What are the impact for not using URDG No. 758 format?

 URDG No. 758, which stands for Uniform Rules for Demand Guarantees, is a widely recognized set of rules published by the International Chamber of Commerce (ICC) that governs demand guarantees. These rules provide a standardized framework for the issuance, use, and enforcement of demand guarantees in international trade.

The impact of not using URDG No. 758 format can vary depending on the specific circumstances and parties involved. However, here are some potential impacts of not adhering to URDG No. 758:

1. Lack of Standardization: URDG No. 758 provides a standardized format and terminology for demand guarantees. Not using this format may lead to confusion, inconsistencies, and misunderstandings between parties, potentially resulting in disputes or disputes.

2. Unclear Terms and Conditions: URDG No. 758 includes specific provisions that clarify the rights, obligations, and liabilities of the parties involved in a demand guarantee. By not using this format, the terms and conditions of the guarantee may be unclear or open to interpretation, leading to potential disagreements.

3. Increased Risk: URDG No. 758 is designed to provide a balanced approach to demand guarantees, protecting the interests of both the beneficiary and the applicant. By not using this format, parties may expose themselves to increased risk or uncertainty in the event of disputes or non-performance.

4. Legal Enforceability: URDG No. 758 has been widely adopted by banks, financial institutions, and trade professionals globally. Not using this format may raise questions about the legal enforceability and recognition of the demand guarantee, potentially affecting the ability to secure payment or fulfill contractual obligations.

5. Limited Market Acceptance: Many international trade transactions and contracts specify the use of URDG No. 758 as the governing rules for demand guarantees. By not using this format, parties may face challenges in finding willing counterparties or banks willing to accept alternative formats, limiting market acceptance and potentially hindering trade or business opportunities.

It is important to note that the impact of not using URDG No. 758 format can vary depending on the specific circumstances and contractual arrangements. Parties involved in demand guarantees should carefully consider the applicability and benefits of adopting internationally recognized rules like URDG No. 758 to ensure clarity, standardization, and legal enforceability in their transactions. Consulting legal and trade professionals is recommended for specific advice and guidance in this matter.

The Uniform Rules for Demand Guarantees (URDG) No. 758 is a set of rules that govern the use of demand guarantees in international trade. The rules provide a framework for the parties involved in a demand guarantee to understand their rights and obligations. They also provide a mechanism for resolving disputes that may arise.

If a demand guarantee is not issued in accordance with URDG No. 758, there is a risk that the beneficiary may not be able to enforce its rights under the guarantee. This is because the rules provide a clear and unambiguous framework for the parties involved. Without the rules, it may be more difficult for the beneficiary to prove that it is entitled to payment under the guarantee.

In addition, if a demand guarantee is not issued in accordance with URDG No. 758, it may be more difficult for the beneficiary to obtain a judgment against the issuing bank. This is because the rules provide a number of defenses that the issuing bank may be able to raise. Without the rules, the issuing bank may be able to raise additional defenses that would make it more difficult for the beneficiary to obtain a judgment.

As a result, there are a number of risks associated with not using URDG No. 758 when issuing a demand guarantee. These risks can be avoided by using the rules, which provide a clear and unambiguous framework for the parties involved.

Here are some of the specific impacts of not using URDG No. 758 format:

• The beneficiary may not be able to enforce its rights under the guarantee.

• The beneficiary may have difficulty obtaining a judgment against the issuing bank.

• The parties may have to negotiate a new agreement, which may be more difficult and time-consuming.

• The transaction may be delayed or even cancelled.

Overall, using URDG No. 758 can help to reduce the risk of disputes and ensure that the parties involved in a demand guarantee transaction understand their rights and obligations.

References

• International Chamber of Commerce (ICC): Uniform Rules for Demand Guarantees (URDG) No. 758, 2010 Revision

• ICC Banking Commission: Guide to the ICC Uniform Rules for Demand Guarantees (URDG) No. 758, 2010 Revision

• World Bank: Guide to International Trade Finance, 2015 Edition

• American Bar Association (ABA): Committee on Banking Law and Practice: The Uniform Rules for Demand Guarantees (URDG) No. 758: A Commentary, 2011

Quantity Surveying and the artificial intelligence (AI) challenges ahead

Quantity surveying is a profession within the construction industry that involves managing and controlling costs related to construction projects. It encompasses various tasks, such as estimating project costs, preparing tender documents, conducting cost analysis, and managing project finances.

The rise of artificial intelligence (AI) presents both challenges and opportunities for the field of quantity surveying. Here are some of the AI challenges that the profession may face in the future:

1.         Automation of tasks: AI technologies can automate repetitive and time-consuming tasks in quantity surveying, such as quantity takeoffs and cost estimations. While automation can increase efficiency and accuracy, it may also raise concerns about the potential displacement of human workers and the need for upskilling.
2.       Data management: AI relies on vast amounts of data to learn and make predictions. Quantity surveyors need to adapt to the challenges of managing large datasets, ensuring data quality, and integrating AI systems into their existing workflows. They may need to acquire new skills in data analysis and data management.
3.       Ethical considerations: AI systems, including those used in quantity surveying, must be developed and used ethically. Quantity surveyors need to consider issues such as data privacy, bias in AI algorithms, and the potential impact of AI on employment within the profession. Ethical guidelines and regulations will likely evolve to address these concerns.
4.       Adaptation and upskilling: Quantity surveyors will need to adapt to the changing technological landscape by acquiring new skills and knowledge related to AI and data analytics. This may involve learning how to work with AI systems, interpreting AI-generated insights, and effectively integrating AI into their decision-making processes.
5.       Collaboration with AI systems: As AI technologies become more advanced, quantity surveyors may need to collaborate closely with AI systems and algorithms. This collaboration may involve using AI-generated insights as inputs for decision-making, validating AI outputs, and ensuring the accuracy and reliability of AI-generated data.

Despite these challenges, AI also offers several opportunities for the quantity surveying profession. AI can enhance accuracy in cost estimations, improve project risk assessment, facilitate better decision-making through data analysis, and enable faster and more efficient project delivery.

To stay relevant and harness the benefits of AI, quantity surveyors should embrace ongoing learning and professional development, actively participate in industry discussions around AI ethics and regulations and explore ways to integrate AI technologies into their workflows while leveraging their professional expertise.

Reference.

• "The Future of Quantity Surveying: How AI Will Change the Profession" by the Royal Institution of Chartered Surveyors (RICS)
• "Artificial Intelligence in Quantity Surveying: A Review of the Literature" by the Journal of Construction Engineering and Management
• "The Impact of Artificial Intelligence on the Quantity Surveying Profession" by the American Society of Professional Estimators (APSE)
• "How AI Is Changing the Construction Industry" by McKinsey & Company
• "The Rise of Artificial Intelligence in the Quantity Surveying Profession" by the Quantity Surveying Journal

ChatGPT and the usages in the profession of Quantity Surveying and Commercial Management

 Introduction

The advent of Artificial Intelligence (AI) has brought significant changes in various aspects of human life. ChatGPT is one of the AI technologies that has been developed to assist individuals in communication. In this essay, we will discuss the usages of ChatGPT in the profession of Quantity Surveying and Commercial Management aspects of build environments. We will analyze the pros and cons of using ChatGPT in these fields.

Pros of using ChatGPT in Quantity Surveying and Commercial Management

One of the key advantages of using ChatGPT in Quantity Surveying and Commercial Management is enhanced communication. ChatGPT can assist in communicating with clients, contractors, and other stakeholders in these fields. This enhanced communication can lead to better collaboration, which can result in improved project outcomes.

Another advantage of using ChatGPT is that it can assist in the automation of routine tasks. Quantity Surveying and Commercial Management involve a lot of repetitive tasks, such as data entry and calculations. ChatGPT can automate these tasks, freeing up time for professionals to focus on more complex and strategic tasks.

ChatGPT can also assist in data analysis, which is a crucial aspect of Quantity Surveying and Commercial Management. AI technologies like ChatGPT can analyze large amounts of data quickly and accurately, identifying patterns and trends that would be difficult for humans to detect. This can lead to improved decision-making and more informed project management.

Cons of using ChatGPT in Quantity Surveying and Commercial Management

One of the main disadvantages of using ChatGPT in these fields is the potential for miscommunication. ChatGPT is an AI technology and it may not always understand the context or nuances of a conversation. This can lead to misunderstandings, which can have serious consequences in the field of Quantity Surveying and Commercial Management.

Another disadvantage of using ChatGPT is the potential for bias. ChatGPT is only as unbiased as the data it is trained on. If the data used to train ChatGPT is biased, then the AI technology may also be biased, leading to unfair or inaccurate decisions.

Finally, ChatGPT may not always be able to provide the level of personalized service that clients or stakeholders require. In Quantity Surveying and Commercial Management, personalized service is often crucial to building relationships and maintaining client satisfaction. ChatGPT may not always be able to provide this level of service, which could lead to negative outcomes.

Conclusion

In conclusion, ChatGPT can be a valuable tool in the profession of Quantity Surveying and Commercial Management, but it is not without its drawbacks. The advantages of enhanced communication, automation of routine tasks, and data analysis can lead to improved project outcomes. However, the potential for miscommunication, bias, and lack of personalized service must also be considered. Professionals in these fields should carefully evaluate the pros and cons of using ChatGPT and other AI technologies, and ensure that they are being used in an ethical and responsible manner.

Bias Melayan Diri

Kecenderungan mementingkan diri sendiri ialah kecenderungan orang ramai untuk mencari maklumat dan menggunakannya dengan cara yang memajukan kepentingan diri mereka. Dalam erti kata lain, orang sering secara tidak sedar membuat keputusan yang memberi manfaat kepada diri mereka sendiri dengan cara yang mungkin dilihat oleh orang lain sebagai tidak dapat dipertahankan atau tidak beretika.

Kajian menunjukkan bahawa kita boleh melihat dengan mudah cara kecenderungan mementingkan diri sendiri mempengaruhi tindakan orang lain, tetapi kita menghadapi kesukaran untuk menyedari cara ia mempengaruhi tindakan kita sendiri.

Sebagai contoh, doktor cenderung untuk mempercayai bahawa mereka kebal daripada pengaruh hadiah yang mereka terima daripada syarikat farmaseutikal. Tetapi kajian menunjukkan hadiah tersebut mempunyai kesan yang ketara ke atas ubat yang ditetapkan oleh doktor. Satu kajian mendapati bahawa 64% daripada doktor percaya bahawa hadiah percuma yang mereka terima daripada syarikat farmaseutikal mempengaruhi doktor lain. Walau bagaimanapun, hanya 16% daripada doktor berpendapat ia menjejaskan tindakan mereka sendiri.

Oleh itu, kecenderungan mementingkan diri sendiri sering membutakan kita kepada cara-cara di mana kita berprasangka memihak kepada diri kita sendiri. Malah, ia boleh menyebabkan walaupun orang yang paling berniat baik daripada kita terlepas pandang sepenuhnya terhadap tindakan buruk kita sendiri.

Incrementalisme

Incrementalism ialah cerun licin yang sering menyebabkan orang ramai tergelincir secara tidak sengaja ke dalam tingkah laku yang tidak beretika. Ia boleh berlaku apabila orang memotong sudut kecil yang menjadi lebih besar dari semasa ke semasa. Sebagai contoh, hampir setiap contoh penipuan perakaunan bermula dengan orang yang memalsukan nombor kecil yang semakin besar dan lebih besar.

Otak manusia tidak mahir untuk melihat perubahan kecil. Di samping itu, pendedahan berterusan kepada tingkah laku yang tidak beretika menyebabkan kepekaan dan menjadikan aktiviti tersebut kelihatan rutin. Sememangnya, kita mudah terlepas pandang bahawa aktiviti tersebut adalah tidak bermoral dan berkemungkinan menyalahi undang-undang.

Orang yang salah, dan orang pada umumnya, mungkin tidak menyedari bahawa mereka membuat keputusan yang mengubah hidup apabila mereka membuat pilihan yang kecil dan tidak beretika. Tetapi sebenarnya, seperti yang dikatakan oleh ahli falsafah Jonathan Glover, incrementalism ialah bagaimana kita "meluncur ke dalam penyertaan dengan tahap yang tidak dapat dilihat supaya tidak pernah ada rasa sempadan yang dilalui."

Kewajipan Fidusiari

Kewajipan fidusiari ialah tanggungjawab undang-undang untuk bertindak semata-mata demi kepentingan terbaik pihak lain.

“Fidusiari” bermaksud amanah, dan seseorang yang mempunyai kewajipan fidusiari mempunyai kewajipan undang-undang untuk mengekalkan amanah tersebut. Sebagai contoh, peguam mempunyai kewajipan fidusiari untuk bertindak demi kepentingan terbaik pelanggan mereka. Begitu juga, doktor mempunyai kewajipan untuk menjaga, dan bertindak dalam, kepentingan terbaik pesakit mereka. Begitu juga, pemegang amanah mempunyai kewajipan untuk menguruskan aset amanah untuk benefisiarinya, dan pengarah untuk menguruskan aset korporat demi kepentingan terbaik pemegang saham.

Beberapa contoh kewajipan fidusiari termasuk kewajipan kesetiaan yang tidak berbelah bahagi, usaha wajar dan penjagaan yang munasabah, pendedahan penuh sebarang konflik kepentingan dan kerahsiaan.

Walaupun kewajipan fidusiari mungkin dilanggar secara tidak sengaja, ia masih merupakan pelanggaran etika. Dan bagi kebanyakan orang, pelanggaran kewajipan fidusiari yang disengajakan dianggap sangat khianat.

Konsekuensialisme

Konsekuensialisme adalah teori etika yang menilai sama ada sesuatu itu betul atau tidak dengan apa akibatnya. Sebagai contoh, kebanyakan orang akan bersetuju bahawa berbohong adalah salah. Tetapi jika bercakap bohong akan membantu menyelamatkan nyawa seseorang, consequentialism mengatakan bahawa ia adalah perkara yang betul untuk dilakukan.

Dua contoh konsekuensialisme ialah utilitarianisme dan hedonisme. 

Utilitarianisme menilai akibat dengan piawaian "kebaikan terbaik untuk bilangan terbanyak". 

Hedonisme, sebaliknya, mengatakan sesuatu adalah "baik" jika akibatnya menghasilkan keseronokan atau mengelakkan kesakitan.

Konsekuensialisme kadang-kadang dikritik kerana sukar, atau bahkan mustahil, untuk mengetahui hasil tindakan lebih awal daripada masa. Sesungguhnya, tiada siapa yang dapat mengetahui masa depan dengan pasti. Juga, dalam situasi tertentu, konsekuensialisme boleh membawa kepada keputusan yang tidak menyenangkan, walaupun akibatnya boleh dikatakan baik.

Sebagai contoh, katakan ahli ekonomi boleh membuktikan bahawa ekonomi dunia akan menjadi lebih kukuh, dan kebanyakan orang akan lebih bahagia, lebih sihat dan lebih kaya, jika kita hanya memperhambakan 2% penduduk. Walaupun majoriti orang akan mendapat manfaat daripada idea ini, kebanyakan orang tidak akan bersetuju dengannya. Walau bagaimanapun, apabila menilai idea itu semata-mata berdasarkan keputusannya, seperti yang dilakukan oleh konsekuensialisme klasik, maka "akhirnya membenarkan cara."