pitch to a client. A technical team may be interested in a lot of nitty-gritty product detail. The business side will no doubt be more interested in what returns they can expect on their investment.
Another consideration is the setting: is this a formal presentation to a large audience with questions reserved for the end, or a presentation in a smaller setting where there’s the possibility for conversation throughout? Is your presentation virtual or in-person? To be delivered individually or as a group? What time of the day will you be speaking? Will there be others speaking before you and might that impact how your message will be received?
Once these fundamentals are established, you’re in building mode. What are the specific points you want to share that will help you best meet your objective and get across your core message? Now figure out how to convey those points in the clearest, most straightforward, and succinct way. This doesn’t mean that your presentation has to be a series of clipped bullet points. No one wants to sit through a presentation in which the presenter reads through what’s on the slide. You can get your points across using stories, fact, diagrams, videos, props, and other types of media.
Visual design matters While you don’t want to clutter up your presentation with too many visual elements that don’t serve your objective and can be distracting, using a variety of visual formats to convey your core message will make your presentation more memorable than slides filled with text. A couple of tips: avoid images that are cliched and overdone. Be careful not to mix up too many different types of images. If you’re using photos, stick with photos. If you’re using drawn images, keep the style consistent. When data are presented, stay consistent with colors and fonts from one type of chart to the next. Keep things clear and simple, using data to support key points without overwhelming your audience with too much information. And don’t assume that your audience is composed of statisticians (unless, of course, it is).
When presenting qualitative data, brief videos provide a way to engage your audience and create emotional connection and impact. Word clouds are another way to get qualitative data across.
Practice makes perfect You’ve pulled together a perfect presentation. But it likely won’t be perfect unless it’s well delivered. So don’t forget to practice your presentation ahead of time. Pro tip: record yourself as you practice out loud. This will force you to think through what you’re going to say for each element of your presentation. And watching your recording will help you identify your mistakes—such as fidgeting, using too many fillers (such as “umm,” or “like”), or speaking too fast.
A key element of your preparation should involve anticipating any technical difficulties. If you’ve embedded videos, make sure they work. If you’re presenting virtually, make sure that the lighting is good, and that your speaker and camera are working. Whether presenting in person or virtually, get there early enough to work out any technical glitches before your presentation is scheduled to begin. Few things are a bigger audience turn-off than sitting there watching the presenter struggle with the delivery mechanisms!
Finally, be kind to yourself. Despite thorough preparation and practice, sometimes, things go wrong, and you need to recover in the moment, adapt, and carry on. It’s unlikely that you’ll have caused any lasting damage and the important thing is to learn from your experience, so your next presentation is stronger.
How are you providing presentation skills training for your learners?
Manika Gandhi is Senior Learning Design Manager at Harvard Business Publishing Corporate Learning. Email her at [email protected] .
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Presentations are an integral part of team workflow. From internal communications and reporting, to client-facing proposals and pitches, presentations keep everyone on the same page. Or in this case, on the same slide.
While collaboration is great, having too many cooks in the kitchen can make things messy. In regards to presentations, it’s important to have brand guidelines and rules in place to ensure all company decks are consistent and professional. In Beautiful.ai, our Team plan helps team members collaborate with content management and branding control settings in place so that less design-savvy departments can’t make a mess of a deck. But still, your team might need additional rules to help them achieve the most effective (and efficient) deck possible.
One of our favorite standards to follow is Guy Kawasaki’s 10/20/30 presentation rule . Not sure what we’re talking about? Let us elaborate.
The ever-popular 10/20/30 rule was coined by Guy Kawasaki, a Silicon-Valley based author, speaker, entrepreneur, and evangelist. Kawasaki suffers from Ménière’s disease which results in occasional hearing loss, tinnitus (a constant ringing sound), and vertigo— something that he suspects can be triggered by boring presentations (among other medically-proven things). While he may have been kidding about presentations affecting his Ménière’s, it did inspire him to put an end to snooze-worthy pitches once and for all. As a venture capitalist, he’s no stranger to entrepreneurship, pitches, and everything in between. We’d be willing to bet that he’s heard his fair share of pitches that have fallen on deaf ears (almost literally, in his case).
To save the venture capital community from death-by-PowerPoint, he evangelized the 10/20/30 rule for presentations which states that “a presentation should have ten slides, last no more than twenty minutes, and contain no font smaller than thirty points.”
Because we’re passionate about our own stories, we’d like to think that our audience will feel the same way. Unfortunately, that’s not always the case. You could be presenting the most groundbreaking topic, to the most interested audience, and you still might lose people to distractions or boredom. Kawasaki’s 10/20/30 rule ensures that your presentation is legible and concise, making it more retainable, resulting in bigger wins for your team.
You’ve heard us say that less is more when it comes to presentations, and Kawasaki’s rule really drives that point home. You can’t expect your audience to comprehend (and remember) more than 10 concepts from one meeting, so keeping your presentation to 10 slides is the sweet spot. Each slide should focus on its own key takeaway, and it should be clear to the audience what you want them to learn from the presentation. While Kawasaki applies this to the venture capitalist world— and the 10 slides you absolutely need in your pitch — this is a good rule of thumb for internal meetings, proposals, and sales decks, too.
When was the last time you sat through a 90-minute presentation and thought, “this is great, I’m going to remember everything.” That’s a rhetorical question, but it’s probably safe to assume the answer is never. It’s normal for people to lose focus, get distracted, or run through their to-do list in their head while watching a presentation, and it has nothing to do with you or your topic. To keep your audience engaged and interested, keep it short and sweet. Regardless of the time you have blocked out for the meeting, your team should aim to keep their presentation under 20 minutes. If there’s time leftover, use that for discussion to answer questions and drive your point home.
If your audience has to strain their eyes to read your slides, they probably won’t bother to read them at all. Regardless of the age of your audience, no one wants to squint their way through a 20-minute presentation. Kawasaki’s rule of thumb is to keep all text to 30 point font or bigger. Of course, the bigger the font, the less text you’ll be able to fit. This is a good exercise to decide what information you really need on the slide, and what you can do without. By making your slides more legible for your audience, you’re encouraging them to follow along. Additionally, being intentional about what your team includes on each slide helps the audience know exactly what you want them to pay attention to in the presentation.
Now that you know what Guy Kawasaki’s 10/20/30 rule is, let’s apply it to your next team presentation.
In Beautiful.ai, our pre-built presentation templates make it easy for you to start inspired. Simply browse our inspiration gallery, curated by industry experts, pick the template that speaks to you and customize it with your own content. Most of our deck templates are well within the 10 slide standard, so you’ll be on the right track (the Kawasaki way).
Once you’re in the deck, our Smart Slides handle the nitty gritty design work so that you don’t have to. Changing the font size is easy, and our design AI will let you know if the size is too big or too long for the space on the slide. You can choose your favorite (legible) font when customizing your presentation theme, and that font will be applied to each slide throughout the deck for a cohesive and consistent look.
Of course, it’s all for naught if you don’t practice. We recommend doing a few dry runs in the mirror, or in front of your dog, to get the timing of your presentation right. Remember, 20 minutes is the magic number here.
Jordan is a Bay Area writer, social media manager, and content strategist.
Effective use of presenter notes to improve the flow of your presentations, six things you might not think about when presenting (but you should), a virtual meetings specialist shares how to pitch yourself in a remote world, 6 creative presentation tools to make your presentation more engaging.
Presentation Tips
You’ve been offered a 60-minute timeslot to present to a group of stakeholders but have 90 minutes of content you want to cover — or worse yet, only 30 minutes. How do you make your message resonate with your audience while not feeling rushed or pressed for time? We offer our best tips for managing your time during a presentation while keeping your audience engaged and talking points heard.
At a minimum, you should be practicing your presentation between five and 10 times. The goal is not to repeat the same dialogue word for word each time but rather find ways to say something differently or more succinctly each time. You’ll want to not only figure out how long each slide will take to cover, but also when and where to pivot if things don’t go as planned. Stick to the rule of thirds: Spend one-third of your time planning, one-third designing, and one-third rehearsing.
Life happens, especially when others are in control. Maybe participants are late getting back from a session break, the presenter before you runs long, or the inevitable technical issue happens. If you outline your presentation with key points and sub-points, you should be able to skip along more quickly by only covering the key points when short on time. What’s more, it’s better to engage your audience and encourage questions throughout than finish the presentation. By coming across as the expert in the room, you open the door to scheduling time at a later date with those who want to discuss points not covered during the allotted time.
The best way to avoid the unavoidable is to show up early to your designated location so setup doesn’t factor into your presentation time, and if it doesn’t take that long, give that time to the next presenter for their setup. Simply put, if you’re arriving or finishing on time, you’re running late. Plus, the added bonus of arriving early is you get to know your audience a little bit and find out what’s at the top of their mind. These are golden moments you can integrate into your presentation.
During rehearsal, you’ll quickly get a sense if your presentation is too long or too short. Be realistic about your personal speaking habits. Do you tend to speed up when you’re actually presenting? Do you pause a lot? Do you know if this audience loves to ask questions? Consider those real-world situations as you try to edit your deck. Some extra tips: Don’t linger on a slide for too long; make your point and move on to keep your energy high. Along the same lines, don’t try and cram everything you know into the presentation. Stick to your key points and anecdotes to make sure people are really absorbing the content. Think quality, not quantity.
Never count on a clock being in the room to manage your time in the moment of your presentation. Have your phone (silenced, of course) on the podium ready to glance at, appoint someone in the back of the room to give you cues when you are running out of time, or even discretely glance at your watch while taking a sip of water. Even though you’ve rehearsed enough to know how the time will pan out, taking an obvious break to check the time can be a big distraction.
What time constraints do you run into when making a presentation?
Payment terms, accounting conc..., financial manag..., letter of credi..., private limited....
A Stale Bill of Lading is a unique type of bill of lading. As the name suggests, stale means expired, time period or date is over. Therefore, a normal Bill of Lading converts into a Stale Bill of Lading if a beneficiary presents it to the nominated bank after the expiry of the presentation period. The nominated bank could either be a Supplier’s Bank, Discounting Bank, Negotiating Bank, or Buyer’s Bank.
As per the letter of credit (LoC) rules, a party must present the transport documents to a specific bank within 21 days from the date of shipment. Though the maximum time allowed is before the expiry date of LoC, the presentation time is usually 21 days. Even if the beneficiary presents the transport documents after the expiry date of LOC, then also the BOL will be called Stale BOL.
Importance of stale bill of lading, final words.
A Bill of Lading is part of the transport documents covering the transport of goods by sea. So, the beneficiary needs to present it to the nominated bank within 21 days of the shipment date. If the beneficiary fails to do so, it results in a late presentation discrepancy. And the Bill of Lading becomes the Stale Bill of Lading.
The presentation period usually is 21 days. Though the presentation period is usually 21 days, an importer may specify any other number of days. If an importer specifies the presentation days, then the exporter will have to comply with it. If not, the BOL will get Stale, and the bank may not accept it, and the payment is at stake.
Also Read: To Order Bill of Lading – Meaning, Importance, Types, and More
Let us understand the concept of Stale BOL with the help of a simple example.
Suppose a Chinese exporter enters into a contract with a U.S. importer for the sale of mobile chips. And the importer issues a LOC (Letter of Credit) in favor of the exporter towards the payment of those mobile chips .
The LoC includes the following details:
Latest Date of Shipment: 10 th July 2020. ( An exporter needs to ensure that goods or shipped on or before the Latest Date of Shipment)
Expiry Date: 31 st July 2020
Presentation Period: 21 days after shipment but within the LoC expiry date
The Chinese exporter ships the goods on 1 st July 2020, and the same date is there on the Bill of Lading. However, the exporter presents the transport documents to the bank on 25 th July 2020.
Since the exporter presents the document after 21 days of shipment, it results in a Stale Bill of Lading. This leads to late presentation discrepancies.
Now we know what a Stale BOL is, but what’s the importance of stale BOL, or why the bank won’t accept BOL after a set time period.
Also Read: Soiled Bill of Lading – Meaning, How to Prevent and More
As we know that a Stale BOL is one that reaches the bank late. It means the BOL reaches the bank so late that it gets impossible for the presenting bank to send the BOL to the importer’s place on or before the shipment reaches the final destination. Naturally, if the bank gets the BOL late, it would get even late by the time it reaches the importer’s destination.
So, a bank can reject the BOL in such a case.
A Stale BOL is not something that comes from the carrier but rather a normal BOL that converts into Stale due to the negligence of the exporter. Thus, it is important that the exporter is careful about the presentation date. And, the exporter must present the BOL before the expiry date so as to get the payment timely. And avoid BOL becoming stale.
Visit Bill of Lading and its Types for more details.
MBA-Finance, CMA, CS, Insolvency Professional, B'Com
Sanjay Borad, Founder of eFinanceManagement, is a Management Consultant with 7 years of MNC experience and 11 years in Consultancy. He caters to clients with turnovers from 200 Million to 12,000 Million, including listed entities, and has vast industry experience in over 20 sectors. Additionally, he serves as a visiting faculty for Finance and Costing in MBA Colleges and CA, CMA Coaching Classes.
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Prior period adjustments are the transactions that relate to an earlier accounting period but that were not determinable by management in the earlier period.
Under the all-inclusive concept of income , with a few exceptions, all items of profit and loss recognized during the period are included in net income for the period.
These exceptions mainly relate to prior period adjustments and are accounted for by an adjustment to the beginning balance of retained earnings .
There has been, however, considerable controversy about what causes an event to qualify as a prior period adjustment.
Only two events are considered prior period adjustments:
Because the realization of tax benefits is a specialized topic, we will examine only prior adjustments that relate to error corrections.
Occasionally, a firm will discover a material error in a prior year’s financial statements. However, material errors are very rare, especially when a firm’s financial statements are audited by a CPA firm.
When they do occur and are discovered, the manner in which the error is corrected depends on whether the firm publishes single-year or comparative financial statements and on the year in which the error was made.
When single-year statements are published, the error is corrected by adjusting the beginning balance of retained earnings on the retained earnings statement.
To demonstrate accounting for prior period adjustments in a single-year statement, we will assume that during the audit of its 2019 statements, the Mondrian Corporation discovered that depreciation in 2018 had been understated by $100,000, ignoring taxes .
Because this is a material error, a prior period adjustment is required. The following journal entry is made at year-end to correct this error:
The 2019 statement of retained earnings would appear as follows:
In addition, the prior period adjustment is explained in the footnotes to the financial statement.
When comparative financial statements are presented, the procedure is different.
If the error is in an earlier financial statement that is being presented for comparative purposes, that statement should be revised to correct the error.
As a result, net income will be corrected, and after that corrected net income figure is reflected on the retained earnings statement, no further adjustment is required.
If the error is in a year for which the financial statements are not being presented, the correction is made through a prior period adjustment to the earliest retained earnings balance presented.
What is the purpose of a prior period adjustment.
A prior period adjustment is used to adjust financial statements from a previous accounting period to reflect changes or corrections that were not recorded in the original accounting period. This helps ensure that all financial information is reported accurately and consistently over time.
Prior period adjustments are typically classified as either correcting adjustments or non-correcting adjustments, depending on the type of change being made. Correcting adjustments include changes related to errors or misstatements from prior periods, while non-correcting adjustments are typically related to new information or changes in estimates for existing transactions.
Generally, the responsibility of determining if an adjustment is necessary falls to management or external auditors. They will review the financial statements and determine if any changes need to be made that were not reflected in the original accounting period.
Prior period adjustments can either increase or decrease net income depending on the type of adjustment being made. Correcting adjustments typically result in a decrease in net income, while non-correcting adjustments usually increase net income.
Examples of correcting prior period adjustments include changes related to errors or misstatements from past accounting periods, such as misclassifying an expense as a revenue item. Examples of non-correcting prior period adjustments include changes related to new information or changes in estimates for existing transactions, such as revising the estimated useful life of a fixed asset.
About the Author
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .
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Date of shipment is one of the key definitions in a letter of credit transaction.
Date of shipment is used to determine;
If a letter of credit calls for an original transport document, it is also expected that the letter of credit indicates a latest date of shipment.
In this regard, it is of paramount importance to clarify which documents are considered as a transport document under the letter of credit rules:
Transport Documents Under the Letter Of Credit Rules: Below you can find the transport documents defined under the letter of credit rules.
If one of the transport documents is requested in the credit, the beneficiary must complete the shipment before the latest date of shipment. Otherwise the issuing bank finds the presentation not complying and raises a late shipment discrepancy .
A presentation including at least one original transport document, which can be a multimodal bill of lading, combined transport document, bill of lading, non-negotiable sea waybill, charter party bill of lading, air transport document, road transport document, rail transport document, inland waterway transport document, courier receipt, post receipt or certificate of posting, must be made not later than 21 calendar days after the date of shipment.
In any case presentation must be made not later than the expiry date of the credit.
Letter of credit that has been issued available by acceptance of a time draft may specify a maturity date which will be calculated with the help of the date of shipment.
Let me give you a couple of examples:
When the tenor of the bill of exchange refers to, for example, 30 days after the bill of lading date, the on board date is deemed to be the bill of lading date.
On this occasion the on board date could be prior to or later than the issuance date of the bill of lading.
Letter of credit that has been issued available by deferred payment may specify a maturity date which will be calculated with the help of the date of shipment.
Let me give you couple of examples as follows:
When tenor or maturity date of the deferred payment refers to, for example, 30 days after the bill of lading date, the on board date is deemed to be the bill of lading date.
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When it comes to formal documents and business presentations, presenting information with the help of bullets and lists is the foremost aspect for organization of content. Bullet points not only make the data reader-friendly but also these are a convenient option for summarizing details in short sentences.
Whether you want to draw audience’s attention to a specific point or you intend to present a sequence of steps, using bullet points is one of the sought after alternative in PowerPoint Presentations . However, intelligent usage of bullet points comes attached with certain essential aspects that need to be addressed; these are:
Quite often, people get confused with the exact placement of period in a point. And, it is very important to understand that misplacement of period can largely alter the essence of the whole idea. According to experts, implementation of periods in bullet points also depends on grammatical constraints.
Apart from this, there are certain set rules also that need to be considered in detail. These are inclusive of:
In business presentations, one of the most common question about “punctuation” involves how to punctuate bullet points. There are different approaches, and there are many guidelines out there (some corporations have their own guidelines). Do I need to use a period in a bullet point? Here is what we recommend:
No matter how catchy your presentation is, but eventually, it’s of no use if the content is grammatically incorrect or error prone (even if it is a slight punctuation mark like periods). So, get through with the above stated rules for appropriately using periods with bullet points.
how can i get it the powerpoint
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A reporting period, also known as an accounting period, is a discrete and uniform span of time for which the financial performance and financial position of a company are reported and analyzed. In other words, the data contained in the financial statements are generated by the company’s finance professionals from operations during the reporting period.
A company usually engages in many continuous activities. The activities can be broken down into specific, distinct, and short intervals for the purpose of financial reporting. Without a reporting period, accountants wouldn’t know the start and ending date to create financial reports.
Depending on the interested audience’s requirements, the reporting period can be for a month, quarterly, semi-annually, or annually. If the accounting period of a company is for a 12-month period but ends on a date other than December 31, it is referred to as a fiscal year or financial year, as opposed to a calendar year.
A fiscal year sets the start of the reporting period to any date, and financial data is aggregated for a year after said date. For example, a fiscal year beginning November 1 would end October 31 of the following year. The fiscal year should ideally end on a date when there is a low business activity. At this point, there are usually fewer assets and liabilities to be audited.
A reporting period can also be for a shorter period of time, such as a month, a week or a few days. It usually happens when a business just started operating or when it is ending its operations before the end of the usual accounting period. Such a period can also be used when a company is being taken over by a new corporate parent.
The preparation of internal documents (for internal financial reporting), such as employee tax records, duplicate purchase orders, and inventory reports, can depend on monthly or quarterly accounting periods. External accounts, like income statements, usually depend on annual accounting periods.
Time plays a significant role in accounting and financial reporting. The reporting period helps the company to organize its financial reporting for users who are interested in the financial status of the business. Users of the company’s financial statements need to have reliable and current financial information to assess the performance and position of the company. It helps them to make important business decisions and take proper action in a timely manner. The users include employees, internal management, investors, creditors, government agencies, etc.
The company’s internal management needs to see financial reports more than once a year to be able to forecast future sales, expenses, and staffing accurately. Employees are usually interested in the company’s financial status because it can affect their job security. They may also take part in the profit-sharing . It means that the better the company performs, the more money they will build for retirement.
Current and potential creditors, as well as investors, need to see how well the business is performing in comparison to previous accounting periods. With this information, they will be able to decide whether they want to enter into or continue with business relations with the company.
The following are the financial statements that are usually prepared for a reporting period. The relevant accounting period is normally stated in the header of the financial reports.
The income statement/profit and loss statement shows interested parties how profitably the company carried out its operations during the reporting period. It includes revenues, expenses, losses, and gains.
The balance sheet/statement of financial position shows the financial position of the company at the end of the reporting period. It includes the company’s assets, liabilities, and stockholder’s equity .
The cash flow statement discloses how well an entity generated cash to fund its operating expenses, settle its debt obligations, and fund its investments during the reporting period.
The statement of retained earnings shows the portion of the company’s profit that’s been distributed among its owners and the portion kept in the company for future growth.
To make comparisons between the current financial statements and those from previous years, organizations will use the same reporting periods year-to-year. An entity that experiences consistency in growth in year-to-year accounting periods displays stability and a stance of long-term profitability. The uniformity of customer reporting periods also enables a different company to perform comparative analysis.
Thank you for reading CFI’s guide to Reporting Period. To keep learning and developing your knowledge base, please explore the additional relevant resources below:
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Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private insurance company to help pay your share of out-of-pocket costs in Original Medicare. What types of insurance aren’t Medigap?
You can only buy Medigap if you have Original Medicare. Generally, that means you have to sign up for Medicare Part A (Hospital Insurance) and Part B (Medical Insurance) before you can buy a Medigap policy.
You get a 6 month “Medigap Open Enrollment” period, which starts the first month you have Medicare Part B and you’re 65 or older. During this time, you can enroll in any Medigap policy and the insurance company can’t deny you coverage due to pre-existing health problems. After this period, you may not be able to buy a Medigap policy, or it may cost more. Your Medigap Open Enrollment Period is a one-time enrollment. It doesn’t repeat every year, like the Medicare Open Enrollment Period.
All Medigap policies are standardized. This means, policies with the same letter offer the same basic benefits no matter where you live or which insurance company you buy the policy from. There are 10 different types of Medigap plans offered in most states, which are named by letters: A-D, F, G, and K-N. Price is the only difference between plans with the same letter that are sold by different insurance companies. What else should I know about these lettered plans?
In some states, you may be able to buy another type of Medigap policy called Medicare SELECT . If you buy a Medicare SELECT policy, you have the right to change your mind within 12 months and switch to a standard Medigap policy.
Important: In Massachusetts , Minnesota , and Wisconsin , Medigap policies are standardized in a different way.
In some states, you may be able to buy another type of Medigap policy called Medicare SELECT. If you buy a Medicare SELECT policy, you have the right to change your mind within 12 months and switch to a standardized Medigap policy.
Every Medigap policy must follow federal and state laws designed to protect you. It’s important to watch out for illegal practices by insurance companies, and protect yourself when you’re shopping for a Medigap policy.
Review what Medigap covers and compare plans side-by-side.
See how Medigap works with other Medicare coverage.
Check what Medigap generally costs and what you pay.
With cloud computing, organizations essentially buy a range of services offered by cloud service providers (CSPs). The CSP’s servers host all the client’s applications. Organizations can enhance their computing power more quickly and cheaply via the cloud than by purchasing, installing, and maintaining their own servers.
The cloud-computing model is helping organizations to scale new digital solutions with greater speed and agility—and to create value more quickly. Developers use cloud services to build and run custom applications and to maintain infrastructure and networks for companies of virtually all sizes—especially large global ones. CSPs offer services, such as analytics, to handle and manipulate vast amounts of data. Time to market accelerates, speeding innovation to deliver better products and services across the world.
Get to know and directly engage with senior mckinsey experts on cloud computing.
Brant Carson is a senior partner in McKinsey’s Vancouver office; Chandra Gnanasambandam and Anand Swaminathan are senior partners in the Bay Area office; William Forrest is a senior partner in the Chicago office; Leandro Santos is a senior partner in the Atlanta office; Kate Smaje is a senior partner in the London office.
Cloud computing came on the scene well before the global pandemic hit, in 2020, but the ensuing digital dash helped demonstrate its power and utility. Here are some examples of how businesses and other organizations employ the cloud:
That’s not to mention experiences we all take for granted: using apps on a smartphone, streaming shows and movies, participating in videoconferences. All of these things can happen in the cloud.
Learn more about our Cloud by McKinsey , Digital McKinsey , and Technology, Media, & Telecommunications practices.
Going back a few years, legacy infrastructure dominated IT-hosting budgets. Enterprises planned to move a mere 45 percent of their IT-hosting expenditures to the cloud by 2021. Enter COVID-19, and 65 percent of the decision makers surveyed by McKinsey increased their cloud budgets . An additional 55 percent ended up moving more workloads than initially planned. Having witnessed the cloud’s benefits firsthand, 40 percent of companies expect to pick up the pace of implementation.
The cloud revolution has actually been going on for years—more than 20, if you think the takeoff point was the founding of Salesforce, widely seen as the first software as a service (SaaS) company. Today, the next generation of cloud, including capabilities such as serverless computing, makes it easier for software developers to tweak software functions independently, accelerating the pace of release, and to do so more efficiently. Businesses can therefore serve customers and launch products in a more agile fashion. And the cloud continues to evolve.
Cost savings are commonly seen as the primary reason for moving to the cloud but managing those costs requires a different and more dynamic approach focused on OpEx rather than CapEx. Financial-operations (or FinOps) capabilities can indeed enable the continuous management and optimization of cloud costs . But CSPs have developed their offerings so that the cloud’s greatest value opportunity is primarily through business innovation and optimization. In 2020, the top-three CSPs reached $100 billion in combined revenues—a minor share of the global $2.4 trillion market for enterprise IT services—leaving huge value to be captured. To go beyond merely realizing cost savings, companies must activate three symbiotic rings of cloud value creation : strategy and management, business domain adoption, and foundational capabilities.
The pandemic demonstrated that the digital transformation can no longer be delayed—and can happen much more quickly than previously imagined. Nothing is more critical to a corporate digital transformation than becoming a cloud-first business. The benefits are faster time to market, simplified innovation and scalability, and reduced risk when effectively managed. The cloud lets companies provide customers with novel digital experiences—in days, not months—and delivers analytics absent on legacy platforms. But to transition to a cloud-first operating model, organizations must make a collective effort that starts at the top. Here are three actions CEOs can take to increase the value their companies get from cloud computing :
Fortune 500 companies adopting the cloud could realize more than $1 trillion in value by 2030, and not from IT cost reductions alone, according to McKinsey’s analysis of 700 use cases.
For example, the cloud speeds up design, build, and ramp-up, shortening time to market when companies have strong DevOps (the combination of development and operations) processes in place; groups of software developers customize and deploy software for operations that support the business. The cloud’s global infrastructure lets companies scale products almost instantly to reach new customers, geographies, and channels. Finally, digital-first companies use the cloud to adopt emerging technologies and innovate aggressively, using digital capabilities as a competitive differentiator to launch and build businesses .
If companies pursue the cloud’s vast potential in the right ways, they will realize huge value. Companies across diverse industries have implemented the public cloud and seen promising results. The successful ones defined a value-oriented strategy across IT and the business, acquired hands-on experience operating in the cloud, adopted a technology-first approach, and developed a cloud-literate workforce.
Learn more about our Cloud by McKinsey and Digital McKinsey practices.
Some cloud services, such as server space, are leased. Leasing requires much less capital up front than buying, offers greater flexibility to switch and expand the use of services, cuts the basic cost of buying hardware and software upfront, and reduces the difficulties of upkeep and ownership. Organizations pay only for the infrastructure and computing services that meet their evolving needs. But an outsourcing model is more apt than other analogies: the computing business issues of cloud customers are addressed by third-party providers that deliver innovative computing services on demand to a wide variety of customers, adapt those services to fit specific needs, and work to constantly improve the offering.
The cloud offers huge cost savings and potential for innovation. However, when companies migrate to the cloud, the simple lift-and-shift approach doesn’t reduce costs, so companies must remediate their existing applications to take advantage of cloud services.
For instance, a major financial-services organization wanted to move more than 50 percent of its applications to the public cloud within five years. Its goals were to improve resiliency, time to market, and productivity. But not all its business units needed to transition at the same pace. The IT leadership therefore defined varying adoption archetypes to meet each unit’s technical, risk, and operating-model needs.
Legacy cybersecurity architectures and operating models can also pose problems when companies shift to the cloud. The resulting problems, however, involve misconfigurations rather than inherent cloud security vulnerabilities. One powerful solution? Securing cloud workloads for speed and agility : automated security architectures and processes enable workloads to be processed at a much faster tempo.
The talent demands of the cloud differ from those of legacy IT. While cloud computing can improve the productivity of your technology, it requires specialized and sometimes hard-to-find talent—including full-stack developers, data engineers, cloud-security engineers, identity- and access-management specialists, and cloud engineers. The cloud talent model should thus be revisited as you move forward.
Six practical actions can help your organization build the cloud talent you need :
Different industries are expected to see dramatically different benefits from the cloud. High-tech, retail, and healthcare organizations occupy the top end of the value capture continuum. Electronics and semiconductors, consumer-packaged-goods, and media companies make up the middle. Materials, chemicals, and infrastructure organizations cluster at the lower end.
Nevertheless, myriad use cases provide opportunities to unlock value across industries , as the following examples show:
The cloud is evolving to meet the industry-specific needs of companies. From 2021 to 2024, public-cloud spending on vertical applications (such as warehouse management in retailing and enterprise risk management in banking) is expected to grow by more than 40 percent annually. Spending on horizontal workloads (such as customer relationship management) is expected to grow by 25 percent. Healthcare and manufacturing organizations, for instance, plan to spend around twice as much on vertical applications as on horizontal ones.
Learn more about our Cloud by McKinsey , Digital McKinsey , Financial Services , Healthcare Systems & Services , Retail , and Technology, Media, & Telecommunications practices.
Views on cloud computing can be clouded by misconceptions. Here are seven common myths about the cloud —all of which can be debunked:
Here’s one more huge misconception: the cloud is just for big multinational companies. In fact, cloud can help make small local companies become multinational. A company’s benefits from implementing the cloud are not constrained by its size. In fact, the cloud shifts barrier to entry skill rather than scale, making it possible for a company of any size to compete if it has people with the right skills. With cloud, highly skilled small companies can take on established competitors. To realize the cloud’s immense potential value fully, organizations must take a thoughtful approach, with IT and the businesses working together.
For more in-depth exploration of these topics, see McKinsey’s Cloud Insights collection. Learn more about Cloud by McKinsey —and check out cloud-related job opportunities if you’re interested in working at McKinsey.
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SSA is reducing the relevant work period from 15 to 5 years.
Effective June 8, 2024:
"We are revising the definition of past relevant work (PRW) by reducing the relevant work period from 15 to 5 years. Additionally, we will not consider past work that started and stopped in fewer than 30 calendar days to be PRW. These changes will reduce the burden on individuals applying for disability by allowing them to focus on the most current and relevant information about their past work. The changes will also better reflect the current evidence about worker skill decay and job responsibilities, reduce processing times, and improve customer service. This final rule also includes other minor revisions to our regulations related to PRW."
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If the expiration date is January 5, documents must be presented by January 5, not the 11th. Some letters of credit require a presentation period of seven days, some 15, etc. If the letter of credit does not state a presentation date, the exporter has 21 days according to UCP Article 14c. Exporters should be aware of this requirement and feel ...
MT 700. Field 48: Period for Presentation: DEFINITION. This field specifies the period of time after the date of shipment within which the documents must be presented for payment, acceptance or negotiation. USAGE RULES. The period of time is expressed in number of days. The absence of this field means that the presentation period is 21 days ...
As a common practice, LC validity is kept 90days (one quarter) to maintain the same charge. In that case, the latest date of shipment is mentioned as 69 days. The presentation period is 21 days if there's no specific requirement from the buyer or seller. The presentation can be both Electronic records or paper documents.
Means, Letter of Credit is void if shipped goods before the date mentioned in LC for shipment, but not submitted documents for negotiation within the validity period of Letter of Credit. ... On 13 April 2016 Dolphy, if the Letter of Credit requires presentation period of 21 days, and latest shipment date is April 1, 2016, then LC Expiry date is ...
This means that the content of the LC - as well as the UCP 600 provisions will apply. Therefore, in order to change the applicable dates and timelines, there must be made an amendment to the LC. ... Period for presentation. UCP 600 article 14(c) addresses the period for presentation. Basically, this sub-article applies when the presentation ...
Arshad. ———-. ANSWER. Hi, Field 48 (period for presentation) specifies the number of calendar days after the date of shipment within which the documents must be presented for payment, acceptance, or negotiation. The absence of this field means that the presentation period is 21 days after the date of shipment, where applicable.
If the letter of credit does not require presentation of a transport document, then the presentation period does not become effective. Under such a scenario, ... The letter of credit is silent in regards to the presentation period, which means that there is no Field 48 -Period for Presentation indicated in the letter of credit.
Presentation within Validity Period: Present documents to the nominated bank within the LC's validity period, ensuring you adhere to any presentation period after the date of shipment as specified ...
If docts are presented to the nominated bank after expiry but within 15 days after shipment date, The discrepancy is only L/C expired, not late presentation. e.g. L/C expiry date is April 1 . Period for presentation is 15 days after shipment date. B/L showing shipment date as March 20 and docts presented to the nominated bank's counter is April 3.
Please help us to clarify the issue relating to determine the presentation period: In case LC prohibits partial shipment, however, more than one set of BL presented as part of a single presentation made under one covering letter show the discrepancy - partial shipment. It means: different date of shipment, on different vessel.
Period of presentation (Field 48) is optional. This field specifies the period of time after the date of shipment within which the documents must be presented for payment, acceptance or negotiation.Even when period of presentation is not mentioned in credit it implies that the document may be presented any time before expiry of credit. When the ...
Effective communications skills are a powerful career activator, and most of us are called upon to communicate in some type of formal presentation mode at some point along the way. For instance, you might be asked to brief management on market research results, walk your team through a new process, lay out the new budget, or explain a new ...
The ever-popular 10/20/30 rule was coined by Guy Kawasaki, a Silicon-Valley based author, speaker, entrepreneur, and evangelist. Kawasaki suffers from Ménière's disease which results in occasional hearing loss, tinnitus (a constant ringing sound), and vertigo— something that he suspects can be triggered by boring presentations (among ...
Plan ahead. Never count on a clock being in the room to manage your time in the moment of your presentation. Have your phone (silenced, of course) on the podium ready to glance at, appoint someone in the back of the room to give you cues when you are running out of time, or even discretely glance at your watch while taking a sip of water.
Definition of presentation period: In letter of credit arrangements, number of days allowed between shipment of goods and presentation by the seller of shipping and other documents to the advising bank.
A Stale Bill of Lading is a unique type of bill of lading. As the name suggests, stale means expired, time period or date is over. Therefore, a normal Bill of Lading converts into a Stale Bill of Lading if a beneficiary presents it to the nominated bank after the expiry of the presentation period. The nominated bank could either be a Supplier ...
Letters of credit terminology have 3 important definitions in regards to the dates. These definitions are. "Date of Shipment", "Presentation Period" and. "Expiry Date". If you want to understand "stale documents" definition, you should be familiar with these terms. Let me start explaining these definitions with the date of shipment.
Example. To demonstrate accounting for prior period adjustments in a single-year statement, we will assume that during the audit of its 2019 statements, the Mondrian Corporation discovered that depreciation in 2018 had been understated by $100,000, ignoring taxes. Because this is a material error, a prior period adjustment is required.
Using Date of Shipment in Order to Determine Whether Documents Have Been Presented Within the Presentation Period or Not: A presentation including at least one original transport document, which can be a multimodal bill of lading, combined transport document, bill of lading, non-negotiable sea waybill, charter party bill of lading, air ...
This means to add a full stop after every bullet point. Use no punctuation after bullets that are not sentences. This includes bullet points like the image above where only single words are displayed on each line. Do not mix the use and misuse of period. Given said that, if you start using periods (full stop) then use it for all the bullet points.
A reporting period is the time span for which a company reports its financial performance and financial position. A company can choose to use the traditional calendar year of 12 months or adopt a 12-month fiscal year. Companies use the same reporting periods in order to make a comparison of the current financial performance and financial ...
Related to Presentation period. Presentation Date means a day which (subject to Condition 12 (Prescription)):. Representation Date shall have the meaning ascribed to such term in Section 4(k).. Evaluation Period bears the meaning ascribed thereto in Section 7.4(d)(i);. Notification Period has the meaning given to such term in Clause 3.10(b) or 3.10(c) of the Gold Bullion Terms, as the case may be.
Related to Investor Presentation Period. Investor Presentation is defined in Section 5.3.. Presentation Date means a day which (subject to Condition 12 (Prescription)):. Representation Date shall have the meaning ascribed to such term in Section 4(k).. Nomination Period means a period of time that Customer includes in a nomination for gas service.. Nomination Date means the twentieth (20th ...
All Medigap policies are standardized. This means, policies with the same letter offer the same basic benefits no matter where you live or which insurance company you buy the policy from. There are 10 different types of Medigap plans offered in most states, which are named by letters: A-D, F, G, and K-N. Price is the only difference between plans with the same letter that are sold by different ...
Cloud computing is the use of comprehensive digital capabilities delivered via the internet for organizations to operate, innovate, and serve customers. It eliminates the need for organizations to host digital applications on their own servers. Group of white spheres on light blue background.
Starting menstruation is an important sign of health. A new study shows that the trend of children starting at an earlier age may point to worrying conditions.
April, 2024. Effective June 8, 2024: "We are revising the definition of past relevant work (PRW) by reducing the relevant work period from 15 to 5 years. Additionally, we will not consider past work that started and stopped in fewer than 30 calendar days to be PRW. These changes will reduce the burden on individuals applying for disability by ...
Students and Teachers. Introductory Pricing Terms and Conditions Creative Cloud Introductory Pricing Eligible students 13 and older and teachers can purchase an annual membership to Adobe® Creative Cloud™ for a reduced price of for the first year. At the end of your offer term, your subscription will be automatically billed at the standard subscription rate, currently at (plus applicable ...