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Natural disasters, computer break‐ins, malevolent individuals, and terrorists threaten society at large and could destroy profitability or bankrupt a corporation. Less spectacular threats such as credit card fraud or defective products are a constant drain on profitability. Public interests and business interests often converge on surety issues. For example, national survival and corporate health depend upon delivery of communications and utilities and reducing injuries and other consequences of accidents, war, terrorism, or natural events. Surety technologies and strategies should be part of any modern corporate infrastructure and should complement insurance.

A performance bond typically guarantees that a contractor, such as a computer vendor or software developer, will perform the contract. It usually provides that if the contractor defaults in his performance and fails to fulfill his contractual promises, the surety can itself complete the contract, or pay damages up to the limit of the bond. One myth about performance bonds is that they obviate the need for the library to litigate in the event of a default by the vendor. Performance bonds will not insure the library against having to resolve a dispute. Also, a failure to follow the terms and the law involving the performance bond could release the surety. Yet the proper positioning of the performance bond could provide needed resources and negotiating leverage to the user in the computer system acquisition process.

Financial assurance rules, also known as financial responsibility or bonding requirements, foster cost internalization by requiring potential polluters to demonstrate the financial resources necessary to compensate for environmental damage that may arise in the future. Accordingly, assurance is an important complement to liability rules, restoration obligations, and other regulatory compliance requirements. The paper reviews the need for assurance, given the prevalence of abandoned environmental obligations, and assesses the implementation of assurance rules in the United States. From the standpoint of both legal effectiveness and economic efficiency, assurance rules can be improved. On the whole, however, cost recovery, deterrence, and enforcement are significantly improved by the presence of existing assurance regulations.

The paper aims to use the Caribbean as a backdrop in understanding the importance of tourism safety, security and surety.

The paper examines several Caribbean nations and these forms of tourism security enhance the visitor experience.

Good tourism security not only enhances the value of the product but also can be a major motivator to increase tourism.

This paper provides an overview on the importance and major security challenges in tourism oriented economies.

The purpose of this paper is to explore the application of Kafalah in the practice of Islamic banking in Malaysia generally and ascertain applicable rules governing the application under relevant legislations and Shariah. The study also aims to examine the legislations in the light of Shariah provisions governing Kafalah and propose amendments.

This is a qualitative research where primary data sources mainly legislations and secondary sources comprising of articles and books on the subject of Kafalah were examined. It is an exploratory legal research that primarily focuses on library studies and adopts doctrinal approach for content analysis of data from the identified sources.

Kafalah is widely used in Islamic banking in Malaysia with primary or secondary application in structuring such products/services as personal guarantee, bank guarantee, Islamic credit card among others. The substantive law applicable to Kafalah in Islamic banking in Malaysia is the Contracts Act 1950 as decided cases indicate. However, provisions of the Act are at variance with rules of Shariah applicable to Kafalah on absolution of guaranteed debtor, multiple guarantors’ liability towards guaranteed sum as well as recourse and recovery from principal debtor.

This research explored the practice of Kafalah in Islamic banking under Malaysian legal framework based on the available literature. The research does not embody an empirical evaluation.

This research suggests, with respect to the identified issues, an amendment to the Act for clarification as follows: that recourse and recovery from principal debtor is only where creditor has requested guarantor to settle outstanding debt, that presence of surety does not absolve principal debtor from his original liability and that multiple guarantors stand as having equal responsibility towards guaranteed amount. The research findings will assist policy and law makers to harmonize the relevant laws with the Shariah to facilitate sustainable development of Islamic banking.

Bankruptcy — fraudulent preference affecting surety — Whether surety to be party

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis rather than as a monthly routine affair.