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managementoptions.com.au/ .Management Options is one of Australia’s leading providers of independent Probity Services. We understand probity and we understand procurement processes
The team coming the second at the Digital Procurement World 2019 Hackathon is receiving their prize - EUR 1000!
Procurement Commission listens for ways to improve the procurement process. by Joe Andrucyk at Easton Volunteer Fire Department, Easton Maryland
Official Ceremony on 20 May 2014 naming the Rosie Hackett Bridge, which is the 21st Bridge over the River Liffey in Dublin, Ireland. Minister for Transport Leo Varadkar on steps of Trolley Bus
Rosie Hackett was a trade union activist who took part in the 1913 Lockout and the 1916 Rising. Her nephew John Gray attended the ceremony, along with Minister for Transport Leo Varadkar, President Michael D Higgins’ wife Sabina, and Lord Mayor of Dublin Oisín Quinn.
managementoptions.com.au/ .Management Options is one of Australia’s leading providers of independent Probity Services. We understand probity and we understand procurement processes
Ormita is the world's largest multilateral reciprocal trading system, with subsidiaries that conduct business worldwide. The Company provides an efficient platform to mitigate contractual hazards which arise in imperfect capital markets and provides import and export procurement financing and low cost collateralisation for creditors.
As part of its institutional financing arrangements Ormita provides efficient and low cost exchange mechanisms and solves incentive problems which would otherwise prevent trade from taking place at all, particularly in cases where paying with goods rather than money can help to overcome creditworthiness risks.
Ormita Commerce Network www.ormita.com and www.ormitacorporate.com
Global Snapshot
World's largest non-cash (barter) trade house in the world based on annualised figures as of Dec. 31, 2010
Operations in 21 countries
Customers in 54 countries
Summary of Market Benefits
Financially constrained buyers fund existing purchasing requirements from new sales – not existing cash-flows
Reduces the cost of funding working capital
Improves cash-flows by reducing the need for cash
Provides access to captive market audiences
Realisation of maximum value of under-utilised assets
Increased purchasing power
Ability to manage and balance fluctuations in production and overtime
Eliminates risk associated with currency convertibility and regulatory investment controls
Enhances corporate cash management by allowing a business to reduce its borrowing and trade finance risks
Helps to alleviate balance of payment deficits resulting from imported goods.
Stimulate the output of domestic industries and to help find new export markets.
Fully Sharia-compliant
In some instances a Government may restrict the convertibility of its currency to preserve its foreign exchange reserves so they can service international debt commitments and purchase crucial imports. This is problematic for exporters. Non-convertibility implies that the exporter may not be able to be paid in his or her home currency; and few exporters would desire payment in a currency that is not convertible.
In many countries Countertrade is a condition of the buying organisation importing goods from elsewhere. For example, all foreign companies contracted by Thai state agencies for work costing more than 500 million baht ($12.3 million) are required to accept at least 30 percent of their payment in Thai agricultural products.
“Businesses often have excess capacity in their own goods, services or infrastructure, even more so when the financial cycle slows and credit tightens. Business people find that using capacity to source needed goods and services is an attractive alternative proposition to conventional sales and credit if it can increase sales, ease cash flow or reduce reliance on conventional credit.”
"Capacity Trade and Credit: Emerging Architectures for Commerce and Money". City of London Corporation, ESRC, UKTI, BIS joint Report. City of London Corporation. Dec 2011.
"When banks are under pressure, the capital needed for trade finance may be allocated elsewhere on balance sheets. With no secondary market to offload loans, balance sheets have been constrained. In addition, global currency volatility and more rigorous counterparty risk assessment contribute to higher cost of trade finance for importers, exporters and financial intermediaries."
Jean-Pierre Chauffour and Thomas Farole, "Trade Finance in Crisis: Market Adjustment or Market Failures?", Policy Research Working Paper 5003, World Bank, July 2009
"In the present world of protracted recession, huge trade deficits, cash and credit shortages, economic sanctions, and trade wars, it is unrealistic to expect a completely (cash based) code of conduct.”
Stanislaw J. Soltysinski, "In Defense of Countertrade", Journal of Comparative Business and Capital Market Law 5 (1983) 341-345, North-Holland
"U.S. prime contractors generally see offsets as a reality of the marketplace for companies competing for international sales. Several U.S. prima contractors have informed BIS that offsets are usually necessary in order to make these sales - sales which help support the U.S. industrial base."
"Offsets in Defense Trade", U.S. Department of Industry, December 2009
"For industrializing nations, linking trade flows is a major tool by which diversification of trading partners and exertion of natural sovereignty over multi-nationals can be achieved."
Far Eastern Economic Review, 27 Jan, 1983
"Barter is viewed as a potential means of enhancing trade among countries and of promoting economic cooperation among them."
M. Fahim Khan, "Countertrade: Policies and Pratices in OIC Member Countries", Islamic Development Bank, Seminar Proceedings No. 24, 2002
"(Reciprocal trade) has allowed the country not only to recoup and preserve its foreign exchange but also enabled key industry sectors to develop and expand new markets and products for export, acquire sophisticated technology, obtain foreign direct investments, and avail of specialized technical/specialized training."
Philippine International Trading Corporation, "Countertrade Program of the Philippines", Philippine Government, 2002