What Is Right of First Refusal Everything You Need to Know [FAQ]

What Is Right of First Refusal Everything You Need to Know [FAQ] If you’re brokering a business deal or starting a real estate business, you’re likely to encounter a RoFR at some point in the process.In simple terms, the clause is a contractual right (though, not obligatory) that gives someone the chance to buy an asset from a business or individual seller, before any other party has the opportunity to do so.Should the potential buyer choose to not exercise their RoFR, and turns down the offer to purchase, the business will then be free to open up bidding to other parties that are interested.It can be closely related to a RoFO (Right of First Offer), though it’s not the same.This indicates how substantial a difference can be made, by minor details in the language relating to the clause.That said, you must have a thorough understanding of both terms and their implications to make an informed decision about which clause to choose for your contract, or indeed, whether to accept either.WHAT’S THE DIFFERENCE BETWEEN RIGHT OF FIRST REFUSAL AND R IGHT OF FIRST OFFER?A straightforward way to differentiate between RoFR and RoFO, is that Right of First Refusal essentially gives the right to have a last look at a deal, whilst Right of First Offer gives the first look at a deal.When you have RoFR, you know the offers put in by other businesses, and decide whether you wish to match them or not. If you’re able to match the highest offer, it’s a relatively straightforward sale in that you would automatically win the bidding process.This is something often used by business partners, when one of them wants to exit the business. It’s a strategic way of controlling shareholders, and prohibiting outsiders from getting a stake in the business.RoFO means you can be the first to make a bid before anyone else. The seller isn’t obligated to take the offer, which means that they can either accept straight away, or opt to reject the proposal.However, if they’re unable to get higher offers elsewhere, they have the freedom to come back to the person with the RoFO, that originally placed the first bid.Choosing between the two clauses essentially comes down to the amount of knowledge the parties have in regards to the value of the investment.If a shareholder opts to give up their shares, they may not necessarily know how much they’re worth. This could be for any number of reasons.For example, if they only have a minority share, and therefore do not have the required information rights to find out.An RoFR means they can open up bidding to external buyers. Based on the offers that come in, they can get a good estimate of how much their shares would go for on the market.Right of First Refusal is the more useful tool for them in this instance, because it allows them to ensure they get the best value for their shares.Alternatively, if they’re already certain of the shares’ value, the RoFR process wouldn’t be necessary because it would not reveal any new information to the seller.Rather, they’d be better off mak ing an offer straight away to their fellow shareholders, for the value they know it’s worth.In this scenario, the Right of First Offer clause would serve them better, because they’d save on time and transaction fees.WHAT ARE THE BASICS OF RIGHT OF FIRST REFUSAL?Knowing that the RoRF allows the buyer to enter into a transaction before other parties, is just a small portion of the knowledge required to navigate this clause.Understanding the circumstances under which someone might prefer to have a RoFR, also helps to provide context.Typically, RoFR is requested by someone when they want to hold off on committing to any agreements, until they get a feel for how the opportunity may pan out.For instance, to find out if they can get better prices on the assets they intend to buy or sell.They therefore may wish to step in later on in the bidding process, rather than immediately pay or commit to anything.In cases where RoFR are used for real estate deals, a potential buyer of a property could use the clause to buy more time whilst they make their checks on the property, before going ahead with a purchase.This ideally gives them enough leeway to ensure the property is in a condition suitable enough for them to comfortably purchase it in.Whilst the RoFR allows this freedom to both the buyer and seller, it has certain parameters put in place typically being time periods.Therefore, the standard clause will usually have modifications made to it in order to suit both parties.These will reflect an agreement on the period of time that the buyer has, before having to decide whether to buy. In the instance that they choose not to, the seller would then be able to open up discussions with other potential buyers.WHAT TYPES OF CONTRACTS INCLUDE A RIGHT OF FIRST REFUSAL?A Right of First Refusal clause can be used in several different types of contracts.Shareholders agreementAs per the earlier example, one type of contract where a RoFR is typically used, would be a shareholder a greement.It’s not mandatory to include this clause in the contract.Though, once agreed upon and implemented in writing, it compels the shareholder leaving the business to extend their shares to their fellow shareholders in the first instance.The remaining shareholders would then decide whether or not to accept the offer. If the offer isn’t accepted, the shares are put on the market.The wording of the clause itself for a shareholders agreement can vary. It could be made simple and relatively straightforward in terms of how it works, or it may have several conditions attached to it.These conditions can denote the time period of the RoFR, the quantity and/or price of shares that will be made available.There are three key benefits to shareholders implementing the Right of First Refusal: They can control who becomes a shareholder, retain the largest percentage ownership of the company, and fend off bids from outside investors.Shareholder control:Whilst the clause can’t necessarily stop shares being sold to third parties, it does at least give the remaining owners a chance to lessen the likelihood of that happening.  Ownership:The remaining business shareholders can keep a majority of the shares, through wording the clause in such a way that they’ll have the right to buy the same measure of their current shareholding. Take the following example.Three founders own company shares 50%:25%:25%. One of the shareholders owning the 25% share decides to leave. The 50% shareholder now has the opportunity to purchase up to two thirds of the shares on offer.This would simultaneously help the shareholder with the minority of shares, who may not wish for the majority owner to get even more power; Whilst still allowing the majority shareholder to collect extra shares.Additionally, all the parties involved would have the power to achieve this, with the company still maintaining the same amount of control overall.Outside investors:Just the knowledge that a Right of First Re fusal clause exists can serve as enough of a deterrent to external investors.A lot of time and work is required to evaluate a business and how much value there would be in investing in it.Bearing that in mind, the prospect of doing all the necessary groundwork, with the knowledge they may not even have a chance of acquiring shares in the long-run, can lead to potential buyers simply walking away once they hear this clause is in effect.For that reason, because the Right of First Refusal can be so strong a deterrent to outsider buyers, it tends to be more of an appealing prospect for the founders to team up and sell altogether.To that end, the clause helps incentivize founders to become more aligned in their strategy and overall vision for the company. The goal being for them to sell at the highest possible price, when they are all eventually ready to sell.That said, whilst this can be a very positive thing for the founders, it could also be interpreted differently depending on the vi ewpoints of individual parties.Because it’s unlikely that outsiders would want to tackle the RoFR, it means that all the shareholders would tend to have to go along with others’ decisions.This will particularly affect those with smaller shares.Franchise AgreementFranchise agreements will normally give franchisors a non-obligatory option of exercising a Right of First refusal, when a franchisee wants to leave the system.The franchisee who is leaving, presents their franchise at the same price offered by other potential buyers. The franchisor will then have between 30-60 days to either accept the offer, or otherwise.Due to the fact that RoFR clauses have a tendency to put off external buyers, a Right of First Offer may be implemented into the agreement.If this happens, the franchisor would therefore have the right to place the first bid. If they refrain from making an offer, or if the offer made is not acceptable to the franchisee; The franchisee would then go out and obtain offer s from third parties.In this instance, the upside for the RoFR holder (the franchisor) is that they will either gain full operational control of the franchise, or a profitable sale from it.LeaseIf a tenant is renting a property and the property owner decides to sell, a lease in certain situations would give tenants a first look at buying the property before it goes on the market.The landlord will be legally required to serve formal notices to their tenants, in the event they want to sell. During this period, tenants would be granted a period of time to consider whether they wish to purchase the property themselves.The tenant’s RoFR will mean that during this period, the landlord cannot offer the property to anyone else at a lower price than that which was offered to the current tenants.A benefit of this arrangement is that It enables the landlord to save the money they would have otherwise spent on agency and advertising fees; whilst the tenant is given some security.There are a few important areas that need to be given extra consideration, when a RoFR clause is incorporated into a lease.Property to be coveredIt would need to be established exactly what property will be covered by the Right of First Refusal. In general, this detail tends to be relatively clear in the RoFR clause.However, there may be times when it causes confusion.Take for example, if the owner has more than one related property, and they intend to sell them all as part of a package.More specifically, the property may be part of a shopping center, or a cluster of commercial properties.What does that mean for the person holding the RoFR?Would they have to consider bidding on the whole group of properties, or will the right enable them to force the owner to sell each property separately instead?It could certainly make for tempestuous waters, if one the one hand, you have the RoFR holder trying to block the owner’s efforts to sell the property.Whilst on the other hand, the owner may be circ umventing this by teaming up with a third party buyer and making the terms of sale too undesirable for the property/ies to be bought individually. (The goal being to put RoFR holder off the property altogether.)One way they might do this is by limiting how much the right holder can use the property, whilst making it relatively easy for the third party buyer to continue their use of it, completely unaffected.There isn’t a definitive way to keep both parties 100% happy and ensure this type of situation doesn’t arise.However, acknowledging the issue at the outset gives both parties the opportunity to formulate an RoFR clause, that can on the whole, be fair and agreeable.Through doing this, they should be able to lessen the likelihood of having to navigate a particularly hostile transaction.Sale of the owner instead of the propertyAnother potential problem area is if the actual owner (when the owner is an entity) may be sold, rather than the property itself.If this is a possibility, it’s crucial to establish whether the RoFR can be triggered by any stock or membership interest sales.Assuming that the entity’s primary asset is the property, the RoFR should therefore indicate that the sale of stock is essentially the sale of the Property, which will consequently trigger the RoFR. (This would also apply to the transfer of membership interests.)If this isn’t clearly stipulated, the property owner may block the Right of First Refusal, by attempting to sell the company instead of the Property.DurationDefining the period of time that the Right of First Offer can be in effect once triggered, is a standard element of the clause that both parties usually agree on during negotiations. For that reason, duration isn’t typically a problem.Nevertheless, there can be uncertainties around a Right of First Refusal’s duration in a lease, if care isn’t taken to detect where this might occur.One example being a tenant that has a RoFR to buy a property, which is current ly being leased to them. The clause will typically have a sentence stating they have this right, which could go something like this:During the term of this Lease, the Tenant will have a ROFR on the Leased Premises.But what does that categorically mean?It could mean that during the lease, whenever the property goes on sale, the tenant can exercise their Right of First Refusal each time it’s on the market.Or, that they only have the right to the first sale but this can only be clarified through using unambiguous language to make it clear in the contract.The wording has to specify whether it’s a one-time, or ongoing right.General Commercial ContractsRoFR clauses are commonly found in general commercial contracts.Such as distribution agreements that give distributors exclusive rights to circulate newly released products from suppliers; As well as service agreements proffering permission to specific service providers to supply a service, before any other service provider is solicite d.WHAT ARE THE KEY TERMS IN A ROFR?There are four key areas to consider when deciding whether to accept the terms of a Right of First Refusal clause:Time Frame   The set period of time must strike a balance. It should be short enough for sellers to solicit third parties should they ultimately need to if it’s too drawn out to the extent of being open-ended, the seller may lose out on other potential buyers.That being said, it must be long enough for the buyers to take care of the specifics on their end. Such as a franchisor deciding whether to purchase a small franchise. They would require enough time to look into the business and do some risk analysis, in order to determine whether it would be a suitable and worthwhile investment for them.Commercial TermsThese stipulate which party decides the commercial terms, such as the price of a share will be sold at.If for example the franchisee determines the price on offer to the franchisor, the franchisor must decide if they agree on the price. But additionally, they would need to confirm the price the franchisee can put the business up on the market for external buyers.ValuationAn evaluation of the assets on offer would be undertaken. The valuation  will assist in clarifying whether the terms will fairly compensate the seller for their share, whilst weighing up the buyer’s potential investment against the return.In the case of a dispute between the two parties over the value of an asset, an independent third party can be useful in helping to reach a resolution.Other TermsThe Right of First Refusal clause works in conjunction with the rest of the contract, it is not separate from other stipulated terms.Take for instance, a shareholder agreement.Even if the remaining shareholders cannot purchase the shares on offer by the one that is leaving, there may be other clauses in the contract that deem it essential for the new buyer to be approved by them before the buyer can officially purchase the shares.WEIGHING UP THE PROS AND CONS OF ROFRIt’s important to have a firm grasp of the positives and negatives of the Right of First Refusal clause. There are considerably lucrative advantages, but it can also cause a degree of conflict.We saw an example of this play out in a very public way in 2013, when the Nestle group’s chairman Peter Brabeck broadcasted that he intended to open up bidding on his L’Oreal shares. As Nestle was the second largest shareholder of L’Oreal at the time, his decision to not extend the RoFR clause at the end of their 10 year agreement, was a very publicised one.The RoFR does generally have a tendency to benefit the person or entity holding the right, as opposed to the other party. It serves as a good insurance policy, in that the right holder probably won’t lose an asset that they definitely want (or need) to hold on to.Meanwhile, it may sometimes be an encumbrance to the seller because of the limitations it puts on how and when they can solicit buyers.What’s mo re, it can create a precarious situation for the seller in circumstances where there aren’t many external buyers to choose from. In those scenarios, there’s more pressure for the seller to obtain higher bids from the small amount of interest they do manage to attract.It’s not all doom and gloom for the sellers, though.Afterall, the clause does enable them to test the market and discover the best offer they can get.It’s also worth noting that on the whole, Right of First Refusal does in fact increase joint profits for both the seller and the right-holder, by reducing the profit of outside buyers.

Marketing Plan for Mercedes Development in Hong Kong Free Essay Example, 2250 words

Mercedes Benz Hong Kong limited was founded in 1986. However, it was Mercedes-Benz China Limited which was actually servicing the Northeast Asian customers till 2005. This solely owned subsidy of Daimler AG was the franchise holder of different products manufactured in Macau, mainland China and Hong Kong SAR. On January 03, 2006; Mercedes-Benz Hong Kong Limited was launched to take up the responsibilities related to import and distribution of cars produced by Mercedes Benz. In Hong Kong, the company has three showrooms as well as six workshops. The company is trying hard to expand its product portfolio and also to offer world-class service to the customers of Mercedes Benz (Mercedes Benz, n.d. ). In Hong Kong, the premium models were highly appreciated by the customers and they gave a healthy response to almost all the models (Mercedes Benz-a, n.d. ). Encouraged by it, Mercedes Benz (MB) decided to increase the production of new models of Mercedes Benz E-Class in Hong Kong to further increase the market share of the company. Though BMW went on to become the leader in the global luxury car market, MB, on the other hand, had to be satisfied with the second position. We will write a custom essay sample on Marketing Plan for Mercedes Development in Hong Kong or any topic specifically for you Only $17.96 $11.86/page It is considered to be one of the most open and dynamic economies. The automotive industry of Hong Kong largely depends on its economic condition. Hong Kong economy was significantly affected by the global crisis on 2007-2008.

Taiwan And Its Effect On Young Adult - 1487 Words

Introduction Taiwan general information Taiwan locates at the East Asia, which is surrounded by water. Taiwan now has a population of approximate 23 million. Basically Taiwan doesn’t have any natural resource, however, it has a small amount of natural gas, coal and limestone. Also, because of the geography factor, Taiwan enjoys vast aquatic products and well developed fishing industry. Since Taiwan is located in the subtropical zone, the average temperature is higher than Seattle, which is twenty three Celsius. However, Taiwan has abundance rain and typhoon in summer season. It may cause many disasters, such as water flooding, mudslide and power outage. Those disasters would cost unnecessary expenses for a company also damages property†¦show more content†¦There are many factors which a company should be aware of when they trying to enter an unfamiliar market. This paper will discuss those factors in separate categories, which are government risk, cultural risk and economic risk. Government Risk Legal System Taiwan implements civil law in the legal system, compared to the United States, which has been applied in common law in the legal system. There is the biggest difference between common law and Civil law that is the power of judges authority. In common law, judges aren’t limited by the rules. The final decision depends on the jury not the judge. Also, the judge will give the judgement by using a previous example or a similar case rather than the code which written in the law. On the other hand, civil law is a totally different system. First, the judgement is given by the judge not the jury. Secondly, all of the law cases are judged by the written law, there are not referring cases in the civil law system. Therefore, the judge has powerful authority in the civil law system. Since Taiwan is implementing civil law, as a foreigner company, we should make sure every step is following the law. However, if a law case happened in Taiwan, make sure a company has a lawyer who is an exp ert in the civil law not the common law. Gifting Gift giving is common in the worldwide. A person will bring a bottle wine when he or she is invited by the host. However, different country has a

Cold War Impact on US Foriegn Policy Free Essays

The mentality of the Cold War greatly affected the decisions made by the Presidents that held the office from 1950 to 1974. The main thought that prevailed from the beginning of the Cold War was containment. It was the main goal of the United States to contain the spread of Communism whenever possible. We will write a custom essay sample on Cold War Impact on US Foriegn Policy or any similar topic only for you Order Now â€Å"Brinkmanship† was the first major policy that was employed by the United States in the effort to stop the spread of Communism throughout the world. President Eisenhower’s Secretary of State John Foster Dulles coined the term â€Å"Brinkmanship†, which simply stated means using the military to push things to the brink of war without actually going to war. This was often used to intimidate the Soviet Union into backing down during the early part of the Cold War era. President Kennedy would take a slightly more flexible stance in terms of retaliation should an attack occur. However, it wouldn’t be until President Nixon took office that the metaphorical waters between the US and the Soviet Union would begin to calm. Could Cold War Have Been Avoided? iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" src="https://phdessay.com/could-cold-war-have-been-avoided/embed/#?secret=ZhamWKYYwM" data-secret="ZhamWKYYwM" width="500" height="282" title="#8220;Could Cold War Have Been Avoided?#8221; #8212; Free Essays - PhDessay.com" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"/iframe In 1957 Secretary of State John Foster Dulles addressed the Associated Press in a speech known as Dynamic Peace. In this speech Secretary Dulles seems to be trying to convince the American public why they must always be prepared to go to war even though it was not what America desired. He also explained how the Soviet Union would not want the free nations of the world to work together to arm themselves and be willing to protect each other from attack. The Soviet rulers understandably prefer that the free nations should be weak and divided, as when the men in the Kremlin stole, one by one, the independence of a dozen nations. So, at each enlargement of the area of collective defense, the Soviet rulers pour out abuse against so-called â€Å"militaristic groupings. † And as the free nations move to strengthen their common defense, the Soviet rulers emit threats. But we can, I think, be confident that such Soviet assaults will not disintegrate the free world. Collective measures are here to stay. . . .† Dulles goes on to talk about how the greatest deterrent of war is the retaliatory ability of other nations. Secretary Dulles then goes on to explain that the United States sought the liberation of the nations under the Soviet Union not to surround Russia with hostile nations but because peace cannot be achieved until all captive nations are set free. President John F. Kennedy would set the tone of his administration’s stance on the Cold War and the Soviet Union during his inaugural address. He asked that the nations of the world to come together to fight â€Å"the common enemies of man: tyranny, poverty, disease, and war itself†. His address gave realistic expectations by saying that his goals might not even be achieved during his generation’s lifetime, but even that possible truth should not discourage the United States or the rest of the world from starting on the road towards peace and freedom for the whole world. In June 1961 President Kennedy met with the Premier of the Soviet Union Nikita Khrushchev. During this meeting many subjects were discussed, but the most important was Berlin. Even though he allowed himself to be bullied, President Kennedy felt he made it clear to Khrushchev that the United States was not willing to compromise on a withdrawal from Berlin. Only a few short months later East German authorities would begin to restrict the movements of people from East Berlin into West Berlin. These actions would prompt the United States to send a note to the Soviet Union protesting these actions and asking that the Soviet Union put a stop to it before things got too far out of hand. The Soviet Union’s reply stated that it supported the actions of the East German Government because they were trying to protect themselves from western spies who were trying to undermine the Government. It goes on to talk about how the United States is well aware of these activities and is just trying to shift blame so that the illegal activities of the West could continue. â€Å"West Berlin has been transformed into a center of subversive activity diversion, and espionage, into a center of political and economic provocations against the G. D. R. , the Soviet Union, and other socialist countries. Former and present West Berlin municipal leaders have cynically called West Berlin an ‘arrow in the living body of the German Democratic Republic,’ a ‘front city,’ a ‘violator of tranquility,’ the ‘cheapest atom bomb put in the center of a socialist state. ’† All of the back and forth between the United States and the Soviet Union would come to a head a little more than a year later with the Cuban Missile Crisis. When the United States government discovered that the Soviet Union was building bases meant to house ballistic missiles President Kennedy had a choice. He could have very easily used the occasion as justification for an attack on the Soviet Union. But instead he made the choice that kept the world from World War III. Instead of attacking the Soviet Union President Kennedy, on October 22, 1962, addressed the nation and the world and announced that there would be a blockade on Cuba. This blockade would only turn away ships carrying weapons and not stop ships carrying the necessities that the people of Cuba would need. â€Å"We are not at this time, however, denying the necessities of life as the Soviets attempted to do in their Berlin blockade of 1948. On October 28, 1962 the confrontation ended with the Soviet Union agreeing to dismantle their offensive weapons in Cuba. As time continued to go by both the United States and the Soviet Union were in positions where a relaxation of the tensions between them was necessary. Soviet leadership felt that the financial costs of the nuclear arms race were unsustainable. The United States was spending millions on the war in Vietnam and trying to extend the welfare state in the country. The Soviet Union was experiencing troubles in their relationships with China, and they worried that these troubles might lead to an American-Chinese alliance. â€Å"All this is, in the first place, a stab in the back for the heroic Vietnamese people in their struggle against the American aggressors, Imperialist circles fully approve of this line of Mao Tse-tung’s group. The Washington Post has said that officials in Washington believe that Mao is serving American interests and they are therefore even thinking of cultivating Maoism as a means of bringing pressure to bear on Moscow. The magazine United States News and World Report has directly stated in this connection that the United States is gambling oil Mao and that American officials tend to prefer a victory for Mao Tse-tung in his struggle to destroy more nioderate elements, because that would mean more trouble for Soviet Russia. † During President Richard Nixon’s administration the first steps towards Detente began. The most important part of this was the SALT I treaty of 1972. The conditions of Detente allowed for mutual cooperation between the United States and the Soviet Union. In fact one of the basic principles of relations between the Soviet Union and the United States was that the two nations work together especially in the areas of science and technology. In July of 1975 the United States and the USSR would work together on the Apollo-Soyuz project. Even though the idea of containment was the driving force behind many of the decisions made by US presidents during the Cold War, each President had their own ideas on how best to achieve that containment. For President Eisenhower the best strategy was â€Å"Brinkmanship†, while President Kennedy took a slightly more flexible approach. Had Kennedy followed the lines of â€Å"Brinkmanship† the Cuban Missile Crisis would most likely have been the start of World War III. President Nixon, due to the changing world and economic climate was able to reach at least some neutral ground with the Soviet Union. The relaxation of tensions in the late 1960s and early 1970s helped to bring about the end of the Cold War in the early 1990s. How to cite Cold War Impact on US Foriegn Policy, Essays

Spectrophotometery Essays - Spectroscopy, Spectrophotometry, Cuvette

Spectrophotometery The purpose of this lab experiment is to understand the uses of spectrophotometry. This experiment concentrates on the uses of the spectrophotometer, and using this instrument to specifically determine the absorption spectrum of a cobalt chloride solution, a galactose solution, and to determine an unknown concentration of a galactose solution. Modern biologists frequently use the measurement of light absorption to determine concentration of chemicals. The technique is called spectrophotometry. However, why is light absorbed? Light may be simply scattered by particles, but this is extremely important to the measurement of truly absorbed light. Light is the part of electromagnetic radiation to which the human eye is sensitive. Light is energy, and when absorbed by a chemical it results in a change in energy levels of the chemical. The energy of light depends on its wavelengths. Longer wavelengths, such as infrared, have less energy than shorter wavelengths, such as ultraviolet. A molecule will absorb light energy when a wavelength exactly matches the energy difference between two energy states of the molecule. A spectrophotometer makes use of the transmission of light through a specific solution to determine the concentration of a solute within a solution. It is based on a simple design of passing light of a known wavelength through a sample and measuring the amount of light energy that is transmitted. The design of a single beam spectrophotometer involves a light source, a prism, a sample holder, and a photocell. Connected to each are the appropriate electrical or mechanical to control the illuminating intensity, the wavelengths, and for conversion of energy received to readable data that can be recorded, which is known as a voltage fluctuation. This voltage fluctuation is displayed digitally and recorded for further analysis. The whole idea of spectrophotometery determining the concentration of a compound is based upon Beer's Law. Beer Law, or Beer-Lambert Law is the relationship between absorbance and concentration of an absorbing specimen. Applying Beer's Law can be used to determine a solutes absorption peek, and to plot the absorption spectrum on what is known as a Beer's Law plot or curve. The procedure to find the absorption spectrum of cobalt chloride uses a Beer's Law and spectrophotometry. The spectrophotometer used specifically to this experiment is the spcectronic 20. As with any experiment, a control is needed to base the experiment on. In this case, distilled water will be used as the control. A cuvette, which is a small plastic container used in the instrument to hold the solution, is filled with distilled water. The cuvette is then place in the sample holder. At this time the machine should be set at 400nm, and at this wavelength the transmittance should read 100%. If the instrument does not read 100%T, the instrument needs to be blanked, or adjusted accordingly, until 100%T is achieved. Once the control is achieved, the absorption level of cobalt chloride can know be determined. Taking a clean cuvette, adding around 6ml of cobalt chloride to it, it is placed in the machine and the wavelength is kept at 400nm. According to the data the spectrophotometer reads, the optical density of cobalt chloride at a wavelength of 400nm is 0.03100. Once this information is recorded, the cuvette of cobalt chloride is removed. The machine is then set to 410nm, and the control cuvette of distilled water is placed back in the machine. The machine is then re-blanked, being sure that it reads 100%T. Remove the cuvette of distilled water and place the cuvette of cobalt chloride in the machine. At 410nm, the optical density of cobalt chloride is 0.043000, and this information is recorded. The above procedure is repeated continually, at wavelength settings that are at 10nm intervals. For example, next would be 420nm, then 430nm, and so on. It is very important to be sure to re-blank the spectrophotometer after every change of wavelength. Cobalt chloride, at a wavelength of 510nm, has an optical density of 0.51200. As can be seen in figures 1-1 and 1-2, this is the wavelength at which cobalt chloride absorbs maximally. The next procedure involved in the experiment is to develop a standard curve, using Beer's Law, for galactose. Six test tubes are used for the first part of the experiment. Each test tube should be clearly labeled 1 through 6 on the top of each tube, using a wax pencil. Also, one large beaker should be filled with distilled water and sitting on a hot plate in preparation for boiling. Six different concentrations of galactose are going to be needed, corresponding to the six test tubes. The

Macroeconomics Notions

Macroeconomics Notions Supply and Demand Supply and demand are the economic model of determining prices in a competitive market, wherein supply refers to the quantity of commodities available in the market and demand refers to the quantity demanded by consumers. The law of demand states that the higher the costof the good or service, the less people will demand it, while the law of supply states that the higher the price of a commodity, the higher the quantity required (Supply and demand, 2012).Advertising We will write a custom essay sample on Macroeconomics Notions specifically for you for only $16.05 $11/page Learn More Macroeconomic Equilibrium Macroeconomic equilibrium is a condition of a nation’s economy wherein aggregate demand is met by aggregate supply (Macroeconomic equilibrium, 2012). The total demand of a final good or service in the economy is called its aggregate demand, while the total supply of a final goods and services the economy plans to sell is called t he aggregate supply. Significant changes on demand or supply will affect prices, employment, and resources of a nation. How Aggregate Demand and Aggregate Supply Determine Equilibrium Price and Output In The Short- and Long-Run Macroeconomic equilibrium is computed by relating national price level with national output. The market is in equilibrium when price and output are equal. Changes in the price or output of a commodity prompts shifts in its aggregate demand and/or aggregate supply. In general, expansionary policies shift aggregate demand to the right while contracting policies shift it to the left. Looking at the diagram below, when aggregate demand shifts to the right, equilibrium will occur at a higher price level and a higher output in the short-run and at a higher level in the long-run. When aggregate demand shifts to the left, the opposite, will occur. Figure 1. Macroeconomic Equilibrium Shifts in the aggregate supply are usually prompted by shifts in aggregate demand. W hen aggregate supply shifts to the right, aggregate demand dictates that equilibrium will occur at a lower price level and a higher output in the short-run.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When short-run aggregate supply shifts to the right, aggregate demand dictates that equilibrium will occur at a higher price level and a lower output in the short-run. In the long-run, when aggregate supply shifts to the right, a lower price level and higher output is required for equilibrium. When it shifts to the left, a higher price level and lower output is required. Gross Domestic Product, Unemployment, Inflation Three ways to measure a country’s economy is through its GDP, unemployment rate, and inflation rate. GDP or Gross Domestic Product is the measure of total value of commodities by a country for a specific period (Gross Domestic Product, 2012). Unemployment is the state of a person who is looking for employment but is unable to find or does not have one (Unemployment, 2012). Inflation is the rate of increase of the general level of prices of commodities in a country. As inflation occurs and prices go up, purchasing power of people fall (Inflation, 2012). Business Cycles and Economic Growth Business cycles are series of patterns affected by employment, industrial productivity, and interest rates that show the expansion and contraction of economic activities. There are five stages on a business cycle, namely, growth, peak, recession, trough, and recovery (Business Cycle, 2012). Economic growth is the measure of an economy’s increase of commodity and capacity to accommodate its population within a period of time (Economic Growth, 2012).Productivity, inflation, population growth and introduction of new commodities in the economy are factors of economic growth. Multiplier Concept Multipliersare factors that quantify the changes of capit al investment to total income of an economy. They are used to measure the effects of government spending on income. Multipliers are calculated by dividing the marginal propensity to save to one (Multipliers, 2012). John M. Keynes was made the second father of economics after Adam Smith because of his contribution on multipliers. The limitations of the multiplier concept include its restriction to economies (It is only for closed economies.), its lack of social factors, and its low adaptability to change.Advertising We will write a custom essay sample on Macroeconomics Notions specifically for you for only $16.05 $11/page Learn More Fiscal Policy Fiscal policy is a government policy that deals with the spending activities of the government that influences macroeconomic conditions. These policies are concerned and implemented in taxation, interest rates, transfer payments, and borrowing (Fiscal policy, 2012). Two tools of fiscal policy are the Automatic Stabi lizers, attributes of fiscal policy that smooth instability in consumption over the business cycle, and the Discretionary Fiscal Policy, the conscious manipulation of implementation of taxation, purchases, transfers, and borrowings. An example of this is the Federal Income Tax (Kelly, n.d.). Macroeconomics in Contemporary Economic Issues As previously mentioned, business cycles have five stages, namely, its growth, peak, recession, trough, and recovery. In recent years, however, the flow of the stages in the cycle is unsteady, not following the regular cycle. This is because of the impact of improbable events not forecasted (or were not heard of) by economist. One significant event in recent time is the sharp decline in housing prices, resulting in a recession in the economy. This event in economy happened in 2007. Before the year, housing prices grew rapidly and collapsed by nearly 20 percent over the next two years, due to low interest rates in the 2000s, and lowering lending stan dards. Another macroeconomic event in recent times is the rise of prices of oil and other basic commodities, such as natural gas, steel, corn, wheat, rice, and coal. Oil consumption in the United States lessened in the first half of 2008 (Jones, 2008). This was offset, however, by the oil consumption of China, India, and the Middle East, which resulted in an outward shift in demand. This occurrence created a chain of price increases on basic commodities. Reference List Business cycle.(2012). Investor words. Retrieved from investorwords.com/625/business_cycle.html. Economic growth.(2012). Investopedia. Retrieved from investopedia.com/terms/e/economicgrowth.asp#axzz1lE9rwRPm.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Fiscal policy.(2012). Investopedia. Retrieved from http://business.baylor.edu/tom_kelly/2307ch12.htm. Gross domestic product.(2012). Merriam-webster online. Retrieved from merriam-webster.com/dictionary/gross+domestic+product. Inflation.(2012). Investopedia. Retrieved from investopedia.com/terms/i/inflation.asp#axzz1lE9rwRPm. Jones, C. I. (2008). Current macroeconomic events. W. w. Norton. Retrieved from wwnorton.com/college/econ/chad- update/CurrentEvents2008.pdf. Kelly, T. (n.d.).Chapter 12 fiscal policy. Baylor business. Retrieved from http://business.baylor.edu/tom_kelly/2307ch12.htm. Macroeconomic equilibrium.(2012). Business dictionary. Retrieved from businessdictionary.com/definition/macroeconomic-equilibrium.html. Multipliers.(2012). Investopedia. Retrieved from investopedia.com/terms/m/multiplier.asp#axzz1lE9rwRPm. Supply and demand.(2012). Encyclopà ¦diabritannica. Retrieved from britannica.com/EBchecked/topic/574643/supply-and-demand. Unemployment.(2012). Investopedia. R etrieved from investopedia.com/terms/u/unemployment.asp#axzz1lE9rwRPm.

The History of the Brassiere - Mary Phelps Jacob

The History of the Brassiere - Mary Phelps Jacob The first modern brassiere to receive a patent was the one invented in 1913 by a New York socialite named Mary Phelps Jacob. Jacob had just purchased a sheer evening gown for one of her social events. At the time, the only acceptable undergarment was a corset stiffened with whaleback bones. Jacob found that the whalebones poked out visibly around the plunging neckline and under the sheer fabric. Two silk handkerchiefs and some pink ribbon later, Jacob had designed an alternative to the corset. The corsets reign was starting to topple. An unhealthy and painful device designed to narrow an adult womens waist to 13, 12, 11 and even 10 inches or less, the invention of the corset is attributed to Catherine de Mà ©dicis, wife of King Henri II of France. She enforced a ban on thick waists at court attendances during the 1550s and started over 350 years of whalebones, steel rods and midriff torture. Jacobs new undergarment complimented the new fashion  trends  introduced at the time and demands from friends and family were high for the new brassiere. On November 3, 1914, a U.S. patent for the Backless Brassiere was issued. Caresse Crosby Brassieres Caresse Crosby was the business name Jacob used for her brassiere production line. However, running a business was not enjoyable to Jacob and she soon sold the brassiere patent to the Warner Brothers Corset Company in Bridgeport, Connecticut for $1,500. Warner (the bra-makers, not the movie-makers) made over fifteen million dollars from the bra patent over the next thirty years. Jacob was the first to patent an undergarment named Brassiere derived from the old French word for upper arm. Her patent was for a device that was lightweight, soft and separated the breasts naturally. History of the Brassiere Here are other points in the history of the brassiere worth mentioning: In 1875, manufacturers George Frost and George Phelps patented the Union Under-Flannel, a no bones, no eyelets and no laces or pulleys under-outfit.In 1893, a woman named Marie Tucek patented the breast supporter. The device included separate pockets for the breasts and straps that went over the shoulder, fastened by hook-and-eye closures.In 1889, corset-maker Herminie Cadolle invented the Well-Being or Bien-à ªtre, a bra-like device sold as a health aid. The corsets support for the breasts squeezed up from below. Cadolle changed breast support to the shoulders down.World War I dealt the corset a fatal blow when the U.S. War Industries Board called on women to stop buying corsets in 1917. It freed up some 28,000 tons of metal!In 1928, a Russian immigrant named Ida Rosenthal founded Maidenform. Ida was responsible for grouping women into bust-sized categories (cup sizes). Bali WonderBra The Bali Brassiere Company was founded by Sam and Sara Stein in 1927 and was originally called the FayeMiss Lingerie Company. The companys best-known product has been the WonderBra, marketed as The One And Only WonderBra. Wonderbra is the trade name for an underwired bra with side padding that is designed to uplift and  add  cleavage. Bali launched the WonderBra in the U.S. in 1994. But the first WonderBra was the WonderBra - Push Up Plunge Bra, invented in 1963 by Canadian designer Louise Poirier. According to Wonderbra USA this unique garment, the forerunner of todays Wonderbra push-up bra had 54 design elements that lifted and supported the bust to create dramatic cleavage. Its precision engineering involved three-part cup construction, precision-angled back and underwire cups, removable pads called cookies, gate back  design for support  and rigid straps.