The Five Personality Traits Definitions - 813 Words

The five personality traits, a person’s, portray Neuroticism, Extroversion, Conscientiousness, Agreeableness, and Openness to experience. A person does have a small genetic bias relates to personality. Men and Women do have different genetic makeup that is more prone to gender-based social encounters. For example, with two different sexes experience the same incident and the outcome results being different. The unanswered question is Men from Mars and Women from Venus. The Five personality traits, is it set like Plaster or Persistent Change According to Hutchinson (2013), â€Å"The big five personality traits definitions: 1. â€Å"Neuroticism: tendency to be moody, anxious, hostile, self-conscious, and vulnerable†(Pg. 616). 2. â€Å"Extroversion: tendency to be energetic, outgoing, friendly, lively, talkative, and active†(Pg. 616). 3. â€Å"Conscientiousness: tendency to be organized, reliable, responsible, hardworking, persistent, and careful†(Pg. 616). 4. â€Å"Agreeableness: tendency to be cooperative, generous, cheerful, warm, caring, trusting, and gentle†(Pg. 616). 5. â€Å"Openness to experience: tendency to be curious, imaginative, creative, intelligent, adventurous, and nonconforming†(Pg. 616). The study taken on personality traits ranged from the age of 21 years thru 60 years old. Both sexes studied the two traits Conscientiousness and Agreeableness statics became greater than before in early and middle adulthood. The women surveyed shown Neuroticism declined and for the men, itShow MoreRelatedThe Human Mind For Millennia Essay1430 Words   |  6 PagesIntroduction Personality is a topic that has interested the human mind for millennia. As early as the fourth century BC, Aristotle was writing about the differences within individuals based on â€Å"determinants of moral and immoral behavior (Matthews Deary),† which he identified as cowardice, vanity, and modesty. Aristotle’s student, Theophrastus, continued this thought process through a book detailing thirty personality traits, thus bringing forth the idea that an individual’s personality could be brokenRead MorePersonality Is Developed From Genes ( Nature ) Or Influenced By Environment ( Nurture ) Essay1436 Words   |  6 Pagesperson’s personality is developed from genes (nature) or influenced by environment (nurture). Personality is something every human has and is an essential element in their social world. This research is important to know if, how, and why personalities change. Different scholarly-based material was used to support either stance on the issue . The articles and research helped to decipher the roles of parents, genes, biology, the environment, experiences, and culture in a person’s personality. PersonalityRead MoreBiological And Trait Perspectives On The Human Personality1480 Words   |  6 PagesBiological and Trait Perspectives and Explanations of Neuroticism Two perspectives on the human personality will be explained in the following two sections. The first perspective is the biological perspective of personality. This perspective focuses largely on the internal genetic makeup of an individual and the effects this has on his or her personality. The biological perspective is strongly based on other scientific fields in laboratory or clinical conditions such as biology and biochemistry.Read MoreOutline Of An Assignment On The Development Of Your Introduction Section1205 Words   |  5 Pagesunderstand how personality affects college major selection. i. What is your research question(s) your project will address? How does personality relate to college major selection? How can the Big Five Personality traits model relate to college major selection? Which majors are more likely to be introverted or extraverted? b. Provide conceptual definitions of the variables that will be used to study your topic. The conceptual definition of the dependent variable, personality is a set of traits which makeRead MoreDevelopment Of Personality : Early And Middle Adulthood : Set Like Plaster Or Persistent Change? Essay843 Words   |  4 Pages Development of Personality in Early and Middle Adulthood: Set Like Plaster or Persistent Change? The five personality traits, a person, portray Neuroticism, Extroversion, Conscientiousness, Agreeableness, and Openness to experience. A person does have a small genetic bias relates to personality. Men and Women do have different genetic makeup that is more prone to gender-based social encounters. For example with two different sexes experience the same incident and the outcome results beingRead MoreThe Big Five Personality Traits And Factor Theories From Eysenck, Mccrae, And Costa s773 Words   |  4 Pages Describe the â€Å"Big Five† personality traits. Trait and Factor Theories from Eysenck, McCrae, and Costa’s: Like Eysenck, McCrae and Costa’s thought that personality â€Å"traits are bipolar and follow a bell-shaped distribution.† Those who take the Big Five personality trait test tend to score in the middle (neither high or low) of the bell curve of each trait, and that only a few people score close to the five basic dimensions, a high, or low to the extremes. (Feist Feist, 2008, p.422) http://www.simplypsychologyRead MoreHow Personality And Individual Differences Affect Career Choice And Success1331 Words   |  6 Pageshow personality and individual differences can influence and affect career choice and success. Personality is defined as a group of emotional, cognitive, and behaviour characteristics that make an individual unique (Matsumoto, 2009). Individual Differences psychology examines how individuals vary in their behaviour and personality and the processes that cause this to occur (Eysenck, 1987). While there are many different theories and ideas as to what job satisfaction actually is, the definition thatRead MoreThe Personality Of Personality Psychology Essay1051 Words   |  5 Pagesthe personality is the one thing about a person that does not change over time. Genetics and environment equally contribute to the development of the personality. This is shown through the nature/nurture principle. The way a person behaves towards others, and reacts towards the world around them is determined by that person’s individual personality. No two personalities are alike. This is because a person’s individual personality is made up of a unique variety of characteristics called traits. RaymondRead MoreThe Contribution Allport s Influence On The Academic World Essay1683 Words   |  7 PagesThe next scholar to contribute was Allport. Allport stated that it is very unlikely that people just possessed one personality characteristic (Fleming, 2006). He claimed that personality exists in a â€Å"psychological matrix† meaning within a person, that people possessed traits which can be categorized into levels, which in turn allows there to be comparison among different individuals (Liebert, R. M. Spiegler, M. D., 1970, 117). Allport also recognized that it is important to understand individualsRead MoreAssertiveness As A Person Can Possess And Show Essay1593 Words   |  7 Pagesfactors of personality that a person can possess and show. Each individual person is different and has varying levels of one trait or another. The trait of assertiveness will be the focus of this paper. How the trait is defined, perspectives of the trait, the trait’s origins, advan tages and disadvantages to the trait and the author’s personal opinions on the trait from experience are the specific topics that will be discussed in detail on the trait of assertiveness. Trait Definition Assertiveness

People Of Color Commit More Crimes. . I Disagree, Based

People of Color Commit more Crimes. I disagree, based on table 358: Arrests by offense and race/ethnicity: 2014 by the federal bureau of investigation, the total number of offenses charged were 8,730. 6,056.7 are white, 2,427.7 are Black and 1,234.3 are Hispanic or Latino. Violent crime total 390.2, 231.8 White, 147.0 Black and 73.6 Hispanic or Latino. 1,218.7, white 838.4, black 346.4 and Hispanic or Latino. Certain crimes are committed more by certain races. For example murder and nonnegligent manslaughter, blacks were charged more at 4.2, white 3.8 and Hispanic 1.3. More white were charged with rape at 11.0, black 4.9 and Hispanic or Latino 3.1. More black were charged with robbery 41.4 to white 31.4 and Hispanic or Latino 11.4.†¦show more content†¦White drivers were stopped only 10 percent. The disparity will be greater if black drivers were stopped more frequently than white drivers. There are other disparities such as searches, tickets, arrests and license suspensions. This research also showed that whi te drivers were both ticketed and searched at lower rates than black and Hispanic drivers. An NBC report based on the Bureau of Justice Statistics states that Blacks 9.5 percent and Hispanics 8.8 percent were more likely to be searched than whites 3.6 percent. There were slight but statistically insignificant declines compared with the 2002 report in the percentages of blacks and Hispanics searched. Blacks 4.5 percent were more than twice as likely as whites 2.1 percent to be arrested. Hispanic drivers were arrested 3.1 percent of the time. Among all police-public contacts, the force was used 1.6 percent of the time. But blacks 4.4 percent and Hispanics 2.3 percent were more likely than whites 1.2 percent to be subjected to force or the threat of force by police officers. America is a Racist Society America is a racist society. Racism may have changed significantly from slavery to present but it is still out there. White Americans use drugs more than black Americans, but black people are arrested for drug possession more than three times as often as whites. Black men receive prison sentences 19.5 percent longer than those of white men who committed similar crimes, a 2013 report by theShow MoreRelatedIs The Only Real Truth?1437 Words   |  6 Pagesto stop a person from committing crime they would continue to do so... same concept. I believe in a more realistic view of the future where people aren’t heading toward some great point after death but only to a hole in the ground. I believe in the things that science has taught us and that it is the only real truth in our world today. I am now, have always been and will continue to be, skeptical of what most people tell me and what I see and hear in the media. I also believe it is best to use ration alRead MoreIs There A Racial Bias? The Judicial System?1433 Words   |  6 Pagesactions and activities, also known as crimes, people of all color commit them. Whether people commit lesser or more excessive crimes, the action will be committed by a multitude of races. People of all colors are able to achieve the standards that have been set by society. When looking at the statistics, the evidence shows that people of color, especially African Americans tend to get harder and more solemn charges for the crimes that they have committed. What people might not notice is that there isRead MoreThe New Jim Crow And The Article On The Myth Os Mass Incarceration853 Words   |  4 Pages After reading both The New Jim Crow and the article on the myth os mass incarceration, I was surprised to see how different they really were. The book is suggesting that mass incarceration is in fact the new Jim Crow, while the very title of the article infers that mass incarceration is a â€Å"myth† and is something that is not actually happening. That being said, I believe there are many ways in which Michelle Alexander would respond to this article in order to defend the topic of mass incarcerationRead MoreRacism And Prejudice And Racism935 Words   |  4 PagesA time I had to stand up for what I believe in, was during summer of 2016, I got into a heated discussion of how profiling someone verbally can lead to racism. That day I and my African American friend went to the convenience store. One of the customers shouted to the cashier in a disrespectful manner â€Å"oh look a thug and a cartel leader, make sure they pay bossman† and I quickly questioned him â€Å" sir you don t know our history.† He quickly interrupted me by saying â€Å"yes I do, your buddies parent sRead MoreRadical Criminologists Believe That Crime Is Caused By Social And Economic Forces Of A Society1670 Words   |  7 PagesRadical criminologists believe that crime is caused by social and economic forces of a society. 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While Whites are more likely to express support for the idea of racial equality than they were in the 1950†²s and 1960†²s, support for policies and government programs to actualize and enactRead MoreThe Stop And Frisk Policy3871 Words   |  16 Pagespolice officer exit the vehicle and command the person to put their hands on top of their head. The person asks the officer why am I are being stopped and they simply reply â€Å"were st opping you because you look suspicious with that black hoodie on.† Is that right? This is happening in our community because of Stop and Frisk. I believe the Stop and Frisk policy based in New York City is a biased and unconstitutional tactic that police officers use. The Stop and Frisk Policy states â€Å"if the police

Company Deals With Manufacturing Of Shoes â€Myassignmenthelp.Com

Question: Discuss About The Company Deals With Manufacturing Of Shoes? Answer: Introduction This study deals with suggesting two potential destinations for the company Bata where they should expand their operations. The Bata Company was started in the year 1990 and owned by 5 shareholders who had great passion for entrepreneurship (Bata.com 2017). The company deals with manufacturing of shoes, leather bags as well as belts. The company had opened many sales outlets in most part of the country. Bata Company purchases raw material that is mainly animal skins that turns into useful materials. The company shows interest in global presence where they will make their products available as well as get hold of customers both nationally and internationally (Bader, Gassmann and Ziegler 2014). The current segment had properly explained two potential destinations where Bata Company should start thinking of operating in the near future. The selected destinations are Japan and United States of America where the company does not have presence yet. Both the destinations are evaluated in ar eas such as cultural fit, market fit and strategic operations. There are vast difference present among Japanese culture and American culture. In order to plan for expansion in these countries, it is important to conduct market research so that proper information is gathered about the tastes, market trends, preferences and other vital attributes that will help the company for expansion purpose. After proper evaluating the factors, it is recommended that Bata Company should set up their expansion in United States of America and the country will give lot of opportunities and market presence (Xie and Li 2017). Background of Bata Bata is a private-owned company that operates in retail and manufacturing sector from the year 1894 (Bata.com 2017). Bata is one of the family-owned global footwear as well as fashion accessory manufacturer and retailer that are headquartered at Lausanne in Switzerland. The company is organized into three main business units. The company has retail presence of over 5200 retail stores in 70 countries. Discussion of two Potential Destinations where Bata can operate For this study, the potential destinations selected where Bata can go global are United States of America and Japan. These two countries are selected as potential destinations because Bata has not yet operated in these countries (Wheelen and Hunger 2017). United States of America is one of the federal republics that are composed of 50 states, 5 major self-governing territories and different professions (Bader, Gassmann and Ziegler 2014). The Capital of United States of America is Washington and largest city in USA is New York City. The used currency at USA is United States Dollar and population 325365189 by 2017. Japan is one of the sovereign island nations in East Asia. The population of 127 million at Japan makes it 11th largest populated country (Song 2014). The capital of Japan is Tokyo. Justification for going global to these selected destinations and examining the cultural and market fit Examining cultural fit in potential destinations Culture can be termed as the collection of deeply ingrained values as well as beliefs that drive behavior of an individual. To explain in detail, cultural environment means culture as a shared beliefs as well as values of Group (Shaver 2013). There is difference present in cultural fit in the selected destinations and it is explained below with proper justification: At United States of America, the cultural fit values are unique and interesting to know as it will help any company who desire to expand their business in these potential destinations (Samiee 2013). Bata as a company need to evaluate and understand how is the culture of American people or what are their preferences towards the products offered by Bata. To explain in detail, it is noted that Americans strongly believes in the concept of individualism. Americans consider themselves to be separate as individuals who feel that they have the control of their own lives rather than members of family, nation or religious group (Bader, Gassmann and Ziegler 2014). The next cultural values present in Americans are sense of equality. It was stated in American Declaration of Independence that all people are created equal and this belief had been present in them as their cultural values. They believe in equality and become uncomfortable with overt displays of respect like being bowed in front of a nyone. The next cultural values present in Americans are informality. They always behave informally with other people while talking. Americans believes in frankness and openness at the time of dealing with other people. In short, Americans believes in directness where problem can be solved by telling the person directly rather than using any other method to solve it (Regnr and Zander 2014). At Japan, their cultural fit is thoroughly rooted in all aspects of life and always impact family, work as well as social interactions. Japanese people are very helpful by nature. Family tie-ups are very strong in Japan where they live in joint families Some of the core values of Japan are thinking for others first, not giving up, respecting elders as well as working in a group (Peppard and Ward 2016). Examining market fit in potential destinations At United States of America, it is a fantastic market for expansion for company like Bata. US market has huge single market, open-minded buyers as well as access to fantastic tech talent from the greatest universities as well as Holy Grail of venture capital (Naidoo and Wu 2014). This study had been conducted to find out whether US market will be potential destinations for expansion of Bata as they want to go global and recognized all over the world. The advertising market of US is saturated. There is some of the modest priced advertising market hidden in USA but it very costly or expensive advertising market in and across the world. USA does not have more clever scientists or innovators as compared to rest of the world. They have better need for marketing activities. It is difficult for any company to enter into US market and start to attract local capital (Leonidou et al. 2015). Recently in Japan, they are suffering from weak GDP rates. In order to recover from the sluggish domestic economy, most of the Japanese companies are engaging in evaluating the opportunities to overseas countries such as China with its geographic and cultural advantages (Bader, Gassmann and Ziegler 2014). The economy of Japan had expanded at faster pace for more than 2 years with domestic spending that accelerates rapidly. Japan is shrugging from past decades in terms of growth and attempts to counter with a massive money printing programs in order to stimulate bank lending, investment from companies as well as buying among computers at the same time. There are several factors that in actual had been the reason for most recent growth in GDP that rises from domestic activity where consumer spending accelerated significantly. Japanese customers can be very demanding and have frequent changes in their tastes and needs as compared to that of Americans (Ang, Benischke and Doh 2015). It is for this reason why companies based in USA redesign or redevelop products so that they can succeed or can offer it to Japanese customers. After looking at the size of market of Japan, it is necessary to engage in substantial investments and it give rise to inherent risks at the same time (Bader, Gassmann and Ziegler 2014). To that, Japan has many strong local companies. In Japan, the people mostly do not welcome new competitor but engages in developing strategies to compete with the new entrants. It is important for any company who wish to expand to be ready for competing and have thorough knowledge of market and strategy development (Laufs, Bembom and Schwens 2016). Strategic capability, risk assessment and cost of Bata The strategic capability and risk assessment of Bata is explained in this section that will help in understanding how far they are ready to go global with their existing strategies (Andreu, Claver and Quer 2017). There are various challenges faced by Bata because of fast-changing market trends in the form of increased competition from the local players as well as increased threat from Chinese imports. Traditionally, Bata had targeted lower middle class as well as middle class segments of the society but now they are planning to expand and change their strategies so that they are well-recognized in and across the world (Laufs and Schwens 2014). Strengths Weakness Brand Image Strong financial position Recognized in most of the countries Best quality at reasonable price (Ang, Benischke and Doh 2015) Footwear for entire family Targeting all income segments Lacks proper planning of advertisement No variety in fashionable shoes No continuity of leadership (Bader, Gassmann and Ziegler 2014) Opportunities Threats Entering new segments of markets Capturing markets where no other potential competitor exists (Bader, Gassmann and Ziegler 2014) Acquired and partnership with small players New mediums for advertisements Innovative products Price war with competitors Political instability Customer dissatisfaction Economic threat Frequent change in consumer preferences (Ang, Benischke and Doh 2015) Strategic options of Bata There are primarily three strategic options of Bata that are explained as under: Manufacturing- One of the strategic options of Bata is manufacturing where the company uses regional expertise for meeting the needs of the product lines and they enjoys some sort of cost advantages. In addition, the company has the potential to deal in international markets that are beneficial to them in order to compete with the potential competitors (Huettinger 2016). Distribution- One of the strategic options of Bata is distribution where the company should give more value to their company-owned stores (Bader, Gassmann and Ziegler 2014). Giving important to company-owned stores will help the company to have control and manage the operations smoothly. The company should arrange more training sessions for the employees where proper explanation is given to the employees about the product quality that matches with frequent consumer preferences and market trends. The company even can enjoy profits from franchises but they should make sure that the employee working for that stores are well-trained and experienced; otherwise the companys image will be hampered in negative form (Hollender, Zapkau and Schwens 2017). Brands- One of the strategic options of Bata Company is brand recognition. The company should target middle as well as upper class (Bader, Gassmann and Ziegler 2014). The reason to that is lower class start preferring to purchase Chinese and local shoes. To that, Bata should try to continue their business and target upper middle class and provide them with better quality products at reasonable prices. The company should follow their traditional image and not focus upon fashionable footwear as it will change the strategy to large extent. The company should continue following their older strategy as they are well-known for their functional footwear for its reliability (Hitt, Li and Xu 2016). Environmental factors to enter potential destinations In order to understand the external environment of Bata, the best tool used is PESTLE analysis as it clearly talks about several relevant factors such as Political, economical, social, technological factors (Bader, Gassmann and Ziegler 2014). These factors are mentioned below with proper justification: Political factors- It is difficult to expand in other countries due to strict rules and regulations that are present. There is government stability that acts as one of the political factors of Bata. Huge market pressure is there for the company as far as sales is concerned. To that, the company faces stiff competition from local and Chinese products that operates in footwear industry (Hitt 2016). Economical factors- Bata faces several economic factors that restrict further international expansion for the company. Most of the buyer looks for branded shoes. Bata fails to target the women and kids segments. Bata has huge consumer market to deal with (Hill, Jones and Schilling 2014). Social factors- Frequent changes in the lifestyle of consumer or buyers is one of the social factors that need proper attention by the company (Bader, Gassmann and Ziegler 2014). Trends in fashion are increasing each day but Bata believes in reliability and does not focus on offering fashionable shoes to the target customer. Their main focus is on reliability and durability of shoes. There is frequent change in buyer behavior that pretty much become difficult for company to understand at faster pace. Other social factor includes advertising, media as well as publicity (Hill and Jones 2013). Technological factors- There had been increase in technology recently that defines technological factors faced by Bata Company. In addition, upward shift in innovation as well as manufacturing maturity is other technological factors that need urgent attention by the company (Hennart and Slangen 2015). The above are the external environment analysis that is faced by Bata. The next segment explains micro analysis so that there is clear understanding on the current position of Bata Company. Customers- Bata Company targets a wide range of customers that include police, army and other individuals from all locations. The company deals in wide range of products that are offered by them. The company believes in offering good quality products with best prices that means price-quality ratio is excellent as in case of Bata Products (Golbatenmofrad and Zhou 2017). Competitors- Bata Company faces stiff competition from other footwear brands such as Puma, Reebok, Adidas, Reebok and Woodlands (Bader, Gassmann and Ziegler 2014). Suppliers- Bata Company needs raw materials such as PVC soles and animal skin. The company gets supply from China and other local cottage industries that eventually supplies raw materials to the company (George and Iravo 2014). Audit of Bata Company The Internal Audit Department of Bata Company aims at providing assurance of adequate as well as effective process of internal control and functioning in an effective way so that the assets are safeguarded and there is proper recording of accounts (Frynas and Mellahi 2015). The auditing department makes sure that the accountings records are maintained and financial information are reliable without any misstated figures. The Audit Department confirms transparency in all the auditable entities. In case of pre-audit, it means carrying out all the operational checks. As far as post-audit is concerned, it means conducting internal control review as well as physical verification on different audit functions. To that investigation means conducting audit functions through review in any of the specific area of audit function by the concerned audit entity (Ethiraj, Gambardella and Helfat 2016). Ethical conduct and corporate social responsibility at Bata Company Bata Company is famous for their traditional and authentic products they offer and being the good corporate citizens as well as contributes to the well-being of the countries and communities as a whole (Ang, Benischke and Doh 2015). The company believes in contributing to the members of the community where they operate by providing employees with a safe as well as healthy work environment. To that, the company is committed that the operations are conducted ethically and in compliance with applicable laws and regulations. The company is concerned with the environmental safety related issues (De Villa, Rajwani and Lawton 2015). Recommendation on selecting destinations that best fit for market entry for Bata After analyzing all the important aspects in the study, it is now important to recommend one potential destination where Bata should expand their operations so that they get global recognition and generate more profits as well. Before suggesting a potential destination, it is important to find out why Bata not has any outlets in the United States of America. The reason to this question is Bata products is not that much good as compared to other shoemakers or competitors at the time when someone talks about shoes, sneakers or casual wear and footwear. Bata is famous in India and mainly segmented among the middle class people (Ang, Benischke and Doh 2015). The company produces decent shoes for kids at cheaper prices. Bata proves to be dominating brands in footwear in Asian countries. In that way, Asian countries are different from US market and that is the reason why Bata had not yet decided to expand the business in US. It is recommended to Bata Company that they should expand their operations in United States of America and this will be one of the potential destinations markets that will help the company to gain more market share. Japan is also a potential destination for expansion purpose but comparing it with USA, Bata should start making strategies to expand in USA. In the previous assignment, it is suggested that Bata Company should select Export strategy as it will be easier way to venture into global market. In this way, the Company should start exporting their products to USA and start targeting their customers. Export strategy will be best among licensing, franchising and joint venturing. The reason for selecting Export strategy is that the strategy does not need several procedures to undertake (Ang, Benischke and Doh 2015). Bata Company wants to expand their operations and ready to go global, then the potential destination selected for the company is United States of America. It is one of the toughest decisions to decide the potential destinations for further expansion by any company as it come along with risk, uncertainty and many more challenges that cannot be avoided or predicted during initial stages of operation (Brouthers 2013). The main requirement for expanding any business is the product or brand (Brouthers 2013). Bata Company already has an existence in many countries. US market is extremely competitive than any of the other market. Barrier to entry in US market is difficult as there are already so many competitors present in the footwear industry. But, as Bata is a known brand, they can take the risk to enter the US market and try to go global. Before entering into US market, it is important for the company to have good traction in the country that they are planning to operate. Bata Company should make sure that their product has Unique Selling Proposition so that they can compete with the other global and local brands. To this, Bata has its Unique Selling Proposition as they believe in durability and longevity of the footwear that people are wearing. Therefore, strong references help in product legitimacy at the time of entering into foreign markets (United States of America) (Barney 2014). As a whole, it is recommended to Bata Company to provide sales discounts and free samples to influence more sales in the destination that is selected for expansion purpose. In USA, the company should make strategies to lower their price level to attract more customers. The company needs to invest in advertising and promotional activities so that people based in USA are aware of the new market entrant. The company should build awareness among the potential users of the particular type of footwear product that is liked by the Americans. The company need to change their strategy of producing or manufacturing classic or reliable footwear, rather they should now bring more design, color and combination of both so that they can compete with other global and local brands of USA. The company can even merge with local brands to expand more segmentation. The company should work upon their weakness area and try to enhance their strengths so that they can very well manage to enter the new market of USA. To that, the area of weakness faced by Bata Company are insufficient lack of development because of rapid changing needs and preferences of consumers, lack in promotional activities as well as downward trend in quality. This weakness should be handled at top priority before thinking to expand in USA because the county is highly competitive and entering in this market need best products at prices that can be affordable by the Americans. The strengths of Bata Company are distribution system as well as vertical integration. To that, it is important that Bata Company should take corrective actions to minimize the risks as far as possible. Conclusion At the end of the study, it is concluded that Bata Company is a well-known footwear brand that has strong market presence and financial position. The company decides to go global and plans to evaluate between two potential destinations as to which country will best suit for their current product offerings. On analysis, it is found out that United States of America will be the best suited destinations where Bata Company can export their products and gain profits from the customers. Exporting is the best strategy to venture in the global market. It is a known concept that foreign investment proves to be the best approach that help countries, both host and source country. The company under study had been famous for decades and enjoys strong capital base as well as human capital. It is for this reason that the company feels that they can better perform in other countries as well. Expanding in global market will help the company to gain many customers that has varied tastes, preferences a nd provides an opportunity for the company to manufacture various styles of products in order to meet the needs and expectations of the customers Reference List Andreu, R., Claver, E. and Quer, D., 2017. Foreign market entry mode choice of hotel companies: Determining factors.International Journal of Hospitality Management,62, pp.111-119. Ang, S.H., Benischke, M.H. and Doh, J.P., 2015. The interactions of institutions on foreign market entry mode.Strategic Management Journal,36(10), pp.1536-1553. Bader, M.A., Gassmann, O. and Ziegler, N., 2014. Managing the intellectual property portfolio. InManagement of the Fuzzy Front End of Innovation(pp. 99-107). Springer International Publishing. Barney, J.B., 2014.Gaining and sustaining competitive advantage. Pearson Higher Ed. Bata.com. 2017.Bata | Quality Shoes and Bags for Women, Men and Kids Since 1894. [online] Available at: https://www.bata.com [Accessed 10 Sep. 2017]. Brouthers, K.D., 2013. A retrospective on: Institutional, cultural and transaction cost influences on entry mode choice and performance.Journal of International Business Studies,44(1), pp.14-22. Brouthers, K.D., 2013. Institutional, cultural and transaction cost influences on entry mode choice and performance.Journal of International Business Studies,44(1), pp.1-13. De Villa, M.A., Rajwani, T. and Lawton, T., 2015. Market entry modes in a multipolar world: Untangling the moderating effect of the political environment.International Business Review,24(3), pp.419-429. Ethiraj, S.K., Gambardella, A. and Helfat, C.E., 2016. Replication in strategic management.Strategic Management Journal,37(11), pp.2191-2192. Frynas, J.G. and Mellahi, K., 2015.Global strategic management. Oxford University Press, USA. George, K. and Iravo, M., 2014. Factors Affecting the Performance of Distribution Logistics among Production Firms in Kenya: A Case Study of Bata Shoe Company (K) Limited.International Journal of Academic Research in Business and Social Sciences,4(10), p.279. Golbatenmofrad, S. and Zhou, X., 2017. The role of imitation, foreign market experience, and host country network ties in SMEs foreign equity entry mode choice: An Institutional Perspective.Imperial Journal of Interdisciplinary Research,3(4). Hennart, J.F. and Slangen, A.H., 2015. Yes, we really do need more entry mode studies! A commentary on Shaver.Journal of International Business Studies,46(1), pp.114-122. Hill, C.W. and Jones, G.R., 2013.Strategic management theory. South-Western/Cengage Learning. Hill, C.W., Jones, G.R. and Schilling, M.A., 2014.Strategic management: theory: an integrated approach. Cengage Learning. Hitt, M.A., 2016. International strategy and institutional environments.Cross Cultural Strategic Management,23(2), pp.206-215. Hitt, M.A., Li, D. and Xu, K., 2016. International strategy: From local to global and beyond.Journal of World Business,51(1), pp.58-73. Hollender, L., Zapkau, F.B. and Schwens, C., 2017. SME foreign market entry mode choice and foreign venture performance: The moderating effect of international experience and product adaptation.International Business Review,26(2), pp.250-263. Huettinger, M., 2016. The Impact Of Market-Related Factors On The Choice Of Foreign Market Entry Mode By Service Firms.Organizations and Markets in Emerging Economies,7(1). Laufs, K. and Schwens, C., 2014. Foreign market entry mode choice of small and medium-sized enterprises: A systematic review and future research agenda.International Business Review,23(6), pp.1109-1126. Laufs, K., Bembom, M. and Schwens, C., 2016. CEO characteristics and SME foreign market entry mode choice: The moderating effect of firms geographic experience and host-country political risk.International Marketing Review,33(2), pp.246-275. Leonidou, L.C., Leonidou, C.N., Fotiadis, T.A. and Aykol, B., 2015. Dynamic capabilities driving an eco-based advantage and performance in global hotel chains: The moderating effect of international strategy.Tourism Management,50, pp.268-280. Naidoo, V. and Wu, T., 2014. Innovations in marketing of higher education: Foreign market entry mode of not-for-profit universities.Journal of Business Industrial Marketing,29(6), pp.546-558. Peppard, J. and Ward, J., 2016.The strategic management of information systems: Building a digital strategy. John Wiley Sons. Regnr, P. and Zander, U., 2014. International strategy and knowledge creation: The advantage of foreignness and liability of concentration.British Journal of Management,25(3), pp.551-569. Samiee, S., 2013. International market-entry mode decisions: Cultural distance's role in classifying partnerships versus sole ownership.Journal of Business Research,66(5), pp.659-661. Shaver, J.M., 2013. Do we really need more entry mode studies?.Journal of International Business Studies,44(1), pp.23-27. Song, S., 2014. Entry mode irreversibility, host market uncertainty, and foreign subsidiary exits.Asia Pacific Journal of Management,31(2), pp.455-471. Wheelen, T.L. and Hunger, J.D., 2017.Strategic management and business policy. pearson. Xie, Z. and Li, J., 2017. Selective imitation of compatriot firms: Entry mode decisions of emerging market multinationals in cross-border acquisitions.Asia Pacific Journal of Management,34(1), pp.47-68.

Leather for the drum Review Essay Example

Leather for the drum Review Paper Essay on Leather for the drum I hasten to describe their impressions of the book, as long as they have not yet cooled down, and his head pops up image of ancient dilapidated churches in the center of Seville, and in the ears heard the sounds of flamenco, which for me is as much a symbol of Spain, as well as bullfights, and in the air bitter-sweet scent of orange trees in bloom. This book about Spain, about its soul, the religiosity of its people and their customs, the sacrament of the Catholic Mass, the love of God, woman, duty and faith, and the temptation Have you ever thought about is: why do we need religion, and why some people devote themselves to the service of God? I grew up in a very believing family, my great-grandfather was a priest, and he never will not impose his worldview, just lived according to the laws of God. So, I always thought that all priests are the same, but when she grew up, I realized that, unfortunately, it is not so. In this book, it is shown inside the church, with all its injustice, greed, venality, but at the same time, the author argues that there is fair and the priests, and the truth is on their side. They are the patching-perelatanoy skin for a drum that carries the world the glory of the Lord. We will write a custom essay sample on Leather for the drum Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Leather for the drum Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Leather for the drum Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I admit, the book read for a long time, initially was not interested, even in something reminds already rather bored by Dan Brown, but closer by the middle of the book absorbed me entirely, I lived in Seville, along with the main characters. Im afraid seem too vostorzhonnoy, very enthusiastic, but there are information for reflection, there is a unique authors style that I would He called sophisticated. I am very impressed with this is his second book, read by me (the first was Flemish board), and I can definitely say I want to read, and everything else that he created, even if I am not satisfied with the story, sure that the language is perfect. By the way, for those who we do not like chewed food I can say this book you will have a long time to chew, so that good appetite!

International Commercial Arbitration Essays

International Commercial Arbitration Essays International Commercial Arbitration Essay International Commercial Arbitration Essay Student Number: 16476928 PART I: Question 1 (30 marks) â€Å"An international arbitration procedure is governed by the terms of the agreement between the Parties, by the Rules under which they have chosen to conduct their arbitration, and by the legislation of the jurisdiction in which they have chosen to arbitrate. † Discuss how these three elements interact from the drafting of the dispute resolution agreement through to the enforcement of the resulting Award. International arbitration is the process in which disputing parties from different states can elect to resolve their disputes. The outcome of this is a binding award that due to international law of the New York Convention, can be enforced in many countries. International arbitration awards are final and binding, and their enforcement in provided for by the New York Convention[1]. International arbitration is often described as a hybrid of dispute resolution, as it permits parties a uniquely broad flexibility in designing arbitral proceedings. The elementary factor of all international arbitrations is that it is consensual. Simply, without an agreement to arbitrate, there will be no arbitration. Consent is fundamental in the arbitration process and begins from the very first decision to enter into an arbitration agreement[2]. In addition, the terms of the arbitration agreement between the parties plays a primary role in governing the arbitral proceedings[3]. The inclusion of an arbitration clause in a contract streamlines the resolution of a dispute between the parties, as it sets out procedures from he beginning. By drafting a dispute resolution agreement that specifically accommodates the needs of each party, there is greater assurance of a successful negotiation. The terms between the parties and the Rules which they have chosen to govern their arbitration are highly influential in shaping the dispute resolution process and the outcome. By choosing pre-existing arbitration rules and procedures, as opposed to ad hoc, par ties may feel more secure in the outcome as they are using an established format that has already been proven workable. Pre existing rules offer parties support and guidance throughout the process which can be very significant in shaping this process, as well as the enforcement of the final award. In effect, an institutional arbitration entrusts the arbitration to a major institution, while ad hoc is conducted without this guidance or organisation. For this reason, ad hoc arbitration can be more flexible. [4] Arbitration Rules act as a predetermined system of guidelines and procedures to assist parties throughout their arbitration process. For example, the UNCITRAL Arbitration Rules are a set of procedural rules that afford model arbitration clauses for parties to use in their contract, procedures to be used for appointing arbitrators and policies to conduct arbitration proceedings, as well as requirements regarding the arbitration award. Arbitration clauses commonly state that the parties are bound by the specific Rules of the Arbitration provider that they have chosen. Consequently during the drafting of the dispute resolution clause, parties make a conscious decision on what Rules they want to conduct their arbitration under, as these are the Rules that will govern a future dispute if it arises. Many agreements may not expressly include or outline the provider’s rules, yet they are considered part of the agreement between the contracting parties. Arbitration agreements are often pursuant to a standard form arbitration clause from the institution which they choose to refer to[5]. Rules of each institution provide procedures and policies that are to be followed and adhered to in the event a dispute arises. Inevitably, they will thus govern, to an extent, the procedure conducted in the international arbitration. Many countries laws allow parties generous freedom in deciding the procedures that they would like to govern their arbitration. This is apparent as parties can adopt and incorporate procedural rules of a specific institution, which consequently have a significant influence on the arbitration procedure. Thus Rules chosen by the parties to conduct their arbitration are highly formative in determining the style of the arbitration procedure. As institutional Rules vary, so does the structural style of the arbitration. The freedom given to parties in drafting their arbitration agreement is vast, and is one that is often utilised[6]. While institutional rules outline procedures that are to be taken, detailed regulation of the procedure is up to what the parties agree upon and/or what the tribunal decides. The autonomy of the parties involved in the dispute is said to be a guiding principle in determining the procedures that are to be followed in international arbitrations[7]. The terms of the contract between the parties outlines the obligations that each party has agreed to perform. These terms are used to interpret and resolve any disputes which may arise, in conjunction with the arbitration Rules that have been chosen[8]. The terms of the agreement between the parties create the foundational contractual basis of the agreement. Refusal or failure to perform a contractual obligation will lead to a breach of one of these terms which consequently creates a dispute between the parties. It is then that the arbitration clause is invoked. The law that is applicable to the arbitration agreement is sometimes expressly chosen by the parties. Often the substantive law that governs the main contract between the two parties is the law which governs the arbitration agreement. [9] The procedural law that applies to the arbitration must not be overlooked, as it impacts greatly on the arbitration procedure. Procedural law under which the parties have chosen to arbitrate may require or stipulate specific arbitral procedures or restrain procedures. In addition the procedural law influences the enforcement of the arbitral award. Consequently any exceptions to the enforceability of arbitral awards must be assessed under application of the relevant procedural law in which parties have chosen to arbitrate[10]. There are only limited grounds in the New York Convention for refusing to recognise or enforce an arbitral award[11]. If an arbitration agreement is not valid under its governing law then it is not enforceable. Most of the trading states have legislation regarding arbitration that corresponds with the rule of the New York Convention, which states that arbitration agreements are ‘presumptively enforceable’[12]. If there is a valid arbitration agreement between parties, this confers jurisdiction upon the arbitration tribunal to arbitrate. As a result, the disputing parties are ‘contractually obligated to submit their dispute to arbitration. ’ It is this arbitration agreement, as well as the law governing the arbitration, which vests power in the arbitrators[13]. The New York Convention provides that procedures must be in accordance with the agreement between the parties, and it is this which illustrates the significance that party autonomy plays in the arbitration process. However it is also noted that limitations do exists on this autonomy as a result of mandatory provisions of the law of the state in which the arbitration is conducted. These mandatory provisions mostly designate the boundaries in which arbitrators and parties are to work within[14]. Globalisation has increased trade and investment which has demanded need for methods of resolving disputes which are then enforceable. International Arbitration meets this demand as it allows for flexible and accommodating dispute resolution which is governed by the choices and promises between parties. Arbitration offers flexible procedural rules and practiced legal principles to parties to resolve their disputes. The settlement of international disputes by arbitration is an invaluable feature of the world’s current legal landscape. Carefully drafted arbitration clauses allow parties substantial control over the resolution of their dispute[15], and thus the Rules under which they have chosen to conduct their arbitration play a pivotal role in the arbitration procedure. BIBLIOGRAPHY Clayton Utz ‘A guide to International Arbitration’ (2012) A Guide to International Arbitration- Second Edition. Emilia Onyema, International Commercial Arbitration and the Arbitrator’s Contract, (Taylor and Francis Group 2010) Gary B. Born , International Commercial Arbitration: Commentary and Materials, 2nd edition (Kluwer Law International 2001) Gary B. Born , International Arbitration and Forum Selection Agreements: Drafting and Enforcing, 3rd Edition (Kluwer Law International 2010) Gloria Miccoili, ‘International Commercial Arbitration’ The American Society of International Law. Jeff Waincymer , ‘Procedure and Evidence in International Arbitration’ (2012) Kluwer Law International. Julian M. Lew , Loukas A. Mistelis , et al. , Comparative International Commercial Arbitration, (Kluwer Law International 2003)Randy J . Aliment, ‘Alternative Dispute Resolution in International Business Transactions’ The Brief, 2009 Nigel Blackaby , Constantine Partasides , et al. , Redfern and Hunter on International Arbitration, (Oxford University Press 2009) PART II: (60 marks) 2. The dispute resolution clause is imperfect. Under which Rules will the Claimant likely have instituted arbitration proceedings? State your reasons. [3 marks] Claimant will likely have instituted arbitration proceedings under the ICC Arbitration Rules as they are referred to in the dispute resolution clause of article 47. The facts also state that the claimant filed its Request for Arbitration with the ICC Secretariat in Hong Kong. Also it is likely that the claimant will use the ICC Rules as they are applicable to different legal traditions and to disputes between parties from different parts of the world, regardless of whether they are members of the ICC or not. Furthermore the ICC Rules are purposed for the use of worldwide proceedings conducted in different languages and laws[16]. In addition, ICC Arbitrations can be held anywhere in the world and awards are enforceable in many of the world’s trading nations. By choosing to follow ICC Rules there is greater assurance of a nonpartisan framework to guide the dispute resolution process for parties involved in international commercial business transactions. 3. Draft a better arbitration clause for this Design Agreement. [4 marks] â€Å"Article 47: In the event of any dispute arising out of or in connection with the present contract, the parties agree to submit the matter to settlement proceedings under the ICC ADR Rules. If the dispute has not been settled pursuant to the said Rules within 45 days following the filing of a Request for ADR or within such other period as the parties may agree in writing, such dispute shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules of Arbitration. The place of the arbitration will be Melbourne, Australia. The language of the arbitration will be English. The agreement is governed by Australian law, and all disputes arising out or in connection with this agreement shall be resolved in accordance with, the law of Australia. † Assume for the purpose of the remaining questions that the ICC Court accepts the case. 4. The ICC Court decides to appoint a sole arbitrator. Is the ICC likely to choose either Dr Sunderkay or Ms Ixtapa, or someone else? State your reasons. [3 marks] In cases such as this one where there is a sole arbitrator, the process for choosing the arbitrator is dependent on how the decision was made to have a sole arbitrator. In this case, the Court decided that there would be a sole arbitrator and thus the parties will not be granted any extra time to agree on an arbitrator but instead the Court will directly proceed to appoint a sole arbitrator[17]. The ICC is likely to choose someone else, pursuant to Article 13 of the ICC Rules as the disputing parties have not come to agreement about an arbitrator. Under the Rules, the Court must choose an arbitrator while considering their nationality, residence and other relations with the parties and persons in the dispute. The Court has wide discretion under Article 13 to exercise its powers in appointing the sole arbitrator. 5. Who decides which language is to be used in the arbitration proceedings? What is the decision likely to be, and why? [3 marks] Usually the language to be used in the arbitration proceedings is decided and specified in the arbitration agreement between the parties. However, in the absence of such agreement between the parties, the language shall be determined by the arbitral tribunal pursuant to Article 20 of the ICC Rules[18]. In this process, consideration is given to relevant circumstances, specifically the language of the original contract. In this case the decision is likely to be English as the contract appears to be in English. This will be a relevant factor in the decisions of the arbitral tribunal. As English is not the native language of both parties to the dispute, interpretation will be necessary, the costs of which are to be shared equally by the parties[19]. The choice of the language to be used in the proceedings must be carefully considered. Fairness is critical and enquiry must be made to ensure that one party is not disadvantaged by the decision, and that there is not too much delay in hearings[20]. Bearing in mind that the Terms of Reference, the procedural timetable and the procedural orders are to be drafted in the language of the arbitration, the decision of which language to use in the arbitration is a preliminary and critical step. 6. How is the president of the tribunal likely to be chosen and why? [3 marks] Where an arbitration is to have three arbitrators, the third arbitrator will act as the president of the arbitral tribunal. Generally this president will be appointed by the court unless parties have agreed to another process for this[21]. The president of the tribunal is chosen pursuant to Article 13 of the ICC Rules which outlines the ‘Appointment and Confirmation of the Arbitrators’. In choosing the president the ICC Court will consider the prospective arbitrator’s nationality and residence as well as the relationships he/she might have with countries which are involved in the arbitration process, as well as the prospective arbitrators availability and ability to arbitrate within the Rules of the ICC[22]. The Secretary General may authorize a person nominated by the parties to the dispute or a person pursuant to the agreement between the parties, as the president of the tribunal, provided they satisfy requirements in Article 13(2). If the Secretary General finds that a president of a tribunal should not be confirmed, this matter will be then submitted to the Court. Where it is up to the Court to appoint an arbitrator, such appointment shall be made upon proposal, and if this is not successful, can directly appoint any person who the Court finds to be suitable[23], the criteria of such suitability is established in Article 13(4). The president of the arbitral tribunal shall be of a nationality different to those of the parties to the arbitration. However, where circumstances allow and where neither party objects, the president of the Tribunal may be chosen from a country of which either party is a national[24]. As there is much disagreement between the parties surrounding the appointment of arbitrators and no agreement has been come to, it is likely that the Court will choose the president of the tribunal. Furthermore, the dispute resolution clause under Article 47 of the Futurocity Project Agreement states that ‘parties agree that their dispute shall be resolved†¦.. sing one or more arbitrators chosen by the ICC Court of Arbitration’. 7. The parties have agreed that the place of the arbitration (seat) is Melbourne Australia. The dispute resolution clause stipulates that â€Å"New York law is to govern†. Who will decide which procedural law to use? Which jurisdiction’s procedur al law will likely be used? Why? [3 marks] The procedural law of an arbitration is also referred to as the lex arbitri or the curial law. Procedural law is dependant on the seat of the arbitration. Distinction must be made between the Procedural law and the Substantive law. Procedural law establishes the role that local courts will have in the arbitration process. When an arbitration uses a set of procedural rules such as the ICC Rules, the effect of the procedural law is reduced. Pursuant to Article 19 of the ICC Rules, arbitration proceedings are to be governed by the ICC Rules, and where the Rules are silent, proceedings are to be governed by rules that have been chosen by the parties. If the parties to the dispute have not decided on the procedural law to be used, it will be the task of the arbitral tribunal. As the procedural law is likely to be chosen in conjunction with the seat of the arbitration, it is likely that the procedural law of Australia’s jurisdiction will be chosen in this case. The choice of procedural law is an important one and careful choice must be made. If parties do specify the procedural law to be used, it is easier if there choice is the same as the seat of the arbitration. The procedural law affects the enforceability of the award and thus is an important decision in the arbitration process. 8. Make a complete list of the Issues which the Tribunal will have to determine in order to decide this dispute. 8 marks] Is there jurisdiction? Does the Tribunal have jurisdiction over this matter? Have the mediation requirements specified in the arbitration clause been satisfied? Has there been an actual breach of the contract between Condesign and Statinvest? If there has been a breach? What kind of breach? Is it a fundamental breach? Who is responsible/liable f or this breach? Is it Statinvest or SSS Corp? Has the new government actually ‘decreed that Statinvest shall no longer be allowed to administer any internal project of Ruritania’, as alleged by the Respondent? What issues surfaced in the private half-day meeting that was attended by the CEO’s of the two parties? Does the Respondent owe damages and interest as claimed by the Claimant? Should the breach of the Respondent (if there is found to be a breach) terminate the second contract? Should the breach of the Respondent (if there is found to be a breach) discharge the claimant from further obligations with respect to the Futurocity Project? Who is in possession of the Letter of Credit? Is the Respondent obligated to return the Letter of Credit to the Claimant which was provided by the Claimant as Performance Guarantee for the successful completion of the Second Stage of the Futurocity Project? Who is responsible to pay all the costs Arbitration and should th ey fall soley on one party? Should the Claimant have known that the person Mr Dupont wrote to regarding the mediation had left Statinvest? And did this affect Statinvest’s participation in the mediation process? If above affected the mediation process, does it render the Request for Arbitration premature? Did the Claimant name the wrong party in the Request for Arbitration? Is SSS Corp the only proper respondent? Or is Statinvest also a respondent? What is the effect of the new currency restrictions in place since the Revolution on this dispute and this contract? Does the Respondent have a legitimate excuse out of the Design Agreement on the ground of legal impossibility? What should the language of the arbitration be? Assume for the purpose of the remaining questions that the Tribunal has decided that it has jurisdiction to hear this case. The tribunal is you, the sole arbitrator appointed by the ICC. 9. The Respondent writes to you requesting an order for security for costs, stating that the Claimant is a small company with a very weak credit history. If Respondent wins the arbitration, and obtains an order for costs, it is unlikely to be able to enforce that order, because the Claimant has no assets available to pay it. a) How do you deal with this request? [3 marks] It is appropriate to put costs protections in place where there is risk of one party not being able to meet costs that may be ordered at the time of the arbitral award. The Rules of leading arbitral tribunals adopt different approached to the issue of security for costs. The ICC Rules do not specifically deal with security for costs. However, Article 28 outlines the guidelines of ordering ‘Interim and Conservatory Measures’. This provision allows for broad scope for the sole arbitrator or arbitral tribunal to grant a measure such as the one requested by the Respondent in this scenario, as the tribunal considers appropriate. The wording of this provision allows for great flexibility, scope and interpretation. Therefore as sole arbitrator I would weigh up the relevant criteria to determine whether I will grant the request of the order for security of costs. In addition, Section 23K Model Law allows the arbitral tribunal to order security for costs ‘at any time before the award is issued’, while keeping in mind the criteria specified in Section 23K(2) ML. b) What criteria do you use in deciding whether or not to grant the order? [3 marks] In deciding whether to grant the order or not, the sole arbitrator must weigh up the negative and positives. Consideration must be placed on whether the claimant’s financial situation could possibly jeopardize the recovery of legal costs if they were to be awarded. In addition, an order for security for costs would serve to deter against frivolous claims made by the claimant. However security for costs also places considerable practical and financial constraints on the ability of the claimant to proceed with what may be legitimate claims. For such reasons it can be viewed as a limitation on the right to a fair hearing for the claimant. In addition the claimants financial capacity must be weighed up to assess whether it would be of great disadvantage to burden them with security of costs. In deciding whether to grant the order the tribunal must ask themselves if the claimant is already in financial difficulty[25]. Furthermore, if ordering security for costs, the tribunal must make sure that such an order is not solely made on the party’s nationality or its corporations international foundations[26]. c) What is your decision? [3 marks] As the sole arbitrator I would decide to grant the Respondent’s request for an order for security of costs. Alternatively I would refuse it. I will provide reasons for both answers in the below question. d) Give reasons for your decision. [3 marks] The reasons for granting the above order would be to safeguard the effectiveness of the international arbitration between the two parties. It would also allow for greater enforceability of arbitral awards, thus greater resolution of the international commercial dispute between the parties, while also supporting a fair administration of justice. On the other hand, I would refuse the above request as it may place the claimant at a great financial disadvantage. The claimant (Condesign) are already in financial distress as they have not been paid for the First Stage of the Futurocity design they completed. An order for security of costs may further unnecessarily burden the claimant and harm their chance at a fair arbitration proceeding. Furthermore, by granting an order for security of costs, could act to create prejudgment towards the claimant, which could place limitation on the claimant’s right to a fair hearing[27]. 10. The Claimant writes to you requesting that you order the Respondent to return to Claimant immediately the Letter of Credit, or at least that you issue an injunction preventing the Respondent from calling the Big Bank Trust Letter of Credit. a) How do you deal with this application? [3 marks] Pursuant to Article 28 of the ICC Rules, the Tribunal may order any interim or conservatory measure it deems appropriate, at the request of a party. The arbitral tribunal may do so, unless the parties have otherwise agreed. On the facts of this case, no such agreement appears present. Ordering the Respondent to return to the Claimant the Letter of Credit or issuing an in junction would fall under this provision. However if the arbitrator(myself) grants the measures requested above by the Claimant, it ay only grant the measure ‘subject to appropriate security being furnished by the requesting party’[28]. It is likely that the tribunal will not order the Respondent to return the Letter of Credit immediately, but rather issue an injunction. This would be a more appropriate interim measure at the early stages of the arbitration process, as interim measures are aimed to be ‘grants of temporary relief pending final resolution of a dispute. ’[29] (b) Assuming you decide to grant this application, do you address it to Big Bank Trust? If yes, why? If no, why not? [3 marks] Assuming this application is granted, I would address it to Big Bank Trust as at this early stage of the arbitration process there appears to be some deal of confusion as to who the true Respondent is and thus it would be a lot clearer to contact Big Bank Trust and place an injunction on the Letter of Credit, as the Respondent claims that it is no longer in possession or in control of the Letter of Credit. Therefore, until issues as to where the Letter of Credit is and who the true Respondent are decided, it would be most efficient to address the injunction to Big Bank Trust. 1. About 6 weeks before the hearing of this matter is due to begin, the Claimant’s lawyer emails you, stating that the wife of Condesign’s CEO is terminally ill and not expected to live more than 2 months. He does not want to be away from his wife at this time. The Claimant’s lawyer asks that you either (a) postpone the hearing for approximately six months; or (b) move the hearing from Me lbourne to Paris where the CEO’s mother is in intensive care in hospital. The Respondent acknowledges that in fact Paris is more convenient than Melbourne, but it refuses to change the seat of the arbitration. Respondent opposes any postponement of the hearing, saying that it wants this case disposed of expeditiously. What do you decide, and for what reasons? [4 marks] Changed circumstances of a party, in this case, of the Claimant, can render the arbitration procedure unworkable or impossible, and thus it may be so that in some circumstances changing the venue is necessary, to accommodate for this[30]. Article 18(2) of the ICC Rules provides, ‘The arbitral tribunal may, after consultation with the parties, conduct hearings and meetings at any location it considers appropriate, unless otherwise agreed by the parties’. This provision may allow the tribunal to conduct hearings at a location convenient for the Claimant, in respect of his changed circumstances. However it has been noted that a change of the initially agreed place of arbitration should be a carefully reviewed decision, as the place of arbitration is an important aspect of the arbitration agreement between the parties. On the other hand, just like any other contract, an arbitration agreement is subject to change and interpretation, and moving the hearing from Melbourne to Paris may be the only effective means of ensuring that the intentions and goals of the original arbitration agreement are honored[31]. Therefore I would likely move the hearing from Melbourne to Paris. 12. On the first day of the hearing, which is expected to last 5 days, the Claimant’s lawyer advises you that its â€Å"star witness† refuses to travel to Melbourne as he has a serious case of aviophobia (terror of flying). The Respondent’s lawyer says that according to IBA Rules you should simply strike out the witness statement of this â€Å"star witness† if Respondent does not have the chance to question the witness about his statement. How do you handle this situation? [4 marks] The IBA Rules are designed to be used alongside other rules that govern international arbitrations, such as the ICC Rules. The parties have not directly mentioned the IBA Rules in their dispute resolution clause, and whilst they are not binding, they still remain influential over the arbitration process. Specifically, when parties come from different legal cultures, as is most likely the case in this scenario, the IBA Rules become a very useful guiding tool. Pursuant to Article 4. 7 of the IBA Rules the Claimant’s ‘star witness’ whose appearance has been requested pursuant to Article 8. 1 IBA Rules, shall have their witness statement disregarded due to failure to appear for testimony without a valid reason. However Article 4. 7 provides that there is discretion for the Arbitral Tribunal to decide otherwise, in exceptional circumstances, to not disregard the witness statement. Consequently, it remains up to the discretion of the arbitrator to decide if the star witness has a valid reason for not appearing and whether exceptional circumstances have been evoked. Decision would need to be make surrounding the star witness’ serious case of aviophobia. In addition, Article 8. 1 states that ‘each witness shall appear in person unless the Arbitral Tribunal allows the use of videoconference or similar technology with respect to a particular witness’. Thus, this provision allows for alternative methods of questioning, and the Respondent could possibly question the witness over videoconferencing, rather than in person. Furthermore, pursuant to Article 22 of the ICC Rules, which outlines the Conduct of the Arbitration, it is up to the arbitral tribunal in all cases to act fairly to ‘ensure that each party has a reasonable opportunity to present its case’. Therefore, as the arbitrator, I would be striving towards conducting an equal and fair arbitration proceeding that would allow both parties to present their case and use their witness statements, which is provided for under both the ICC Rules and Model Law Rules (Article 18) which are applicable to Australian Arbitrations. As it is also important that the Respondent has the opportunity to cross-examine the witness I could allow for videoconferencing for this to happen, while allowing the ‘star witness’ statement to be admissible. 13. The hearing has ended and you have received post-hearing briefs and declared the procedure closed under ICC article 27. In reviewing the transcripts and your notes, you realize that there is an important question, which neither party has addressed in its arguments. You need to know the answer in order to make a logical and fair decision. What, if anything, can you do? [4 marks] Pursuant to Article 27, the arbitral tribunal has declared the proceedings closed and thus ‘no further submission or argument may be made, or evidence produced’. However this provision states that this may be possible if requested or authorized by the arbitral tribunal. Being the sole arbitrator I would consequently have authority to invite further submissions and evidence from the parties in an effort to make a logical and fair decision. 14. You have submitted your draft award to the ICC for scrutiny. A few days ater, at an international arbitration conference, you find yourself seated at the head table, next to Counsel for the Respondent in this case. Respondent asks you a few innocent questions about when you expect the award to be available. You reply vaguely that the award will probably be sent out â€Å"in a month or so†. Counsel then tries to engage you in a discussion of the merits of the case. How do you respond? [ 3 marks] Article 11 of the ICC Rules states, ‘Every arbitrator must be and remain impartial and independent of the parties involved in the arbitration’. The very nature of arbitration, and one of its most desirable features, is its fairness and impartiality. In addition, it is widely regarded that arbitrators ‘shall be and remain free from bias’[32] Specifically, for the duration of the arbitration process, the Arbitrator should seek to avoid any communication with a party or representative of a party, and if this said communication cannot be avoided, the arbitrator should seek to inform the other party of this[33]. Thus, when Counsel tries to engage me in a discussion of the merits if the case, I would refuse to continue discussion, and then I would explain the above guidelines regarding the ethics of Arbitrators, as well as inform the other party of this communication.

How to Pay for College Without Parents Help

How to Pay for College Without Parents' Help SAT / ACT Prep Online Guides and Tips Paying for school is daunting enough when you have the financial support of your family. But for students whose parents can’t or won’t contribute to expenses, figuring out how to pay for college on your own becomes a whole different challenge. In this guide, I'll lay out everything you need to consider about how to pay forcollege without parents and all the steps you need to take. Table of Contents Fair warning: we're going to be talking abouta lotof stuff in this article. So here's a table of contents for you to use as a quick reference: Paying for College On Your Own: Why it Matters What Does College Even Cost? Minimizing Your College Costs: Instructions for Any Cost-Conscious Student Steps to Take if Your Parents Won't Pay What You Should Do if You're an Independent Student Closing the Gap: How to Cover Your Remaining Costs Creative Ways to Fund Your Education Example Scenarios What's Next? Paying for College on Your Own: Why It Matters The most significant sources of student financial aid are need-based. This means that family financial need is the main criterion taken into account when determining aid eligibility. Your finances are not considered separately from your family’s finances when aid sources determine financial need. This is the case even if your parents can't or won't help you pay for college. So why is it such a big deal if you can't count on your family to contribute to expenses? First, it's assumed that your parents are your family’s primary earners. As a student, you likely earn little to no money. If financial need were only based on a student applicant’s finances, everyone would be eligible for financial aid (spoiler art: not everyone is eligible for need-based financial aid). You’re considered a dependent of your parents, which means they’re the ones primarily responsible for funding your education. This is the case even if your parents don’t claim you as a dependent when they do your taxes. This is also true even if you can show that you’re self-sufficient and don’t depend on your parents for financial support, or if your parents are divorced. If families across the country could pay less for college by claiming that their kids are financially independent, financial aid sources would be overwhelmed. The conclusion here? Federal and school-based financial need arebased on your family’s overall finances. If your parents don’t submit their financial information for consideration, you won’t be eligible for most forms of aid. If they do submit their financial info and they’re low-need, you won’t be eligible for most forms of aid. You’d think that aid sources would have different aid eligibility criteria for students whose parents don’t want to pay for school, but this isn’t the case. If your parents refuse topay, the federal and institutional funding sources will likely wash their hands of the problem. This is a frustrating and unfair situation for any student to be in. You may feel you’re at a disadvantage here- and to be honest, you are. But whatever the reason that your parents won’t be contributing to your college education, there are steps you can take to maximize your aid eligibility. It won’t necessarily be as easy as paying for college with familial support, but it’s definitely not impossible. One of the best parts of going to college is the sense of freedom and independence that comes with adulthood. You have options and autonomy here as a young adult- so let’s get started figuring outhow to pay for college without parents. What Does College Even Cost? For the 2018-2019academic year, the average annual cost of tuition and fees was: $35,676at private colleges $9,716for state residents at public colleges $21,629for non-state residents at public colleges The cost of tuition and fees is usually the first expense that comes to mind when peoplethink about paying for college. Unfortunately, there’s a lot more to the picture than just tuition costs- there are hidden or implicit expenses associated with spending a year at college. Here are some of the biggest hidden costs you might encounter based on average amounts from 2018-2019: Room and board:averages $12,680at private 4-year colleges, $,140at public 4-year colleges College textbooks:about $1,240 Travel costs:vary widely based where you are and where you're going. For example, if you're going to anurban college, you might be able to take public transportation anywhere you want to go. But if you go to school across the country, you'll probably have to buy plane tickets to travel home over holidays or summer break. Lab fees and supplies:about $50 per class if they're not already rolled into fees Personal expenses:about $2,000,but this cost will fluctuate drastically based on a) the cost of living of your area, b) your budgeting skills, and c) your standard of living. Lumping together all of these expenses (especially if you can estimate travel costs and personal expenses) will give you a school’s real sticker price- also known as the Cost of Attendance, or CoA. It’s pretty easy to get an estimate of a school’s CoA- just google â€Å"[school name] cost of attendance.† To get a more detailed explanation of all these expenses, including tips and strategies for reducing costs, check our guide to what college will really cost you. Just a quick glance at these numbers will tell you that college is probably too expensive for you to cover on your own. What’s more important than sticker price, however, is your â€Å"net price† at a particular school:it’s what you pay after all financial aid is taken into account. This is what you actually oweout of pocketfor a year of college. Want to estimate your net price at almost any college? Just google â€Å"[school name] net price calculator.† Many schools have a tool built into their websites that will give you an estimate of how much you’ll pay out of pocket. These calculators take financial need and sometimes merit-based factors into account. Sometimes, though, the net price is still daunting, especially if you’ll be tackling it on your own. The rest of the post will be focusing on minimizing this net price, starting with smart college application strategies. Minimizing Your College Costs: Instructions for Any Cost-Conscious Student What do you do if you don't have access to a ton of resources? You try to minimize your costs from the start. If you’re applying to schools with price in mind, your strategy should focus on lowest net price, not necessarily lowest sticker price. Naturally, the best way to decrease your costs is to apply to schools that will offer you low netprices. Once you’ve been accepted to schools, you’ll receive official financial aid packages. You can then determine which packages you’re most comfortable with. Here are the types of schools that will give you the best deals. Top Private Schools A lot of well-ranked schools (including Ivy League universities and top liberal arts colleges) have especially generous financial policies. The bulk of financial aid at these schools tends to be need-based, not merit-based, so you may not get much aid if you come from a wealthy background. Notably, the Cost of Attendance (or sticker price) for these schools will likely be higher than those ofpublic schools. You might be wondering what constitutes a "wealthy" background according to these schools. Thevery top schools- think Harvard, Princeton, Yale- sometimes give aid to families who make $150,000 and up. For families who are wealthier than that, Harvard asks them to contribute no more than 10% of total income. The bottom line is that these competitive schools can even afford to help out families who are relatively well-off. This means that even if your parents don’t pay for school, you could still be eligible for generous aid based on your family’s financial situation. Schools That Offer Generous Merit-Based Aid If you’re a high-achieving student but don’t think you’ll qualify for much need-based aid based on your family’s finances, you should look into schools that offer generous merit scholarships. Schools with generous merit-based aid programs often offer scholarships to attract competitive students. If you have a particular talent (e.g. if you're an athlete or musician), or if you have high grades and test scores, you could be offered some pretty large scholarships. If you're interested in a particular school, just google "[school name] scholarships" to see what sort of aid they offer. You can also start bychecking our list of schools with the best financial aid. Public Schools Public colleges and universitiescan be reasonably priced for in-state studentsbut very expensive for out-of-state students. They also offer much less generous financial aid packages than some of the top private schools, although they may offer more merit-based aid to attract competitive applicants. if you’re interested in attending a public university and won’t be getting assistance from your parents, you should definitely apply to a wide range of in-state schools. Steps to Take If Your Parents Won't Pay Here's where we start getting intothe nitty-gritty steps ofpaying for your education. After strategically applying to schools, the most effective way to cover your college expenses is to apply for as much financial aid as possible. Even if your parents don’t want to contribute financially to your college education, there are ways that they can help make financial aid available to you. The bottom line is that more financial aidmeans a lower net price. Like I mentioned earlier, the main sources of financial aid are federal and institutional (i.e. aid from your school). You can still qualify for aid from these sources if your parents won't be paying for any part of your school expenses, but you’ll need your parents’ help in applying. Assuming you’re already using the college application strategies that I’ve discussed above, here are the steps you should take in order to maximize your aid eligibility: Step 1: Submit a FAFSA, or Free Application for Federal Student Aid This is the only application you'll need to submit to qualify for federal aid. Many schools also use the FAFSA to award their own aid. In order to qualify forthings like the Pell Grant, Perkins loan, or Direct Subsidized loan, you'll need to submit your parents' financial information even if they won't be contributing. For detailed instructions on submitting this application, check out our guide to applying for financial aid or ourguide to the FAFSA. Step 2: Apply for Scholarships You can receive funding for schools through private organizations that offer grants or scholarships. If your family is low-need, apply for merit-based awards;if your family is high-need, you can apply for both merit- and need-based awards. There are so many scholarship programs out there- national, local, big, small. You should do your own scholarship search by looking for awards that are tailored to your interests, background, location, and ethnicity. Start off by checking out our guides to top scholarships for high school juniors and seniors. Once you have a plan for submitting a FAFSA and applying for scholarships, you'll need to talk with your parent or guardians about getting the information you need from them. It's important to start an open dialogue about financial aid with your parents. How to Talk to Your Parents About Applying for Financial Aid If your parents can’t or won’t pay for college expenses, they may be wary about filling out a FAFSA or giving out financial information for need-based scholarships. It's important toassure them that submitting a complete FAFSA with their financial information does not obligate them to help you pay for college. The FAFSA has nothing to do with your bills or college expenses...it’s simply an aid application. Bottom line: if they refuse to help you with your FAFSA, they’re not protecting themselves. They’re just impeding you from qualifying for financial aid. What if, though, they're just overwhelmed by the process of completing and submitting a FAFSA? If this is the case, you can let them know that the FAFSA only takes 2-3 hours to complete. You could even do it on your own if you have your family's financial information handy: Social Security Numbers for you and your parents Alien Registration Numbers (if you or your parents aren't US citizens) Recent federal tax returns, W-2s, and other records or income for both you and your parents Any records of untaxed income The sooner you submit your FAFSA, the better, so don't put off having these discussions with your parents or guardians! What You Should Do If You're an Independent Student If you're classified as independent, you'll be doing things a little differently. If you’re still in high school, chances are that you are a dependent student, and everything I’ve written so far will apply to you. In other words, your family’s finances will be an important factor in determining how much aid you’re eligible for. But not all students who attend college will be considered dependents, and as such, they won’t need to submit their parents’ financial info for consideration when they fill out their FAFSA. Independent students don’t have to pay for college on their own. Parents canhelp if they’d like, but both colleges and the FDOE award aid under the assumption that independents will be paying their own way. This will work to your advantage when it comes to aid eligibility, particularly if your parents are relatively wealthy. If your family’s finances aren’t considered when schools and the federal government determine aid eligibility, you'll likely receive more need-based aid. Who Qualifies as an Independent? You may be considered independent if: You’ll be 24 or older by 12/31 of the school year for which you’re applying for aid You’ll be in school for a post-grad degree You’re married or separated (but not divorced) You have children who receive more than half of their financial support from you You have dependents (besides children or a spouse) who live with you and receive more than half of their financial support from you You were a ward/dependent of the court, in foster care, or both your parents were deceased at any point after you turned 13 You’re an emancipated minor or in a legal guardianship as determined by a court You’re an unaccompanied youth who is homeless, or self-supporting and at risk of being homeless You’re currently serving on active duty in the US armed forces for purposes other than training You’re a veteran of the US armed forces The FAFSA asks all necessary questions to determine independent/dependent student status, so just answer the prompts honestly when you fill out the application. What If You Don’t Meet the Above Criteria? If you don’t qualify as an independent student but strongly feel that your parents’ financial information shouldn’t be considered when you submit your FAFSA, you should look into a dependency override. A dependency overrideis when financial aid administrators change a student’s status from dependent to independent so that they aren’t required to submit parents’ financial info for consideration on the FAFSA. As a result, the student will likely qualify for much more need-based aid. Dependency overrides are very rare, though. 896rxwhat you think may count as an â€Å"unusual situation† may be discounted by federal financial aid administrators. Here are some situations that will not qualify for dependency overrides: Parents simply refuse to pay for any college expenses Parents are unwilling to provide any information on the FAFSA for verification Parents don’t claim you as a dependent for income tax purposes You (the student) demonstrate total financial self-sufficiency Here are some situations that MAY qualify for dependency overrides: An abusive family environment (e.g. sexual, physical, or mental abuse or other forms of domestic violence) Abandonment by parents Incarceration or institutionalization of both parents Parents lack the physical or mental capacity to raise a child Parents' whereabouts are unknown, or parents can’t be located Parents hospitalized for an extended period An unsuitable household (e.g. you’re removed from the household and placed in foster care) Your spouse dies, or you get divorced If any of these situations apply to you, you may need to present evidence or documentation to support your circumstances. Dependency overrides are decided on a case-by-case basis- if you think you might apply for one, you should read more about the process. Closing the Gap: How to Cover Your Remaining Costs You're almost at the finish line. At this point, you should have an idea of whether you're(1) high-need or low-need and (2) dependent or independent. You should also have an idea of the types of schools you'll apply to- for example, top private schools, in-state public schools, schools with generous merit aid, or some combination. After you submit your college applications, you’ll receive financial aid packages from schools with all the federal aid and school-based aid you’re eligible for, including grants, scholarships, and some federal loan options. You’ll decide what forms of aid you want to accept, and which ones you’d prefer not to take. Here, I'll briefly discuss the types of aid you may receive, and which types are better than other. Grants and Scholarships: These equate tofree money. You should acceptthis aid if it’s available to you. Loans: Loans are amounts of money that you have to pay back after you graduate, plus interest charges. Some loans are much better than others, meaning you'll end up paying less money in the long run. Federal loans are generally good options because they often have lower interest rates. There are a lot of important considerations if you're thinking about taking out loans, so it's important to educate yourself! Read more about federal loans like the Perkins, Direct Subsidized, and Direct Unsubsidized. You should also learn more about how to apply for student loans andreducingthe amount of student debt that you have to take on. Financial aid packages often build in a parental contribution based on family’s finances. If your parents won’t be contributing this amount, it becomes your responsibility...and they aren’t obligated to pay it. If you want to be able to register for classes and actually attend college, this amount needs to be covered. If grants and scholarships don’t cover all your college costs, it’ll be up to you to decide how much student debt you're comfortable with to close that gap. In the next section, I'll talk more about how to use student loans to cover your college expenses. Using Student Loans to Pay for School The average U.S. college graduate has about$37,000 in student debt after graduation. If you’re paying for college without the help of your parents, you may end up with more than the average amount of student debt, especially if you are responsible for paying the â€Å"parental contribution.† Student loans aren’t inherently bad, and you’re not a failure if you graduate with student debt (most people graduate with some loan debt). If you’re smart about the types of loans you take out, your debt should be pretty manageable over the long run. "Good" Loans Most federal loans are â€Å"good." They have low-interest rates compared to private loans and come with a built-in grace period (a period after you graduate where you don’t have to make payments). The best types of loans are subsidized, which means they don't accrue interestwhile you’re not making payments, so you owe less in the long run. They also may be forgivable if you enter certain public service careers, so they end up functioning as a grant. "Bad" Loans Private loans usually have less favorable terms than federal loans. For example, they won't be subsidized, and they'll likely come with higher interest rates. Typically, private loans are the last resort in covering any remaining balance that you owe for school. Private loans may be difficult for you to get on your own. Most require a cosigner, another person to sign the loan who takes responsibility for the amount borrowed. If you take out a private loan, then you'll probably need a parent or another family member (with good credit) to cosign. No Loans If you want to try to avoid debt, check out our guide on paying for college without taking on student loans. Without financial help from family members, however, it might be unrealistic in certain situations to try to pay for college without loans. Itmay be possible, though, for students who qualify for a lot of need-based aid. Creative Ways toPay for College Without Parents These ideas may not be revolutionary, but they'll get you thinking outside the box. We have talked a lot so far about the challenges of paying for college on your own, in addition to theways you can minimize your costs. In this section, I'll go over some more creative ways to come up with funds for college after you've looked into the normal financial aid and loan options. Scholarships I've briefly touched on scholarships a bit earlier in this post as a way to come up with funds.There are two main types of scholarships: Need-based: Good options for high-achieving, low-income students Merit-based: Good options for high-achieving students regardless of income Now, scholarships are never a sure bet, but they can cover a good chunk of your expenses if you areproactive about submitting applications and you do your own research about local or targeted scholarships. To get started, check out our scholarship guides on the top awards for high school juniors and seniors. Student Jobs If you get a student job while you're in college, you can potentially put moneytowards your bills for tuition, room, and board. You could also use your incometo cover yourdaily personal expenses. This isn't a great option for everyone, however. If you'reworking so much that your schoolwork starts to suffer, it defeats the purpose of getting a student job. If you canbalance a student job with your academic responsibilities so that you have money to put towards your bills, working might be a good call. Read more about whether it's a good idea to get a job as a student. You know what's even better than getting a job during the semester? Getting a paid internship during winterbreak or summer vacation. In this case, you get professional experience anda chance to put money towards school. It's a win-win! High School Savings If you’re currently in high school and anticipate that you’ll be on your own for college, you might want to consider getting a job now. This isn’t right for everyone (for the reasons I listed above), but if you have the time and the initiative, it could help you build up a nest egg before you head off to college. To get started, read more about the best jobs for teens. Family Support Sometimes support can come from unexpected places. If you're reading this article, your parents probably won't be contributing much to your college expenses. Butdo you have grandparents, aunts, or uncles who may be willing to help you out with college costs? If you feel comfortable bringing this up with family members, it may be a good move to seek financial help from people other than your parents.If you feel uncomfortable asking for funds outright, consider asking to borrow money and then paying it back with student job or post-graduation earnings. You can also ask for funds for college costsfor holidays and birthdays. Example Scenarios You've learned a lot, but now you have to put all this information to the test. This stuff may be confusing to understand at first, so in this section I'll present some example scenarios to demonstrate the concepts we've discussed how to pay for college on your own. These are real-world scenarios, using real schools, to give you a realistic idea of howcollege expenses play out in different situations. Scenario#1: Student From a Low-Income Family As youalready know, students from low-income families may be eligible for quite a few need-based aid programs, especially if they're relatively high-achieving. Student A Information State Residency: California Family Size: 5 Family Income: $50,000/year Academic Status: Strong 3.5 GPA, 1800 combined SAT score Student ACollege Applications Student A wants to tackle her college expenses by cutting costs and seeking out as much funding as possible. She applies to several schools, including an in-state public school (UC Irvine) and an out-of-state private school (Davidson College). Here's what her expenses would look like at UC Irvine and Davidson, based on both schools' financial aid calculators (remember, she has to have her parents fill out a FAFSA in order to be eligible for federal loans): School UC Irvine Davidson Total Cost of Attendance $32,102 $62,894 Estimated Grant Eligibility $22,031 $58,794 Estimated Net Price (Cost of Attendance minus Grants) $10,071 $4,100 Estimated Federal Loan Eligibility $5,500 $4,100 Estimated Out-of-Pocket Costs (Net Price minus Federal Loan Eligibility) $4,571 $0 Based on her estimated out-of-pocket costs, she thinks that Davidson College will be the more financially prudent choice. Still, she wants to work to minimize her federal student loan amount ($4,100). Here are steps she can take to help cover expenses: Get a student job.Student A would prefer not to work during the semester because she plans on being involved in many extracurricular activities. She can still work during summer and winter breaks, though. If she works full time for 10 weeks, bringing home $/hr, she could make $4,400 her freshman year. Amount Earned: $4,400 Apply for outside scholarships.If Student A receives outside scholarship money in addition to earning her own income, she could potentiallybring in more money than she'd spend her freshman year. I bet you didn't think it was possible to make money going to college!She starts by checking out our guide to scholarships for high school seniors. No scholarship is a sure thing, but applying to as many scholarships as possible (even small ones) will increase her chances of earning some money. Let's say that Student A wins a relatively small, $500 scholarship Amount Earned:$500 Student A decides she's able to make Davidson work. Here's a quick breakdown of how she's able to cover her estimated out-of-pocket costs: Estimated Out-of-Pocket Costs $4,100 Federal Loans - $0 (she chooses not to take loans) Scholarship Winnings - $500 Student Job Earnings - $4,400 Remaining Balance + $800 Amazingly, Student A walks away with $800 extra dollars her freshman year, even though she doesn't receive any financial support from her family. The vast majority of her expenses arecovered with need-based financial aid. This wouldn't have happened, however, if she didn't get into a school with a great financial aid program.It goes to show that one of the best things you can do toensure college affordability isto come to your college apps with a strong academic record. Scenario #2: Student from a RelativelyHigh-Income Family Students from high-income families may not qualify for much need-based financial aid (even if they're paying for college on their own), but that doesn't mean they can't get funding from other sources, especially if they have solid grades and test scores. Student B Information State Residency: AZ FamilySize: 4 Family Income: $100,000/year Academic Status: About average 3.0 GPA, 1500 combined SAT score Student B College Applications Like Student A, Student B wants to minimize his costs because he knows he'll be responsible for all college expenses. Heapplies to several schools, including an in-state public school (Arizona State University) and an out-of-state private school (Lesley University). Here's what his expenses would look like atArizona State University and Lesley, based on both schools' financial aid calculators: School ASU Lesley Total Cost of Attendance $27,260 $43,600 Estimated Grants from School $3,000 $8,000 Estimated Net Price (Cost of Attendance minus Grants) $24,260 $35,600 Estimated Federal Loan Eligibility $5,500 $5,500 Estimated Out-of-Pocket Costs (Net Price minus Federal Loan Eligibility) $18,760 $28,700 Based on expected out-of-pocket costs, he thinks ASU will be the less expensive choice. Still, he doesn't think he can come up with $18,760 per year (on top of the $5,500 in annual federal loans) while he's a full-time student. Here are the steps he can take to reduce his costs: Live at home. If he attends an in-state public school, and the school's close enough to his parents' home, he could save a pretty good chunk of change. At ASU, the cost of room and board comes to $10,400. If Student B lives (and eats) at home rent-free, he could deduct that amount from his out-of-pocket costs. He might end uppaying for some or all of his meals, and he might incur extra travel expenses to get to and from school. This could decrease the amount he actually saves. Maximum Amount Saved: $10,400 Apply for outside scholarships.Student B receives a $3,000 grant from ASU, but he knows that applying for outside scholarships could help get him more funding. He starts by checking out our guide to scholarships for high school seniors. It's free to apply for most legitimate scholarships programs, so he wouldn't lose any money bysubmitting applications. Maximum Amount Saved:Indefinite Let's say Student B is able to live at home for free but doesn't win any scholarships. He saves $10,400 of his original estimated out-of-pocket cost, $18,760. He still has to come up with $8,360 to fund his freshman year. Here are the steps he can take to cover his remaining cost: Get a student job. If Student B works an average of 8 hours a week over the course of the year and brings home $10/hr, he could make $4,160 his freshman year. This is a pretty conservative estimate since he could work full-time over the summer or on breaks. Amount Earned: $4,160 Take out private loans. After subtracting his job earnings from his costs, Student B still has to come up with $4,200 to cover his expenses for his freshman year. He decides to take out this amount in private student loans. He knows he'll have to pay this back after he graduates. Amount Earned: $4,200 Student B decides he's able to make ASU work. Here's a quick breakdown of how he's able to cover his Estimated Out-of-Pocket costs: Estimated Out-of-Pocket Costs $24,260 Federal Loans - $5,500 Living at Home Savings - $10,400 Scholarship Winnings - $0 Student Job Earnings - $4,160 Private Student Loans - $4,200 Remaining Balance $0 Now that you've seen how these cost-cutting and money saving tips work in action, you can go ahead and apply these concepts to your own college and financial aid applications. The above scenarios won't apply to everybody, but the thought processes demonstrated above definitely do. What's Next? If you're eager for more information, there are a ton of things you can learn about to help prepare yourself for upcoming bills and expenses. You might start by brushing up on federal financial aid, and programs like the Pell Grant and Perkins loans are key. The FAFSA is an important part of the federal aid process. If you're looking for a broader overview of concepts, you could read our guide to applying for financial aid. While you're at it, check out a list of colleges with the best financial aid programs. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now: