Day: March 5, 2022

Definitions 1. General: Failure to do something required by an agreement, in the performance of a duty, or under a law. 2. Borrowing: Failure to meet the terms of a loan agreement. Its two types are: Fiscal: – Failure to Read More …

Penalty clause is a contractual provision that provides for payment of an amount as forfeiture on breach of the contractual provisions. Usually the amount will be unrelated to the actual harm suffered. These clauses are added so as to prevent Read More …

A contract is said to be discharged (or terminated) when the parties to it are freed from their mutual obligations. In other words, when the rights and obligations arising out of a contract are distinguished, the contract is said to Read More …

Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source. it can also be defined as the process of making Read More …

The EACC is a public body established under Section 3 (1) of the Ethics and Anti Corruption Commission Act, 2011. As per Section 4 of the Act: The Commission shall consist of a chairperson and two other members appointed according Read More …

In addition to the bribery and corruption risks prevalent in all industries, companies in the sector face a number of specific risks due to the following factors: Obtaining planning permission and licenses is a lengthy process and can be open Read More …

1. Trade and Investment Impacts Corruption distorts markets and, like other forms of anti-competitive behaviour, damages all involved in the supply of goods and services – and ultimately national economies. No country is immune from corruption. It flourishes where the Read More …

Corruption is a form of dishonest or unethical conduct by a person entrusted with a position of authority, often to acquire personal benefit. Corruption may include many activities including bribery and embezzlement, though it may also involve practices that are Read More …

Extortion It occurs where one party makes threats against another party of adverse consequences unless demands, usually for payment, are met by the other party. The extortion may constitute, for example, refusal to provide customs clearance for equipment or materials, Read More …

Bribery is the offering, giving, receiving, or soliciting of something of value for the purpose of influencing the action of an official in the discharge of his or her public or legal duties. The expectation of a particular voluntary action Read More …