The power of language and thereby communication enables international trade and commerce and helps forge international relations. To understand a person, it is vital to understand his / her language. While every individual is well versed with his mother tongue, to understand a foreign language is not an easy task. At individual level, we can manage the situation by learning a few main words of a language and take help from the dictionary, but at Business, Medical, International Conferences, this trick does not work.

Perfect understanding among the delegates attending the International conference with the Speaker with the help of the simultaneous interpreter will hold the key. The role of simultaneous interpreter is very crucial.

Simultaneous Interpretation plays a vital role in the success / failure of any International conference. An international conference could be of 50 to 200 delegates, depending on the number of invitees / size of conference. Even though English is the most common language used,there are other equally prominent languages like French, Chinese, Japanese, Spanish, Urdu, Dutch, German, Hindi etc. to name a few. If the Chinese Government is holding an International Conference on the subject of population control or Germans are presenting a Medical Research paper on the Control of Cancer, the conference would most likely be in Chinese or German. For delegates of other countries to understand the substance of the conference is very crucial because these are the welfare topics which will affect the population of their respective countries.

Simultaneous Interpretation plays a crucial role in any international conference. The role that a simultaneous interpreter plays is as outlined below:-

Speaker delivers his message / speech in his source language / mother tongue. He is quite comfortable and does full justice to his lecture / speech / message.

There are about 150 delegates who do not understand the language of the speaker.

Simultaneous Interpreter translates the speech in the target language for the delegates.

The question and answer session, which is usually at the end of the conference is also ably handled by the simultaneous Interpreter.

Simultaneous Interpretation enhances the outcome of any International conference. End result is satisfactory for all. The purpose of the conference is achieved, since good amount of knowledge is transferred from speakers to the delegates, discussions among delegates with different speakers, help to raise the efficiency bar / level of the conference.

Every speaker likes to complete his lecture without any break. He likes to maintain continuity of thought. Simultaneous Interpretation achieves this purpose, thus saving lot of time and also improving the quality of lecture.

Simultaneous Interpretation helps in bringing down the level of expenditure by nearly 50%.Saving of expenditure can be substantial.

Finally, the success of any International Conference, to a certain extent depends upon the quality and competence of the Simultaneous Interpreter.

Article written by Mr. Ram Kesarwani, Director of Translation India – offers simultaneous interpretation equipment for conferences, meetings and seminars from India.

Simultaneous interpretation equipments, as the name suggests are the devices that help you communicate with a large number of audiences. The simultaneous interpretation is rendered to the target-language listeners via their earphones. Moreover, SI is the common mode used by sign language interpreters, although the person using the source language, the interpreter and the target language recipient must necessarily be in close proximity. When you want your message to resonate with your audience no matter how many languages are spoken and also want to embrace the diversity of your group and deliver your message across nations, simultaneous interpretation devices are used.

These devices are there to help facilitate your communication and ensure that language is never a barrier to your message. The quality of a simultaneous interpretation depends largely on the quality of the working conditions and equipment provided to the interpreters. The booth’s sound insulation, dimensions, and air quality, as well as the sound quality of the headphones, microphones, and other equipment, are integral components of the simultaneous interpretation process. These equipments can be used for your next big conference, for a panel discussion, or as portable listening devices to use at your next PTA meeting.

The simultaneous interpretation equipment is available for rent or sale by various companies and their prices are extremely cost effective. These interpretation equipments can help you in all your interpretation needs. Normally, during simultaneous interpretation, the interpreter sits in a sound-proof booth, speaks into a microphone, while clearly seeing and hearing the speaker via earphones. The listeners listen to the interpretation via their earphones.

The three most important factors needed for a successful simultaneous translation are a presenter who speaks on a microphone, which connects to the interpretation booth. The interpreters who listen to the presenter through headphones, and then speak into a microphone, which sends a radio/infrared signal to the audience and the audience who listen to the interpreter’s voice through headphones receiving signal from booth.

These equipments can help translate the message conveyed in as many languages as required and make the process of simultaneous translation easy and better. Simultaneous interpretation is a mode of interpretation in which the interpreter renders the interpretation as quickly as possible, almost in a simultaneous mode, as the speaker is speaking. It is very important to buy or rent this interpretation equipment from a trusted source because the quality of any simultaneous interpretation largely depends on two important factors: the interpreters and the equipment.

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Home Page > Education > Astrology Charts: Its Origin and Interpretation

Astrology Charts: Its Origin and Interpretation

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Astrology is often used for knowing and predicting the future.

The term Astrology came from the Greek word “astron” which means “star”, and “logos” meaning “study”. Astrology also means knowing or learning about the traditions and beliefs. This is where in an information of the relative positions of different kinds of celestial bodies plus its associated details are held very useful in accepting, interpreting, and arranging personalities, human relationships, and other earthly matters.

A person who studies astrology is usually called an astrologer, or, sometimes an astrologist. A number of traditions for these relative astrological ideas that arose along the initial period of the third millennium even Before Christ are, up to now, being applied. Aside from this, Astrology played a major role in shaping our culture, as well as in instilling other teachings throughout our history.

Astrology and astronomy is sometimes impossible to differentiate especially in the modern era. With the belief in foretelling and divinatory information, this made it become one of the basic influential factors for astronomical observation. Thus, Astronomy, subsequent to this, started to move away from astrology and follow a period of slow division from the Renaissance even up to the eighteenth century. In the long run, astronomy identifies itself as a methodical study of astronomical objects and phenomena which lacks the regard for the astrological assumption of these phenomena.

Astrology is also commonly defined as the study of hypothetical influences of the cosmos living on earth. Modern astrologers describe astrology as an emblematic language, an art form, and lastly a form of prediction. In spite of various differences of definitions, a most common theory of astrology is the use of outer space or celestial placements in order to clarify past and present events as well as predict the future. The overwhelming mass of the scientific society considers astrology a fallacy. Faith in astrology remains prevalent, with 30 to 35% of Americans trusting in it. Thus, according to a separate study, 40% considers it scientific.

The beginning of the astrological technique that would later build up in most parts of Asia, Europe, and the Middle East are found in the middle of the ancient Babylonians and their classification of celestial omens which started to be compiled approximately in the middle of the 2nd millennium BCE. This classification of famous celestial omens were later on spread also indirectly or directly all over the Assyrians and Babylonians as well as to other places such as the Middle East, India and Greece, where in, it merged with pre-existing native forms of astrology. This so called Babylonian astrology went to Greece as early as the middle part of the 4th century BCE. Then during the early part of the first century BCE, just right after the Alexandrian conquests.

However, this Babylonian astrology was somehow mixed with the Egyptian custom of decanic astrology in building horoscopic astrology. This new type of astrology, which originated in Alexandrian Egypt, rapidly reached across the prehistoric world of Europe, the Middle East as well as India.

Here are some tips on How to Interpret Astrology Charts

Step 1

The initial step is to accept the Chinese astrology chart by knowing the significance of the 12 houses, where in, each house represents at least one feature of your life. Almost all of the houses are evidently defined, describing to such areas like “Health”, “Children” and specially “Wealth”. You can check out “The Life Palace” which usually represents one’s personality and even foretells one person’s destiny.

Step 2

The second step is the study of the stars. Based on the order of thought, there are between 100 up to 115 stars used in the Chinese astrology charts, where in, each would represent a certain side of your life. These types of stars are mathematical symbols which represents different kinds of energies that greatly affect your life experiences.

Step 3

Look for certain patterns. Often times the patterns created are more significant than the individual stars on the chart.

Step 4

You should interpret a Chinese astrology chart with lots of intuition. Comparing their patterns and at the same time, their groupings. You can asses how these stars would go down in its corresponding houses. Thus, Chinese astrology usually leaves more space to have a meditation period about the result as compared to the conventional Western astrology.

Chinese Astrology:

In Chinese astrology, the zodiac of the twelve animal signs represents twelve different types of personality. You can actually check your year of birth in order to find out what your Chinese astrology is.

1. Rat: 1900 1912 1924 1936 1948 1960 1972 1984 1996 2008 2020. Straightforward, disciplined, systematic, careful, charismatic, hardworking, diligent, charming, eloquent, friendly, shrewd. Can be manipulative, heartless, dictatorial, rigid, stingy, obstinate, critical, over-confident, ruthless, intolerant, crafty and sturdy.

2. Ox : 1901 1913 1925 1937 1949 1961 1973 1985 1997 2009 2021. Dependable, calm, systematic, patient, hardworking, resourceful, conventional, steady, humble, logical, resolute, persistent. Can be headstrong, narrow-minded, materialistic, firm, and demanding.

3. Tiger : 1902 1914 1926 1938 1950 1962 1974 1986 1998 2010 2022. Can be unpredictable, rebellious, bright, powerful, passionate, bold, impulsive, vigorous, enjoyable, sincere, affectionate, altruistic, and generous. Can be restless, rash, impatient, irritable, obstinate, and selfish.

4. Rabbit: 1903 1915 1927 1939 1951 1963 1975 1987 1999 2011 2023. Gracious, kind, sympathetic, soft-spoken, amiable, refined, reserved, cautious, creative, thorough, tender, confident, keen, compassionate, flexible. Moody, detached, shallow, self-indulgent, opportunistic, and sometimes slothful.

5. Dragon : 1904 1916 1928 1940 1952 1964 1976 1988 2000 2012 2024. Generous, stately, vigorous, powerful, self-assured, vain, noble, direct, dignified, enthusiastic, fiery, passionate, positive, pioneering, ambitious, charitable, loyal. Can be arrogant, imperious, dictatorial, demanding, eccentric, pretentious and extremely bombastic, biased, dogmatic, over-confident, violent, impetuous and bold.

6. Snake : 1905 1917 1929 1941 1953 1965 1977 1989 2001 2013 2025. Can be deep thinker, wise, visionary, graceful, soft-spoken, arousing, creative, prudent, quick, ambitious, elegant, careful, responsible, calm, powerful, constant, and purposeful. Sometimes loner, bad communicator, jealous, hedonistic, self-doubting, and deceitful.

7. Horse : 1906 1918 1930 1942 1954 1966 1978 1990 2002 2014 2026. Most of the time cheerful, popular, quick-witted, variable, earthy, perceptive, loquacious, agile mentally and physically, captivating, intelligent, astute, ductile, open-minded. Can be inconsistent, anxious, rude, trustful, stubborn, lack stability and determination.

8. Sheep : 1907 1919 1931 1943 1955 1967 1979 1991 2003 2015 2027. Can be righteous, sincere, sympathetic, pleasant, shy, artistic, lovely, gentle, compassionate, patient, determined, self-satisfied, and generous. Can be moody, indecisive, worrier, pessimistic, over-sensitive, grumble.

9. Monkey : 1908 1920 1932 1944 1956 1968 1980 1992 2004 2016 2028. Inventor, motivator, imprudence, quick-witted, inquisitive, adaptable, innovative, problem solver, confident, sociable, polite, reserved, competitive, objective, accurate. Can be egotistical, vain, egoistic, cunning, envious, and suspicious.

10. Rooster : 1909 1921 1933 1945 1957 1969 1981 1993 2005 2017 2029. Keen, neat, meticulous, neat, self-assured, decisive, traditional, critical, perfectionist, attentive, zealous, practical, systematic, responsible. Can be over enthusiastic and critical, puritanical, arrogant, and abrasive.

11. Dog ; 1910 1922 1934 1946 1958 1970 1982 1994 2006 2018 2030. Can be honest, intelligent, straightforward, faithful, sense of justice and fair play, good-looking, amiable, unpretentious, friendly, open-minded, idealistic, righteous, practical, and affectionate. Can be hostile, lazy, unfeeling, judgmental, despairing, worrier, stubborn, argumentative.

12. Pig : 1911 1923 1935 1947 1959 1971 1983 1995 2007 2019 2031. Sincere, simple, gallant, powerful, sociable, peace-loving, diligent, loyal, hard-working, trusting, honest, calm, understanding, pensive, scrupulous, passionate, bright. Can be naive, over-reliant, wicked, gullible, fatalistic, and sometimes materialistic.
Signs in WESTERN ASTROLOGY:

? VIRGO – Aug 22 up to Sept 23
? SCORPIO – Oct 24 up to Nov 22
? LIBRA – Sept 24 up to Oct 23
? ARIES – Mar 21 up to Apr 20
? AQUARIUS – Jan 21 up to Feb 19
? GEMINI – May 22 up to June 21
? LEO – Jul 23 up to Aug 21
? CANCER – Jun 22 up to Jul 22
? PISCES – Feb 20 up to Mar 20
? CAPRICORN – Dec 23 up to Jan 20
? TAURUS – Apr 21 up to May 21
? SAGITTARIUS – Nov 23 up to Dec 22

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Can you please give me naames of best FREE charting services for intraday trading of Indian stocks on NSE & BSE
Is there really any way for me to view my birth record online without having to pay something for it or become a paying member of a website? are any of them TRULY free?
Is there a free chart I can use to deduct taxes from employees. I got one from staples along time ago but they dont have that anymore

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Home Page > Business > Project Management > Understanding the Generality of Variation Clauses and the Variety of Broad Interpretation that Exists under FIDIC Based Contract Modalities in Gulf

Understanding the Generality of Variation Clauses and the Variety of Broad Interpretation that Exists under FIDIC Based Contract Modalities in Gulf

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Understanding the Generality of Variation Clauses and the Variety of Broad Interpretation that Exists under FIDIC Based Contract Modalities in Gulf

By: Dr. Chandana Jayalath

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Article Source: http://www.articlesbase.com/ – Understanding the Generality of Variation Clauses and the Variety of Broad Interpretation that Exists under FIDIC Based Contract Modalities in Gulf

Majority of construction contracts in the Gulf region maintain the principle features of the FIDIC forms of contract, yet there are many subtle changes from the FIDIC forms of contract. These changes will eventually imbalance the even risk allocation between the parties. Many contracts drafted in one sided language biased towards the clients are a result of cut and paste exercise, for instance, sometimes; there is no provision for price escalation and variations exceeding 10 or 15 per cent. The message to contractors entering into contracts on the basis of these forms is to review them very carefully without being fooled into thinking they are simply the FIDIC versions.

Although it is advised by FIDIC not to alter the General Conditions, but use the particular conditions, clients articulate their own requirements using the General Conditions. It is therefore important to understand the salient features of such changes made in the contracts.  This paper is an attempt to understand the ‘four corners’ of the variation clauses and their application.

It is fundamental that the parties are only bound to perform what is stipulated in the contract document they sign. Unless there is an express provision allowing alterations to be made during the course of the contract, the Contractor cannot be compelled, for example, to perform additional works and the Employer cannot, without being in breach of the contract, omit any works that have been agreed. Variation clauses introduce much needed flexibility into somewhat rigid rules that otherwise govern the parties’ obligations arising under building contracts.

Usually, the clause 51 defines a variation as any change in form, character, kind, quality, quantity, line, level, position, alignment, or dimension of existing work or any additional work that the Engineer finds necessary, appropriate or desirable to complete works.

The intent of the clause 51 is to enable the Engineer to vary the works ‘under’ the contract and not ‘in’ the contract. A variation instruction does not automatically entitle the Contractor to additional payment, but once it is validly given, the Contractor is under an obligation to perform it. 

A valid Engineer’s variation instruction must therefore meet the basic requirements; it must be in writing or orally and subsequently confirmed in writing; be in respect of the form, quality or quantity of the works or any part of the works; and in the Engineer’s opinion, be necessary or be otherwise appropriate.

A change in the final quantities of work for an item may upset the balance of resources and method of working resulting in the unit price inaccurate. The actual quantity of work for an item may differ from the estimate at tender for a number of reasons. In the case of excavation for instance the removal of unsuitable material or the extent of rock or the extent of tunneling in particular classifications of ground, may only be estimated from ground investigation information and not known until work is carried out. Similarly the length of piles driven to a specified depth may not be known precisely at each pile location.

The most glaring anomaly in lump sum contracts is related to quantities. The risk of errors may be either fallen into the Contractor or the Employer. The chances to alter quantities are remote even in a substantial variance. A clause is that requires the Contractor to consider b/q quantities as actual and correct and any error or omission from the b/q provides no grounds to adjust the contract price (penalizing for someone else’s mistakes). In contrary, another clause is that vests powers to the Engineer allowing room for re-measurement where the Engineer can order increase, decrease or even omit works, thereby determining the amount to be adjusted in the contract price.

Mistakes in the bill descriptions or quantities are unlikely to be remedied as a legal rectification of the terms of the contract to reflect the true intention of the parties. The more likely practice is that the tender price prevails rather than a price revised to account of the error. Generally, the Contractor is entitled to assume that the B/Q has been prepared in accordance with SMM and that the items and quantities found in the Bill of Quantities are reasonably accurate descriptions and estimates of the work shown on the Drawings and described in the Specification. The B/Q may not have been prepared in accordance with the Standard Method of Measurement (SMM). The risk of inaccuracies in bills has fallen on the parties on the level of estimation done by a third party. Any error or omission provides no grounds for adjusting the contract price under lump sum contracts.

Although quantities are ‘actual and correct’, Contractors claim new rates when quantities substantially vary when the B/Q quantities are wrong.  Contracts based on firm quantities are in essence lump sum contracts, where the quantity risk is transferred from the Employer to the Contractor. Although the burden of quantity risk lies entirely with the Contractor in typical lump sum contracts, a question is why the Contractor is held liable for missing items and errors in quantities prepared by an outsider.

The Consultant shall be held liable for quantity errors in case the Employer becomes vicariously liable. A specific remedy would be to cover up this scenario in the insurance policy. There should be a B/Q provision for the tenderer to adjust the quantities when he finds any missing, under measured or over measured item so that he takes the burden before the contract is entered into.

As a matter of business efficacy, a term will be implied (in the absence of express terms) that the cost of the work for a Bill item which has not been priced by the Contractor is included in the prices entered elsewhere in the Bill.

We often find a clause vesting some powers on the Engineer to form an opinion as to suitability and applicability of a new rate and as to the limit of enhancement of an existing bill rate. The Engineer shall determine the suitability of the new rates based on the nature and amount of the subject omission or addition against the nature and amount of whole of works. Broadly speaking, the varied work shall be priced in accordance with the rates and prices in the contract, but if those are not applicable, the Engineer has the power to agree rates and prices with the Contractor. If no agreement is reached, the Engineer shall fix what he considers suitable.  Because the valuation of varied work can be fertile ground for argument, if a Contractor disagrees with the Engineer’s determination on rates or prices, he can still refer the issue to the Engineer once again prior to invoke the dispute resolution procedure. This can be considered as an extra contractual opportunity available for the parties to avoid disputes.

Following the UK case of Henry Boot v Alstom Combined Cycles (2000) considers the issue of when ‘fair valuation’ can be applied and when it cannot. Bills of quantities describe the work that is to be carried out and establish a rate or price for the item of work. The bill therefore allows the final measure of work to be valued by simply multiplying the rate by the quantity of measured work. But in practice matters are not so simple. The original bill of quantities may be inaccurate either in the description of the work or in the estimate of quantities. The question then is how far can the rates be applied in valuing the corrected measure? To what extent do the original rates apply and can they be used to value all variations or does another approach need to be adopted? So how are variations to be valued and when can fair valuation be used?

The rates will apply unaltered if the work is similar in character and executed under similar conditions as work priced in the bill. If either the work is dissimilar in character or executed in dissimilar conditions, then the engineer fixes a ‘star’ rate, by breaking down the quoted rates into the elements of plant, materials, labour and overheads and adjusting each element that is affected by the variation. This kind of adjustment seems sensible.

The engineer must fix the rate even if he does not have the contractor’s build-up. Instead he has to use a notional build-up using any contemporary records submitted by the contractor. It is still not clear when the star rate approach will not be appropriate, but it appears that only in exceptional situations will a fair valuation be made. As to what amounts to a fair valuation, it was held in the Henry Boot case that this meant one that does not give a contractor more than his actual costs, reasonably and necessarily incurred, plus similar allowances for overheads and profit. It was held further that fairness is an objective test which takes into account the position of both parties.

However, it is not clear from the decision how the profit and overheads are to be assessed; whether these are to be based on the contractor’s tender allowances, or whether the contractor has to show some loss of profit or loss of contribution to his overheads. This approach applies not only to the varied work itself, but also to work affected by the variation. It is necessary first to show that the variation caused bill rates for other items of work to be rendered unreasonable or inapplicable. If so, then new rates can be fixed or fair valuation used where appropriate. Importantly, the decision in Henry Boot teach apart the effect of additional varied work on original measured work from the effect on other work. The re-rating appears to apply only to rates and prices in the original bill and not those fixed by the engineer, for varied work for instance. This interpretation leads to the odd situation that star-rated work, which is subsequently affected by further variations, cannot be the subject of a further re-rating. It is legitimate to load rates, and the burden is on the employer to scrutinize the tender with care to see that no advantage is taken by such means. In summary, the Court was keen to provide commercial certainty to construction contracts, whilst acknowledging their approach may lead to rates being applied that resulted in substantial profit or loss for a contractor. The moral of the story for employers is that they should give as much attention to the rates set out in tenders as to prices.

Which of the rules, ie, existing rates, or fair rates, depends largely upon the timing of the variation order, the location of the work, the quantity involved and the circumstances in which the work is executed. If it can be established that these factors preclude the valuation on the basis of bill rates then the valuation will usually be based on fair rates. If the varied work is of a similar character and executed under similar conditions to work priced in the B/Q, such rates and prices shall be used to value the varied work. The factor of profit or otherwise of the rate is immaterial.

The words do not enable the Engineer to open up or disregard the rates on the ground that they were inserted by mistake. It was the use of the rates in the changed circumstances brought about by the variation order that must be reasonable, not the rates themselves. 

Absence of contemporary records amounts to a situation where the Engineer shall make his own assessment based on information available to him and as he feels reasonable. Items covered by pricing preamble notes or descriptions in the bill item provide no entitlement. Considerations arising out of specifications, pre-contract addendums, manufacturing instructions and any minor details necessary for completion of work though not specified in specification or not shown in drawings are deemed to be included within the price. Any item duplicated in re-measure and superseded or rescinded by a subsequent instruction shall be ignored. Any work, which exceeded the scope required by the variation order, is considered as overwork. Unless otherwise stated, any discount or correction factor will be applied for the original works as set out in the bill of quantities. Variations valued as per bill rates will also be subject to discount. This factor is proportionately applicable for the measured items under appropriate bills unless any specific mention as to contrary has been made at the tender.

As mentioned earlier, the clause 51 requires variations to be priced as per bill rates presumably for works of similar nature executed under similar conditions. The key question is whether it is reasonable to use bill rates to value changed quantities when the rate contains an admitted error.

The court of appeal in ‘Henry Boot vs Alstom (2000) found in favour of the Contractor and emphasised the fact that bill rates, which contained an error, should not prevent them from being applied to the additional work as well. (In this case, it was an over pricing 7).

If the Contractor put an unrealistically high rate, he is entitled to have the rate used for valuation of subsequent variation. “When the Employer accepted the tender with the unrealistically high rate, it can be said that the Employer accepted also the risk of that being used in valuing additional quantities”. The application of the contract rates can not be avoided simply because one party is dissatisfied with them. The contract rates are immutable, and not subject to correction. There shall be no rectification of any error, omission or wrong estimate in the descriptions, rates and prices inserted by the Contractor. The effect of this principle is that a mistake in a rate is bound by the parties equally. The only situation where a contract rate may be departed from which it is not executed under similar conditions or when there is a substantial increase or decrease in quantities which render the existing rate unsuitable.

The matters to be taken into account when deciding whether conditions are similar are the physical site conditions such as wet compared with dry, confined space compared to ample working space, winter working compared to summer. The matters should be taken up when deciding whether work is of a similar character are the functions of materials, size and shape, vertical, horizontal and sloping, location, to name a few.

However in either of these operations the fact that a rate or price may be too high or too low is completely immaterial. A very high rate or a very low rate is not rendered unreasonable by a variation or a substantial change in quantities but is already unreasonable when the contract is entered into.

Alternatively, the Contractor has included an unrealistically low rate in the bill of quantities; such rate could be applied to the extent of bill quantities. Any excess in quantity over and above bill quantity shall be paid at a fair rate. However the conditions provide no room for the Contractor to demand an enhanced rate even where the actual quantity is of a substantial increase.

The parties are the masters of their own contractual fate. Indeed, the courts are normally slow to interfere in agreements reached between two parties, but they will interfere in agreements procured by the exertion of economic duress by one party on the other. Variations for instance issued from time to time in connection with variations to the contract are the subject matter that the Engineer should take a middle position in interpreting them.

The ingredients of actionable economic duress are that there must be pressure whose practical effect is that there is compulsion on, or a lack of practical choice for, the “victim”; and the pressure must be illegitimate and a significant cause which induces the “victim” to agree to enter into the agreement. As such, the contractor may contest under duress when the Engineer unilaterally fixed a rate for a new work without giving the Contractor a chance to negotiate.

The tender price break-up to be submitted before or after the contract has been let is not, per se, a contract document. It is to be used, wholly or partly, as a guide in pricing variations, and remains subservient to the requirements of the contract. Errors, omissions oversights within the tender price break-up do not prove particular inclusion or exclusion within the contract sum. The nature of the inclusions within individual tender rates and prices are determined by the conditions of contract, not by Contractor’s subsequent break-up. No Contractor can be permitted to use his lack of compliance with tender requirements to maneuver to his own advantage.

Whenever variations are ordered that omit work under clause 51, and particularly if such omitted work is substantial in quantity, Contractors often argue that they should be entitled to claim loss of profit that they would have been earned on such works if carried out. If the variation omitting works is invalid then such is a breach of contract entitling the Contractor to damages, and loss of profit can form part of such a claim for damages. Where the works have been omitted and given to others to carry out, it is clearly established that it is a breach of contract and not a valid variation order.

It could be claimable if the Employer himself or another Contractor carries out any omitted work whilst a contract exists without consent of the Contractor or unless it can be proved that the Contractor is technically or financially incapable of carrying out such omitted work. However in contracts, we find the Employer has the right to omit a part of the scope and get it done by another Contractor under a separate contract. However the Employer is entitled to entertain the benefit a valid omission, despite of the appointment of another Contractor. If the nature and scope of omission renders the existing rates no longer appropriate, the Engineer has the power to adjust it to an appropriate extent in such a way that the Contractor obtains a reasonable compensation. The Employer generally has the absolute immunity against any claim for loss and profit due to omitted work

The existence of a variation clause does not entitle the Engineer to make large scale or significant changes to the nature and scope of work. A variation order that deviates from the fundamental scope, nature, type or complexity of work contemplated by the parties at the tender affects the validity of the contract. The Engineer should not introduce work outside the domain of the original job, which would cause hardship to the Contractor in terms of finance and technical capacity. The criteria to evaluate whether a change is a variation could be the cost of work, scope of work, technical input required, etc. Hence, the Engineer shall make any variation under the contract and not in the contract. All variations shall be considered in ascertaining the contract price. As a principle, no variation to the contract can be made by the Contractor. This does not however restrict the Contractor to submit at any time to the Engineer value Engineering proposals which in the Contractor’s opinion will if adopted accelerate completion, reduce cost to the Employer in executing, maintaining and operating works, improve efficiency, enhance the value of completed work, otherwise be of benefit to the Employer.

It is also seen that the Contractor delays the start of work in connection with variation till he gets the rates agreed and considers the date of formal instruction in writing as the date of issue of instruction when calculating time extensions. This belief is wrong. As per clause 51, the Engineer can give oral instructions and the Contractor should  not await till he gets it formally in writing in order to start work, rather he should confirm the recognition of such instruction in writing to the Engineer, and immediately proceed to carry out such instructions. If such confirmation is not contradicted by the Engineer, such instruction is deemed to be a formal instruction of the Engineer, albeit a deadline is not specified. Hence, the conditions are clear enough establishing the validity of the Engineer’s order to commence work.

The Contractors however feel hesitant to start work without getting prior approval on the cost because of the fear of not getting the full entitlement under payment procedures, which are usually prolonged. 

Any instruction that the consultant thinks will take additional cost and/or time should accompany with a tentative budget estimate before issuing the same to the Contractor. The date ever first the Contractor received orally any instruction is the effective date of instruction unless otherwise stated. For planning purposes, it is the date the Contractor is actually supposed to commence the varied work.

There may be circumstances which could lead to changes introduced by the Engineer falling outside the variations clause. Contractors who find themselves with unattractive contract prices would find it arguable that a change introduced by the Engineer fell outside the variation clause thus the payment for the change should be on a quantum meruit basis. In Blue Circle Industries v Holland Dredging Co (1987), the works involved dredging in Larne Lough in Ireland to enable larger vessels to dock. The tender referred to the dredged material being deposited in areas approved by the public authorities, the intention being to discharge the material excavated in suitable areas in the Lough. Larne Harbour Board rejected this proposal later and as a result an alternative plan was agreed to use the excavated material to form an artificial bird island. It was argued by the Contractor that this was not a variation to the works within the confines of the contract but a separate contract in its own right. It was held that if the additional or varied work were so peculiar, so unexpected and so different from what any person reckoned to such an extent that it is not contemplated by the contract then it would constitute a separate contract. Hence, the construction of the bird island was wholly outside the scope of the original dredging contract and therefore constituted a separated contract.

When a large number of changes are instructed though they individually fall within the ambit of the variation clause, they can collectively have the effect of completely changing the scope of the works. This is referred to as either abandonment or cardinal change and deals with the situation where the Employer makes excessive changes to a project beyond what the parties reasonably could have anticipated at the time the contract is entered into. Courts will look at a number of factors in helping to decide whether the changes have been excessive such as the size, nature, complexity, expected duration the number of changes, how many changes were anticipated when the project started, the magnitude of the work involved in the changes and the length of time in which such changes were made etc.

A misunderstanding is that the Engineer can issue any number of variations for any purpose. Even where a contract includes the usual variation clause there may be circumstances which could lead to additions or changes introduced by the Employer which falls outside the variations clause where the payment for the change should be on a quantum meruit or fair valuation basis. It can be argued by the Contractor that this is not a variation to the works within the confines of the contract but a separate contract in its own right, because the additional work were so peculiar, so unexpected and so different from what was contemplated by the contract.

Also, the Engineer is under liability in the issue of variation orders, particularly the concessions granted for the Contractor. Even if the Engineer’s permission for a change is fully authorized, the Engineer is not freed from his general duty to the Employer to exercise reasonable care and skill. If the change does later cause the Employer loss, the Engineer may face reciprocal claim from the Employer.

We also find instructions in some contracts that the Employer has the right to increase or decrease work, upto 20% of the contract sum, but not beyond.  It also does not address what will happen when this limit exceeds.

The employer’s right to issue variations upto the limit of 20% original contract sum is totally different from the variations exceeding 20% for the compensation of unabsorbed overhead due to adjustment of quantities and varied work. The first limit could be during the progress of work while the second only at the practical completion. The first explains the employer’s right while the second deals with the contractor’s entitlement. There is no express provision in the contract for the second purpose, as mentioned at the outset.

The whole idea of ‘Variations exceeding 10% clause’ typically in other contract modalities is to compensate the contractor for any unabsorbed overhead component due to overwhelming decrease or increase of such work where his overhead would have been expended more and his profit would have been exhausted more in proportion to what he had planned and contracted with, and vice versa for the employer. It should not be confused when the quantity of an individual pay item has been found to be exceeded by a certain limit, not necessarily 20%. An individual treatment is allowed in the contract depending on the nature and amount of such varied work so that this is not the subject coverage under variations exceeding 20%.

Under circumstances, it is not reasonably inferable that the contractor has the right to refuse any variations beyond this limit, except of course in two circumstances; where the instructed new work fall out of the contract domain because the additional work were so peculiar, so unexpected and so different from what was contemplated by the contract, and in any additional work found to be unnecessary for completion.

A glaring anomaly of this ruling is the ignorance when some works omitted at the last lap of the project so that the net resultant impact is not necessarily exceeding 20% but still the contractor may have a case validly submitted under the grounds of such instruction. he power to control variations gone into the hands of the contractor is not at all practicable when the employer badly needs some varied work inevitable for the completion of the works.  The clause 51 on the other hand does not specify a limit in the contract for the contractor to stop work or object compliance with the instructions to variations.

A rate revision can be made only on the circumstances that rendered the existing rates unreasonable or inapplicable (due to nature and amount of any omission and addition compared with the nature and amount of whole of the contract work or to any part thereof). A rate would even be reduced perhaps in a typical civil engineering work where the rates could be much more profitable owing to economies of scale whenever the quantities are overwhelmingly increased. A rate revision is possible only when the net resultant impact of variations is in excess of +/- 20% of the effective contract sum which is not the subject of instruction, where the instructed new work found to be unnecessary for completion that does not fall under variation clause and the contract domain because they were so peculiar, so unexpected and so different from what was contemplated by the contract in terms of location, nature, type or technical complexity. This is an exceeding the intended limits or purpose of the original contract, resulting in a separate contract situation, in which the contractor may well be having a legitimate claim for a total rate revision.

Let us consider two recent cases under lump sum contracts. The ducts for underground electrical cables at 600mm level shown in tender drawing No E-00 were not mistakenly measured in the b/q. The revised construction drawing No SD-E00 superseded the scope of work envisaged in the tender drawing No E-00. This paved the way for adjusting the contract sum as a valid variation under the contract as per clause 55, which involved omission and addition of the scope shown the drawing No E-00 and SD-E00 respectively. The Contractor argued that omission from the bill of quantities is not possible in absence of a B/Q item. However, the logic is that the tender shall be comprehensive enough to cover up all the obligations under the contract as prescribed in the contract documents including drawings, irrespective of whether a particular item of work has been included or excluded in the bill of quantities unlike in a typical measure and pay contract. The Contractor shall also be deemed to have satisfied himself before tendering as to correctness and sufficiency of the tender for the works as per clause 12(1). Accordingly, the cost on PVC ducts shown in tender drawing is deemed to be priced within the tender.

Having subsequently altered the subject scope by the above revised drawing constituting a variation to the contract as per clause 51(1), the Engineer ascertained by ad-measurement the net resultant value of the respective work as per clause 51(3). All such works were valued at the rates set out in the contract in order to maintain the tender pricing level. As such, the deduction made for omission for which the price is already catered for was contractual. 

Dewatering is an existing b/q item, quoted as a lump sum, but not prevailed at site. Hence, the Contractor was invited to sign the original copy of the site instruction as a formality to omit dewatering from the scope of work. The Contractor regretting signing the site instruction argued that dewatering is an integral part of excavation that cannot be separated from excavation item and hence, the contract sum can not be adjusted. He further added that he did not receive soil report at the time it was priced.

Notwithstanding the extent of availability of information related to tidal movements, type of soil, water table etc or the pricing strategy adopted in the tender, the entire obligation falls on the Contractor to make his own interpretation as to the nature and extent of work involved in both temporary and permanent works. Such a technical judgment is a sole prerogative of the Contractor for which the Employer is not liable under whatsoever circumstances except in cases where the Contractor is able to justify that the Employer is at default, such as failure to provide accurate information timely whenever expressly provided for in the contract.

The Engineer found no such record of request or qualification during the tender. The Contractor has neither made any provision in his clause 14 program nor in the methods statement as to how he intends to deal with the issue of dewatering. The section B for preliminaries in which the tenderer has an opportunity to identify the items not priced elsewhere in the b/q also had a zero value. Nothing has been executed physically later at site with regard to control of ground water such as installation of standpipes and other devices as specified, altogether revealing lack of compliance/emphasis on the subject issue at the time of tender. 

Nonetheless, the Contractor shall be deemed to have satisfied himself before tendering as to correctness and adequacy of the tender for the works as per clause 12(1), bearing in mind that pricing risks are inherent in any typical lump sum fixed price contract. As such, the tender sum shall be comprehensive enough to cover up all obligations under the contract as specified in drawings, b/q and specifications etc. Without prejudice to the primary intention of the contract, the Engineer reserves the right to vary the works within the meaning of clause 51 (1). The distinction is made in clause 55, where any error or omission from the bill of quantities shall provide no grounds for adjusting the contract price. In contrary, omission of an existing b/q item is defined as a variation as per clause 51(1) and thereby provides grounds for adjusting the contract price. This deletion is thus contractually valid and the power to do so has been vested in the Engineer as per said clause.

Further, the Contractor’s price against each bill item shall truly reflect the value of the item described as noted in pricing preamble. Any individual b/q item that is itemized and separately measurable or payable, apart from other pay items operationally or otherwise integral, incidental or associated with it can be assessed in full at the existing contract rate/s according to its occurrence. The dewatering in this particular instance is an independent bill item of that category that did not prevail at site at all, so is apparently a subsequent variation under the contract by a complete omission, the benefit of which shall be retained by the Employer. Under circumstances, the Engineer found no strong valid technical or contractual basis to justify why the Employer is liable for payment for dewatering.

      ‘Variations’ has long been recognized as a major source of conflict in construction projects. A one of reasons is the decisions heavily influenced by subjectivity that differs from one person to another. The author’s view is that even under the label of strict lump sum firm price contracts, the Engineer ultimately sits in a strong position to convert the whole scenario into a traditional form of measure and pay. Variations and measurement clauses are evident enough. Indeed, computing a realistic value for variations is often not an easy task. The parties need a considerable knowledge, skill and exposure in the art of  judgment in order to have a sound appreciation of the methods of construction, estimating practice, contractual implications, construction programming techniques and most importantly the records intact.

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variations, lump sum, fair valuation, omitted work, seperate contract

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 It is the glory of God to conceal a matter, but the glory of kings is to search out a matter (Proverbs 25:2).

 God spoke to man since the beginning of time. Adam walked with God in the beginning and God spoke to him face to face.  When Adam walked with God in the garden, He taught him about creation and the purpose for cultivating and maintaining it. He also taught him about naming the animals and his relationship with them. God did not speak to him in parables because it was given to him to know the mysteries of the kingdom of heaven. It was the will of God for him to have all things and to have it in abundance. In this they found great joy and fulfillment as they flow in absolute divine fellowship. As Adam abided in Christ His Creator and do His will, he flowed with the life force of God; he was totally alive to God always moving, vibrant and overflowing with the Spirit of God, lacking in nothing.

 After sin entered into him and the discord of sin entered his soul he lost his eternal life and divine power because he was not only casted out of Eden but, as a branch, was cut off from the Vine, Jesus Christ his Creator. Because of disobedience his heart grew dull, his ears hard of hearing and his eyes closed so that he saw but did not perceive and hear but did not understand.

 After the fall of man at various times and in diverse manners God spoke to the fathers by the prophets to the sons of Adam. Since two thousand years ago God spoke to them by His Son, whom He has appointed heir of all things and through whom He also made the worlds (Hebrews 1:1-2).

 In the earlier Old Testament times, prophets were called seers because the Holy Spirit enabled them to see things in the spirit realm about mysteries hidden in all time frames (past, present and future). Formerly in Israel, when a man went to inquire of God, he spoke thus: “Come, let us go to the seer”; for he that is now called a prophet was formerly called a seer (1 Samuel 9:9).

 Though many prophets of old had awesome dreams and visions they did not perceive the times thereof neither what it was about. They desired to see and hear the things that the heirs of salvation see and hear today; they see and hear it but did not understand it. The Old Testament saints witnessed the mighty works of God and understood that not to themselves, but to us the heirs of salvation they were ministering (1 Peter 1: 10-12). Those things were types and shadows of heavenly things and good things to come. God has veiled His wisdom in plain sight from them. The wisdom of God is revealed in that Jesus has become a surety of a better covenant.

 God’s language

 Jesus, in His ministry, used symbolic language as He taught by the parabolic method. Why is God veiling the truth? All these things Jesus spoke to the multitude in parables; and without a parable he did not speak to them, that it might be fulfilled which was spoken by the prophet, saying, “I will open My mouth in parables; I will utter things kept secret from the foundation of the world” (Matthew 13:34-35).

 Since the fall of man God conceals truth in parables, dreams and visions which need interpretation to seal the understanding thereof to the heart. The first biblical example is where Joseph’s brothers interpreted Joseph’s dream about their sheaves bowed down to his sheaf.  Jacob interpreted Joseph’s dream about the sun, moon and eleven stars that bowed down to him (Joseph). Joseph interpreted the butler’s, the baker’s and Pharaoh’s dreams. A man interprets his companion’s dream in the camp of Gideon about the barley loaf that tumbled into the camp of Midian. Daniel was the interpreter of dreams and visions to some kings of Babylon (e.g. the vision of King Belshazzar that saw part of a hand that wrote him a message on the wall of his palace).

 The prophecies of Ezekiel, Daniel and the Book of Revelation written by John are expressed in symbolic language. Why is God speaking in parables? Why is He veiling His messages to some and reveal it to others? And the disciples came and said to Him, “Why do You speak to them in parables?” He answered and said to them, “Because it has been given to you to know the mysteries of the kingdom of heaven, but to them it has not been given (Matthew 13: 10-11).

 Interpretation of dreams and visions

 In 1988 while my wife was pregnant with our son, Oleg, my mother-in-law had a dream about her, pushing a red pram with a child in it. She interpreted the dream and indicated that she will have a daughter. She believes that the color blue represents a son and the color red represents a girl. This is a traditional believe in Ukraine. My wife believed her dream and interpretation. Just thereafter my wife had a direct dream (no interpretation required) that she will have a son that will be born with black hair. Although our son is blond today he was born with black hair just as she had seen him in her dream. God gave her this dream in response to a dream that was incorrectly interpreted. Sometimes God imparts revelation through dreams that require no interpretation.

 Nevertheless, most dreams and visions are veiled in symbolism and require interpretation. Then He said, Hear now my words: If there is a prophet among you, I, the Lord, make Myself known to him in a vision; I speak to him in a dream. Not so with My servant Moses; he is faithful in all My house. I speak with him face to face, even plainly, and not in dark sayings… (Numbers 12:6-8a, emphasis added).

 We found the first account of dream interpretation in the Bible, in Genesis 37:8, where Joseph’s brother’s interpreted his dream about their sheaves bowed down to his. Jacob probably taught them how to interpret dreams, which he must have learned from his grandfather Abraham and father Isaac. In the accounts of Joseph and Daniel we found that beside themselves magicians were also interpreters of dreams. So dream interpretation was practiced since ancient times.

 Historical background of dreams in modern times

 Artemidorus of Daldus (AD 138-180), a Roman philosopher, studied symbols in dreams. He interviewed dream interpreters throughout Italy, Greece and the Near East, and noted that dreams could rarely be taken at face value. In his book “Interpretation of Dreams”, he established principals for the interpretation of fundamental types of symbols and images appearing in dreams. His work foreshadowed in many ways the work of Freud and Jung, eighteen hundred years later, and provides an important link between the ancient and modern methods of dream interpretation.

 The Christian theologian Gregory of Nyassa (AD 331-395) published a treatise entitled “On the Making of Man”, wherein he stated that dreams occur in sleep because the rational intellect is at rest. Because the intellect is resting, the dream mind can work through the day’s activities.

 In the thirteenth century, the Roman Catholic Church declared that the future was solely in the hands of God and that dreams could neither be prophetic, nor communicate divine revelation. People, who claimed that their dreams were divinely inspired, were condemned as blasphemous. Joan of Arc, a dreamer whose visions changed the course of French history, were burned alive at the stake in 1431 as a heretical witch, partly because the Church denied that her dreams or visions could be divinely inspired.

 Nevertheless, interest in dream interpretation never really declined. With the arrival of printing in the Renaissance, the book of Artemidorus was printed in 1518, and went through twenty editions in the next 200 years. Despite this popular interest, ascetic Protestants gave no credence to their dreams. Yet the great reformer Martin Luther taught his followers that dreams revealed their sinful nature.

 The German Romantic Movement of the late eighteen century developed various theories on dreaming. The German physicist, GC Lichtenberg (1742-99) was the first scholar to link dreams with the unconscious. By the end of the nineteenth century, dreams were recognized as products of the unconscious and linked to the source of creative and imaginative ideas.

 In England, Henry Maudsley became well known as a physician of “nervous disorders.” He noticed that “dreams are sometimes found to go before severe illness.” However, despite his observations, none of his peers seemed interested in the possible power of dreams.

 Freud and Jung

 Sigmund Freud (1856-1939), the founder of psychoanalyses, began the first comprehensive scientific study of dreams in the 1890’s. The result of these efforts was the publication of his book, “The interpretation of dreams” (1900), which describes a method for the interpretation of dreams.

 Freud differentiated between the hidden meaning and its actual content. He did this by trying to reconstruct the motivation of the dream from the dreamer’s waking associations. According to Freud, thoughts that are characteristics of our early childhood strongly influence our dreams. In his view, the mysterious and absurd qualities of dreams are directly due to the need for disguising the wishes, which our conscious mind will not acknowledge. Freud stated that dreams have two principal functions: first, to attempt to fulfill our restrained, subconscious wishes that are mainly sexual and aggressive in nature and secondly, to guard our sleep. Freud believed that the content of dreams consists of our memories, but that the stimulus for a dream is always a subconscious wish that has its origin in childhood.

 Carl Gustav Jung (1875-1962) started his research similarly to Freud, and later developed his own theories. He analyzed the dreams of his patients to explore the inaccessible regions of the subconscious mind. He too believed that dreams are largely symbolic. While Freud’s wish-fulfillment theory was intended to explain the biological function of dreaming, Jung’s theory suggested also a psychological function of dreams. His view was that the function of dreams is to compensate for aspects of the dreamer’s personality neglected in his conscious life. This viewpoint does not differ substantially from Freud’s wish-fulfillment theory. For Jung, dreams attempt to reveal rather than to conceal what is in the subconscious mind. He used mythology, comparative religion, and history in interpreting the symbols appearing in dreams.

 Following on from the early work of Freud and Jung, a continual interest in dreams has existed. Many attempts have been made to find a systematic method to interpret the symbols occurring in dreams and to give a consistent meaning and explanation of these symbols. However, both

Freud and Jung concluded that the meaning of a dream differs from person to person depending on the person’s own perception of that symbol. They suggested that ascribing any consistent meaning to the symbols occurring in dreams is impossible. For example, a lion could symbolize power and authority to one person, but destruction and danger to another. They concluded that the meaning of a dream depends on the individual’s own perception of that symbol.

 We have to consider that in their research, Freud and Jung did not differentiate between the dreams of unbelievers and those of born-gain, spirit-filled believers. They mainly worked with problem-loaded people who had no relationship with God.

 They spent some time together, discussing their theories and interpreting each other’s dreams. Each rejected the other’s interpretation of the dreams. Jung believed every human being is deeply rooted and connected with the history of mankind. He established the term, common sub-consciousness, while Freud’s theory was personality centered. A growing conflict developed between Freud and Jung and the final break between them came on their trip to the United States in 1912. During this period when Jung pondered on the validity of Freud’s theory and how this theory could be linked to human history, Jung had a dream.

 He dreamt that he was in an unknown two storey house but he knew it was his house. He found himself in the upper storey in a type of salon, furnished with fine old furniture in rococo style, with many old paintings hanging on the walls. He was quite pleased with the appearance of his house and wanted to discover what the lower floor looked like. Descending the stairs, he reached the ground floor, where everything was much older, dating to the fifteenth or sixteenth century. The furniture was medieval. The floor was tiled with red bricks, and everything was rather dark. He then came to a heavy door and discovered a stone stairway that led down into the basement. There he found himself in a beautiful vaulted room that looked ancient. The walls dated to Roman times. On the floor he discovered a golden ring. With it he lifted a stone slab and saw another stairway leading down. He followed it and came into a low cave cut into the rock. Thick dust, scattered bones, broken pottery, and two human skulls lay on the floor. The skulls were partially disintegrated. Then he awoke.

 Jung asked Freud to interpret his dream, which Freud did according to his wish-fulfillment theory. Before starting with the interpretation, Freud asked Jung what two people he disliked the most. Jung mentioned his mother-in-law and wife. Freud claimed that the two skulls represented Jung’s wife and mother-in-law because he was convinced that Jung would like to see both dead. This was not true at all. Jung liked both of them very much but had deliberately misled Freud to test his interpretation skills. Freud’s misinterpretation caused the final break between the two.

 Jung’s interpretation of the dream was that the house represented a type of psychical image – where the salon with its inhabited atmosphere symbolized the consciousness, while the ground floor represented the first level of the unconscious. The further he descended into the house the darker the scene became. The lowest cave was filled with the remains of early civilization, which Jung interpreted as the world of the primitive man inside each of us. He said that the primitive psyche of man borders on the life of the animal soul, just as animals inhabited caves, before human beings started to dwell in them.

 However, Jung did not follow the basic Biblical principal that a dream comes as an answer to the questions a person pondered on before falling asleep. For example, King Nebuchadnezzar was concerned with the future of his kingdom after his death (Daniel 2:29). In the dream, God gave him the answer to his question and showed him what the future would bring. Daniel could tell Nebuchadnezzar both the question that had been in the king’s heart, and the interpretation.

 Because Jung pondered on Freud’s theory and how it could be linked to human history, God gave him the answer. Let me give you the interpretation. The house in his dream symbolized human history. Important historical periods were associated with various levels of the house. The early history was associated with the lowest part of the house, and ascending storeys represented more recent history.

 In the cave Jung found two human skulls. We can relate them to Adam and Eve as the whole floor of the cave was covered with thick dust. Adam and Eve decided to exalt knowledge above the fear of God and ate from the tree of the knowledge of good and evil. In punishment God cursed them, saying they would die and go back to the dust from which He took them.

 The basement of the house was set in the style of the Roman period. This was a decisive period where knowledge, argumentative skills and education became very important powers governing mankind, and truth was violated. The ground floor represents the late medieval times and the second storey the rococo which led to the age of enlightenment and humanism. We note that Jung was impressed by the fine appearance of the furniture and the precious paintings, all produced by the human mind. His dream showed that Freud was actually a successor of all those people who had been seeking the fruit of the tree of knowledge, valuing the power of self over the fear of the Lord.

 The house is a symbol of human achievements throughout the ages, but founded on death, dust and dead bones. All the things Jung saw in the house are dead works with no real living value (all the furniture was antiques), merely deceiving the proud. The fact that Jung saw this as his own house shows that Jung was deeply influenced by the mindsets of his ancestors, dating to the beginning of mankind. He was not, as he might have thought, independent and free in his thinking. Repeatedly in the history of mankind, the same sin has been repeated, namely not seeking the tree of life that is to know the Lord in all your ways and not to lean on your own understanding.

 Many people today are following Freud and Jung’s principals and guidelines for interpreting dreams. It is shocking to know that even spiritual leaders base their understanding of dreams on Freud and Jung’s ideas. Most of these authors work with problem-loaded clients who had no relationship with God.

 The ancient Russians were heathen. Presently, there exist many books about dream interpretation in the countries of the old USSR, which are based on heathen religious believe and superstition.

 The only and true way for dream and vision interpretation

 The Scriptures should interpret dreams and visions, and not theories or superstitious believes. The Word and the Holy Spirit are one and will never contradict each other. Jesus answered and said unto them, Ye do err, not knowing the scriptures [Word] nor the power of God [Holy Spirit] (Matthew 22:29).

 If one does not study the language of the symbol and type of the Bible some of its grandeur will be missing and dreams and visions cannot be interpreted. It is the glory of God to conceal a matter, but the glory of kings is to search out a matter (Proverbs 25:2).

 The Bible indicates that an object may obtain a specific meaning by its inherent character. So animals, birds, fish and even objects, not referred to in Scripture, can be interpreted by their characteristics, habits and uses.

 Scriptures to support above statement are as follows: But now ask the beasts, and they will teach you; and the birds of the air, and they will tell you; or speak to the earth, and it will teach you; and the fish of the sea will explain to you (Job 12:7-8). We can use the following example to explain the above scriptures. The hyena has extremely powerful jaws. It is a scavenger, although it will also attack and kill life prey. It scavenges the leftovers from other predators with little effort and become very aggressive when other animals want a share of its prey. A hyena speaks of a person that takes advantage of others.

 The heavens declare the glory of God; and the firmament shows His handiwork. Day unto day utters speech, and night unto night reveals knowledge. There is no speech nor language where their voice is not heard (Psalm 19:1-3).

 For since the creation of the world His invisible attributes are clearly seen, being understood by the things that are made, even His eternal power and Godhead, so that they are without excuse (Romans 1:20). Paul said to us that the natural was first and then the spiritual. However the spiritual is not first, but the natural, and afterward the spiritual (1 Corinthians 15:46).

 The interpretation of dreams and visions is included in the gift of interpretation of tongues (dark sayings), and it is a gift of the Holy Spirit. As for these four young children, God gave them knowledge and skill in all learning and wisdom: and Daniel had understanding in all visions and dreams (Daniel 1:17, emphasis added).

Steps to interpret dreams and visions

Firstly, one must be aware that the interpretation of dreams and visions is a gift from God. Sometimes the Holy Spirit reveals the meaning immediately but at times it takes longer. It may take hours, days or weeks or even longer to receive the interpretation. So Daniel went in and asked the king to give him time, that he might tell the king the interpretation (Daniel 2:16).

Secondly, the symbolology and typology of the Bible should be studied in detail knowing that the Bible is written in the language of signs, symbols and types. Jesus taught in parables, thus using symbolic language. I will open my mouth in parable; I will utter dark sayings of old (Psalm 78:2).

Solomon said to impart wisdom to the godly you must understand proverbs and their interpretation. A wise man will hear and increase learning, and a man of understanding will attain wise counsel, to understand a proverb and an enigma, the words of the wise and their riddles (Proverbs 1:5-6).

We must pay attention to fine details in a dream such as color, direction, symbolic action, numbers and shapes. To correctly and completely interpret dreams one must take care of all details contained in the dream or vision.

God has created the color spectrum, with its seven colors, in a specific order. The colors are purple, indigo, blue, green yellow, orange and red. Red has the longest wavelength and purple the shortest. The first three colors refer to the manifestation of the Spirit. In the tabernacle of Moses the colors blue, scarlet and purple were used (Exodus 39:1). The red or scarlet color refers to the blood needed for the remission of sins.

The color green lies in the middle and therefore representing the soul, which includes the mind, emotions and will. For example, I had a vision of a green coffin while praying for somebody. It emerged that this woman feared that she might die from breast cancer at an early age, as were the cases with her mother and grandmother. I assured her that the source of her concern originated in her own mind (green coffin). It is now two decades later and she has two beautiful kids and she is just as healthy as 20 years ago.

The last three colors, yellow orange and red are associated with the works of the flesh. It does not mean that these colors only have negative meanings.

All detail is important such as direction of movement or field of vision. These details give us an indication if it is a positive or negative message and also to which timeframe it belongs. See my book “Interpretation of Dreams and Visions” for a full explanation.

Symbolic action such as facial expressions often indicates the mood of the dream and shows if the symbols must be interpreted positively or negatively. It is necessary to emphasize that this is not to be worked out in the carnal mind but to be discerned by the Holy Spirit.

Numbers are occasionally included in the content of a dream or a vision. Numbers are a superior form of symbolism and their meanings are rarely understood. A symbol should be interpreted as it is used in Scripture. By learning the different ways numbers and other objects are used in the Bible, we can interpret accurately what they mean in our dreams and visions.

Occasionally shapes like circles, squares or triangles appear in dreams and visions. Some people reluctantly speak about them, as they fear that its source is from the devil. If all circles, squares and triangles were evil, it would mean that all creation in heaven and on earth with all their beauty is constructed by the evil one, which is not true.

The occult does associate certain circles and triangles with witchcraft, but we must ask God for the discernment between life and death and the truth and the lie. Circles, squares and triangles are discussed in detail in my book “Interpretation of Dreams and Visions.” 

Thirdly, record the dream or vision as accurately and completely as possible. Record the dream as soon as you wake up otherwise you may forget some detail and often forget the whole dream. Record all details such as colors, numbers, direction of objects, field of vision and your mood and if it was a positive or negative experience. Do not add (never assume) or take away from the dream, as it will influence the interpretation. Have a pen and paper next to your bed to record dreams as soon as you wake up. Also take a pen and paper with you when you pray to record visions immediately after you have seen them. Sometimes you may dream or see visions and sometimes you do not dream dreams and see visions. Then the Lord answered me and said: “Write the vision and make it plain on tablets, that he may run who reads it” (Habakkuk 2:2).

I also have a dream and vision journal on my personal computer where I record my dreams and visions because I am not good at writing down my dream the first time in strict sequential order of events. My handwritten copy is always a mess.

Fourthly, analyze the dream or vision. Make a thorough study/research of all the symbolic objects and symbols in your dreams or visions. Create a complete record of each symbolic object and symbol and then update your symbolic dictionary. State the definition or give a reasonable description of the object or symbol as well as its most important characteristics, habits and/or uses. If the object or symbol is traceable to the Scriptures, record the Hebrew and/or Greek meanings and refer to the relevant verses. An object or symbol has as many meanings (positive or negative) as it has characteristics, habits and/or uses. So, the interpretation of a specific symbol may differ from one vision to another depending on which characteristic the Holy Spirit wishes to emphasize. A lion in a particular vision may reveal the Lion of the tribe of Judah. And one of the elders saith unto me, Weep not: behold, the Lion of the tribe of Judah, the Root of David, hath prevailed to open the book, and to loose the seven seals thereof (Revelation 5:5). On a different time surrounding other conditions, a vision of a lion may refer to demonic attack. Be sober, be vigilant; because your adversary the devil, as a roaring lion, walketh about, seeking whom he may devour (Jeremiah 8:7a). The characteristic, which the Holy Spirit desires to emphasize is discerned by the Holy Spirit and not worked out in the carnal mind. Practicing the gift of interpretation of dreams and visions needs endurance. The more you know your Bible, the more Scripture the Holy Spirit can use to bring it to mind.

To update my symbolic dictionary, I use the Bible, books on the animal and plant kingdoms, Bible dictionaries, Bible encyclopedias, Hebrew and Greek lexicons and dictionaries. I also use the Internet in my research. As a rule I prefer to exclude secular material as far as possible. Occasionally secular material proves to be useful. Make use of Bible programs (e.g. E-sword), which can be downloaded from the Internet for free, the Internet and your local library as books are expensive. Over time, if you faithfully do what I tell you, you will develop a good understanding of the leading of the Holy Spirit in dreams and visions as well as the meaning of most objects and symbols. Practice makes perfect.

The Lord occasionally uses objects and symbols that relates to a person’s occupation and interests. A shopkeeper may receive dreams and visions about products, services and customers, while a professional hunter, from time to time may receive dreams and visions about wild animals, rifles, ammunition and customers.

Fifthly, you need to discern if your dream is a spiritual or natural dream. You need to know whether the Holy Spirit inspired the dream or whether it was a product of your mind.

We also need to know if the dream is symbolic (parable) or literal. Normally if something in a dream is not literal then the whole dream with all objects and symbols must be interpreted. However, there are rare occasions when this rule does not apply. Refer the chapter on dreams concerning a woman that had a dream where she saw people in a large swimming pool.

You also need to know to whom the dream refers and what the dream really means. Therefore, record the background of all dreams or visions. The background involves the activity a person was engage in or the meditation of a person’s heart or the issue a person wrestles with before he or she went to bed. Record if the prayer, experience or meditation was intense and what it was about. You need to know what the dream relates to. Is this Scriptural? King Nebuchadnezzar meditated on what would happen after his reign and God answered him: As for you, O king, thoughts came to your mind while on your bed, about what will come to pass after this; and He who reveals secrets has made known to you what will be (Daniel 2:29).

Fervent prayer and meditation on the word of God every day, is a healthy habit. It is not good enough to believe God for dreams. Passivity will not provoke dreams and visions. When you are involved in prayer, worship, waiting on the Lord and living in the Word we minister to God and others. Then the Lord will speak to you through dreams and visions to reveal His will to you. The will of God is for your own good; to bring His Son forth in you.

Sixthly, the dream or vision needs interpretation. Ask the Lord for the interpretation of the dream or vision. Start at the beginning of the dream and interpret the objects and symbols one by one and thus the dream. Dreams may relate to you personally, to your family, to your church, your business, or be applicable to third parties, nations, countries and continents. This chapter is only an introduction to help you. You approach the interpretation of dreams and visions in the same sincere manner as when you meditate on the word and it involves the same steps. It takes time, patience and much perseverance to practice your gift.

I started to see visions after my conversion in 1973. It took me eighteen months before I started to flow in the interpretation of dreams and visions. In the beginning I saw dreams and visions but could not interpret them. One day I said to the Lord, “What is the use You are giving me dreams and visions but I cannot interpret them. What a waste.” Immediately I received the gift of interpretation because I knew immediately the meaning of some visions I have had eighteen months before. When you ask God for the gift to interpret dreams and visions you must practice it as often as you can otherwise it will not develop.

Nobody can have a tender relationship with the Holy Spirit on behalf of somebody else. You are responsible for your own walk with God. Visit a prophetic group and learn from them. You must prepare yourself that you will make many mistakes in the beginning. You can with time mature in this interpretation gift where you become pretty accurate. However, I doubt it if there will be a time in this dispensation where you will be infallible. We know only in part and prophesy in part. For we know in part and we prophesy in part (1 Corinthians 13:9). This reality should keep you humble.

Lastly, take responsibility for what the Holy Spirit has revealed to you. Meditate on your visions and pray it through until its fulfillment and maturity. As long as you cry out for wisdom and understanding in what He has revealed to you, He will let you prosper in all areas of your life. And he sought God in the days of Zechariah, who had understanding in the visions of God; and as long as he sought the Lord, God made him to prosper (2 Chronicles 26:5).

For more information on this subject read my book titled: Interpretation of Dreams and Visions (by Andre Niemand). It is available at Amazon.com, Barnes & Noble, Waterstone, WH Smith, Blackwell, Books a Million and many other major online bookshops.

A contract is a law between the parties, which can acquire force only by consent. It is the consent that makes the law as between the parties, conveyed in the legal instrument called contract agreement. Agreement takes the place of the law because it is the express understanding of parties superseding such understanding as the law would imply. Contract documents are complementary and mutually explanatory; what is called for by one is as binding as if called for by all. They are to be read in conjunction with other parts of the document and shall be construed in accordance with the laws of the State.

It is the intent of the contract documents to describe a functionally complete project to be constructed in accordance therewith. For instance any reference to standard specification, whether such reference, be specific or by implication, shall mean the latest standard specification in effect at the time of tender submission. If said standard specification, is amended, revised or otherwise changed subsequent to the tender submission, the contractor shall notify the engineer who may direct compliance under this clause. Most construction contracts use standard terms and have other special or bespoke terms supplementing them, particularly bill of quantities, specifications, and drawings. In these circumstances, the bespoke terms will prevail over the standard terms, unless the printed terms clearly stated otherwise. The reason is fairly prosaic, namely that the courts will give effect to their words which the parties have chosen for their contract.

When there is an inconsistency which can not be reconciled, then the earlier clause will prevail over the later one. The whole idea of this ruling is to avoid disturbing their obligations through the addition of later wording. This is in accordance with the doctrine of repugnancy where the courts will not give effect to a term of the contract if it is repugnant to the primary obligation as set out in the contract documents. However the better view today is that the parties should construe the contract as a whole and deal with the inconsistencies on their individual merits.

It is ambiguity that usually invites interpretation. Ambiguity is defined as capable of bringing more than one meaning when viewed objectively; be them “patent ambiguity” resulting from the language of the contract or “latent ambiguity” when the language is applied to a factual situation.  Conversely, however, contractual language is unambiguous when it has a definite and precise meaning, unattended by any danger of misconception in the purport of the contract itself. In all cases the contract documents are read together and the engineer shall instruct what is to be applied. Equally if matters of interpretative doubt exist between the general conditions and conditions of particular application, it would be the conditions of particular application that take precedence since they have been amended to suit the particular contract. Whenever an ambiguity or discrepancy is identified at the time of tender, which is readily apparent on the face of the documents and should have been capable of identification and clarification, the matter should be cleared with the engineer. Proceeding to a contract with a known and recognized ambiguity is to invite contention and probable loss on the part of the contractor. The whole of a contract is to be taken together, so as to give effect to every part, if reasonably practicable, each clause helping to interpret the other.

The engineer shall make his own interpretation based not only between two documents but also within documents. If the contractor can demonstrate the existence of the ambiguity or discrepancy, which he could not foresee at the time of tender, he ought to be reasonably compensated. Because the ambiguity is of a latent nature and it will thus not have been possible to resolve at the time of tender, then the engineer is required to certify the contractor an additional sum as may be reasonable to cover such cost actually suffered. Accordingly, the criteria that influence the admission of such cost into account are therefore threefold; whether such cost has been incurred in the opinion of the engineer, the contractor could not anticipate the cost and the contractor had a valid reason not to anticipate such cost. The engineer is usually empowered to decide on the extent of the contractor’s capacity to foresee any ambiguity and thereby the cost effect on the contract. However, the tender shall be deemed to allow for the requirements of the tender drawings, specifications and bill of quantities, all of which form part of the tender document. In the event any discrepancy between the details of drawings and the descriptions in the specifications or in bill of quantities is found, then such items shall be deemed to have been priced in accordance with the description of the bill of quantities, unless stated otherwise.

Court is not generally entitled to ‘go behind’ the contract to determine the parties’ intentions but within the four corners of the contract. Court is not generally entitled to have regard to extrinsic evidence in determining what the parties’ true intentions were. What this means is that documents, correspondence, draft agreements or discussions during the course of negotiations cannot be relied on to ascertain the parties intentions and therefore the parties’ obligations, unless the parties have expressly adopted those documents as forming part of the contract. The usual argument from the employer that the contractor should have reasonably assumed a fair projection on price increases beyond the original contract completion so that the price quoted for should be comprehensive enough to include a certain period of extension can be considered as a pure subjective interpretation that goes beyond four corners of the contract. There are exceptions, however. For instance the time is of the essence meaning that any violation of deadlines will amount to a breach of contract. “Time is of the essence” can be presumed in some contracts but typical construction contracts are not in essence of time since the failure to meet scheduled completion does not invalidate the contract or is not the sole reason to terminate the contract.

In commercial contracts the parties usually intend the works to be completed by an agreed date. In many contracts the date for completion will be stated as an express term. The term “time at large” is not a legal term, but describes the situation where there is no identified date for completion, either by absence from the contract terms or arising from events and the operation of law. Time is said to be “at large” because the time or date for completion is not fixed before carrying out the work, but determined after the work has been completed. 

Some contracts contain ‘an entire agreement clause’ which states the parties’ intention that the written documents comprising the contract record the whole agreement between the parties. These clauses are generally taken as conclusive evidence that the written document represents the entire agreement between the parties. The provision of a geotechnical report at tender stage by one party and reliance on it by the other is an example. If the geotechnical report provided by the engineer is included in the contract documents; the contractor has relied on the report; and the report is incorrect in its description of site conditions, then the contractor will likely be able to rely on the latent condition provisions in the contract where conditions differed from those stated in the report. If the report did not form part of the contract documents the contractors claim may be much more difficult.  Another example is where a document has been provided to define the scope of works and the contractor has priced and tendered for the work accordingly. Problems often arise when a number of documents (including plans and drawings) are provided but only some are specifically incorporated into the contract as contract documents. If the contractor has priced the job based on non-contract documents and those documents are inaccurate or inconsistent with the contract documents, then the contractor may be left without any recourse.

Construction contracts set forth the rights and obligations of the parties when conditions encountered during the performance of the work differ from those which were envisaged at the time the parties entered into the contract. The three most common contractual provisions we often come across are the “differing site conditions” clause, which creates a right to claim; the “site investigation” clause which limits the right to claim; and the “disclaimer clause” which attempts to prevent any claims. The concept of “foreseeability” has been used for over a century as a legal test for liability. It is a concept used to limit the liability of a party for the consequences of his or her acts to consequences that are within the scope of a foreseeable risk, which of course embodies a subjective standard, ie the way the engineer decides. The test of entitlement is foreseeability, i.e., that which is foreseeable by an experienced bidder does not qualify whereas that which is not, and which was not actually foreseen, does.

The issues related to letter of intent are many. Letter of intent is a statement of intention that outlines an intended agreement between two or more parties.  Letters of intent can be used for a number of purposes; as a ‘comfort’ letter, that without more will not form any type of contract or as a preliminary contract between the parties. The function of letter of intent may even go up to the extent of a commencement order. In determining whether or not the letter should be construed as a binding contract, we must keep in mind that the ‘primary test as to the actual character of a contract is the intention of the parties, to be gathered from the whole scope and effect of the language used, and mere verbal formulas, if inconsistent with the real intention, are to be disregarded. It does not matter by what name the parties chose to designate it. But the existence of a contract, the meeting of the minds, the intention to assume obligations, and the understanding are to be determined in case of doubt not alone from the words used, but also the situation, acts, and the conduct of the parties, and the attendant circumstances.

Hence, the person interpreting the contract should give effect to the literal meaning of the words.  The “rule” that words must be given their ordinary and natural meaning means that the law does not easily accept that people have made linguistic mistakes, but on the other hand, if one would conclude from the background that something has gone wrong, the law will not attribute to the parties an intention which they plainly could not have had.  They will also attempt to give effect to the whole of the document and to try to give meaning to every word.  There is naturally the scope for interpretation, but it is not generally permitted, under English canons of interpretation to find meaning when none exists or to look behind the words to find the true intentions of the parties. The basic approach is literal, not purposive.  In other words, the law is to read, word for word and should not divert from its true meaning. This is why we often include a ‘definitions’ section within a contract to explicitly define the most important terms used throughout. But some contracts fail to define a particular term. The plain meaning rule attempts to guide that turns on the meaning of a term not defined by the contract, or on that of a word found within a definition itself. According to the plain meaning rule, absent a contrary definition within the contract, words are given their plain, ordinary and literal meaning. If the words are clear, they must be applied, even though the intention of the parties may have been different or the result is harsh or undesirable. The literal rule is what the law says instead of what the law means.

In law, the Golden rule allows the interpreter to depart from a word’s normal meaning in order to avoid an absurd result. It is a compromise between the literal rule and the mischief rule explained below. Like the literal rule, it gives the words of a contract their plain, ordinary meaning. However, when this may lead to an irrational result that is unlikely to be the initial intention, the judge can depart from this meaning. If the word only has one meaning, but applying this would lead to a bad decision, the judge can apply a completely different meaning. The grammatical and ordinary sense of the words is to be adhered to, unless that would lead to some absurdity or inconsistency with the rest of the instrument, in which case the grammatical and ordinary sense of the words may be modified, so as to avoid any absurdity or inconsistency, but not farther. The second use of the golden rule is in a wider sense, to avoid a result that is repugnant to accepted public norms, even where words have only one meaning. No one should profit from a crime, and so used the Golden rule to prevent an undesirable result.

The mischief rule attempts to determine the mischief and defect that the contract in question has set out to remedy, and what ruling would effectively implement this remedy. The application of this rule gives the judge more discretion than the literal and the golden rule as it allows him to effectively decide on the intent. Repugnancy in a contract must be reconciled, if possible, by such an interpretation as will give some effect to the repugnant clauses, subordinate to the general intent and purpose of the whole contract. In essence, where two clauses of contract appear to be contradictory, the court should attempt to reconcile conflicting clauses so as to give effect to whole of instrument, assuming that is possible within framework of general intent of the contract.

The blue pencil doctrine gives courts the authority to either strike unreasonable clauses from a noncompete agreement, leaving the rest to be enforced, or actually modify the agreement to reflect the terms that the parties could have – and probably should have – agreed to. Courts generally put the blue pencil down and refuse to enforce noncompete agreements imposing unreasonable restraints. Moreover, courts have indicated a greater willingness to refuse to reform agreements that are not reasonable on their face. A classic example is where some contracts have been drafted in a one sided language biased towards the employer. There are contracts with full of eventualities subject to penalty imposition, instead of delay in scheduled completion owing to contractor own delays. However, courts are reluctant to use the blue pencil and strike off such clauses provided the intention is exactly the same the parties had in their minds that was entered into a contract without coercion.

Also, the tendency to use ‘without prejudice’ is seen in much contractual correspondence. It should be noted that if a letter is written ‘without prejudice’, the rule of thumb is that it is privileged and cannot be used in court as evidence. This is a statement set onto a written document such as a letter, which qualifies the signatory as exempt from the content to the extent that it may be interpreted as containing admissions or other interpretations which could later be used against him or her.

In case of a doubt, a contract is construed against the interests of the author of the contract, according to contra preferentum rule. This rule provides that an ambiguous term will be construed against the party that imposed its inclusion in the contract – or, more accurately, against the interests of the party who imposed it. Therefore, the interpretation will favour the party that did not insist on its inclusion. The rule only applies if, and to the extent that, the clause was included at the unilateral insistence of one party without having been subject to negotiation by the counter-party, which is often the case in construction where the parties agree on standard forms of contract. Additionally, the rule only applies if the court determines the term to be ambiguous, which often forms the substance of a contractual dispute. The reasoning behind this rule is to encourage the drafter of a contract to be as clear and explicit as possible and to take into account as many foreseeable situations as it can. Additionally, the rule reflects the court’s inherent dislike of standard-form take-it-or-leave-it contracts, also known as contracts of adhesion. The court perceives such contracts to be the product of bargaining between parties in unfair or uneven positions. To mitigate this perceived unfairness, legal systems apply the doctrine of contra preferentem; giving the benefit of any doubt in favour of the party upon whom the contract was foisted. Contra preferentem also places the cost of losses on the party who was in the best position to avoid the harm. This is generally the person who drafted the contract. An example of this is the insurance contract where the insurance company is the party that is completely in control of the terms of the contract and is generally in a better position to, for example, avoid contractual forfeiture.

The parol evidence rule is the legal application of a rule of evidence in contract cases that prevents a party to a written contract from contradicting (or sometimes adding to) the terms of the contract by seeking the admission of evidence outside to the contract. This means that oral terms and conditions made before execution of the written contract that contradict its express terms are inadmissible. In order for this rule to be effective, the contract in question must be a fully integrated writing; it must, in the judgment of the court, be the final agreement between the parties (as opposed to a mere draft, for example). One way to ensure that the contract will be found fully integrated is through the inclusion of a merger clause, which recites that the contract is, in fact, the whole agreement between the parties.

Parties tend to define, contest and dispute each other arguing that the terms have been implied in the contract so that they are inherent obligations on the part of the contractor or employer. A term may either be expressed or implied. An express term is stated by the parties during negotiation or written in a contractual document. Implied terms are not stated but nevertheless form a provision of the contract. There are many ways a term can be implied. Terms can be implied in fact. The Privy Council established a five stage test in BP Refinery Western Port v. Shire of Hastings; Reasonableness and equitableness, Business efficacy, Obviousness, Necessity, Clear expression and Consistency. The implied term must be reasonable and equitable. The implied term must be necessary for the business efficacy of the contract. For instance, if the term simply causes the contract to operate better, that does not fit this criterion. The term must be so obvious that it goes without saying. Furthermore, there must be one and only one thing that would be implied by the parties. The term must be capable of clear expression. No specific technical knowledge should be required. The implied term may not contradict an express term. The term must be necessary to ensure reasonable or effective operation of a contract. Terms can also be implied in law. These are terms that have been implied into standardized relationships. Liverpool City Council v. Irwin established a term to be implied into all contracts between tenant and landlord that the landlord is obliged to keep the common areas in a reasonable state of repair. Terms can also be implied by custom or trade. One is generally bound by the custom of the industry that one is in. To imply a term due to custom or trade, one must prove the existence of the custom, which must be notorious, certain, legal and reasonable. A custom can be incorporated into contract only if there is nothing expressly or impliedly in the terms of the contract that prevent its inclusion. Customs can often be a part of a particular trade or business sector, but to have effect they must reinforce and assist the agreed contractual terms.

Generally, any term to be implied must not contradict any express term of the contract. Where a term is implied to fill a gap in the contract so as to give effect to the presumed intention of the parties, the term is implied in fact and depends on a consideration of the language of the contract as well as the surrounding circumstances. A term will be implied only if it is so necessary that both parties must have intended its inclusion in the contract. The fact that it would be reasonable to include the term is not sufficient for the implication, as the courts will not re-write the contract for the parties. Terms may also be implied because this is required statutorily, or on public policy considerations.

A contract comprises the construction, completion and maintenance of the works and everything needed to fulfil the same including labour, materials, plant etc irrespective of whether they are temporary or permanent in nature and whether specified or reasonably inferred from the contract. This clause sets out in too general terms the output expected in execution of the contract. The word ‘everything’ is sufficient to dispel the limitations to fulfil any contract requirement.  The phrase ‘reasonably inferred’ covers every minor detail necessary for the satisfactory execution of the contract beyond what is expressly stated in various parts of the contract document. Any work, materials or equipment that may reasonably be incidental or anecdotal from the contract as being required to produce the intended result will be supplied whether or not specifically called for. Notations, details or other descriptions which apply to one of a number of situations, materials, processes or work items shall apply to all except as specifically stated otherwise.

Exception clauses that seek to exclude or limit a contracting party’s liability are commonly, but not exclusively, found in standard form agreements. The English Unfair Contract Terms Act 1977 either invalidates an exception clause or limits the efficacy of such terms by imposing a requirement of reasonableness. Whether an exception clause will have its intended effect depends on a number of factors. The threshold requirement is that the clause must have been incorporated into the contract. There are generally three ways in which such incorporation may occur. Where a party has signed a contract which contains an exception clause, the signatory is bound by the clause, even if he or she had not read or was unaware of the clause. An exception clause may also be incorporated, in the absence of a signed contract, if the party seeking to rely on the clause took reasonably sufficient steps to draw the other party’s attention to the existence of the clause. The determination of this issue is heavily dependent on the facts of the particular case. Finally, exception clauses may be incorporated because there has been a consistent and regular course of dealing between the parties on terms that incorporate the exception clause. Even if no steps were taken to incorporate the clause in a particular contract between such parties, it may have been validly incorporated by the parties’ prior course of dealing.

As a general proposition, only persons who are party to a contract may enforce rights or obligations arising from that contract. This is sometimes referred to as the ‘privity rule.’ A third party who is not privy to a contract is generally not allowed to bring any legal action in his or her own name for breach of contract against a contracting party who fails to perform his or her contractual obligations, even if such failure of performance has caused the third party to suffer a loss. However, there is no clear definition as to when a person is or is not privy to a contract. Generally, a party who is an offeror or offeree will be privy to the contract. However, it seems that merely being mentioned in the contract is not enough. It is, nevertheless, possible to have a multilateral contract where there are multiple offerees (one or more of whom accept the offer on behalf of the others) or where there are multiple offerors (one or more of whom make the offer on behalf of the others). In either case, each offeree or offeror is a joint party to the contract and the privity rule will not apply to them. In construction contracts this rule is more likely to apply to one party’s unilateral terms i.e. bespoke construction contracts / bespoke amendments to standard forms of contract. These often seek to give a distinct advantage to the proffered over the other party. However it is doubtful that this rule would be applied to un-amended industry recognised standard forms of contract such as FIDIC or JCT. Whilst selected for use by the employer, these are not unilateral, being negotiated by representatives from all sides of the industry.

Good faith and fair dealings is another concern. It is common for lengthy negotiations to be written into a heads of agreement document that includes a clause to the effect that the rest of the agreement is to be negotiated. Although these cases may appear to fall into the category of agreement to agree, Courts will imply an obligation to negotiate in good faith provided that certain conditions are satisfied. Negotiations were well-advanced and the large proportion of terms have been worked out; and there exists some mechanism to resolve disputes if the negotiations broke down. The test of whether one has acted in good faith is a subjective one; the cases suggest honesty, and possibly also reasonably.

An incomplete agreement also cannot amount to an enforceable contract. Agreements made ‘subject to contract’ may be considered incomplete if the intention of the parties, as determined from the facts, was not to be legally bound until the execution of a formal document or until further agreement is reached. If a contract specifies “subject to contract”, it may fall into one of three categories: The parties are immediately bound to bargain, but they intend to restate the deal in a formal contract that will not have a different effect; or the parties have completely agreed to the terms, but have made the execution of some terms in the contract conditional on the creation of a formal contract; or it is merely an agreement to agree, and the deal will not be concluded until the formal contract has been drawn up.

There are contingent conditions under two categories: condition precedent and condition subsequent. A condition is an event, not certain to occur, which must occur, unless its non-occurrence is excused, before performance under a contract becomes due. Conditions precedent are conditions that have to be complied with before performance of a contract. With conditions subsequent, parties have to perform until the condition is not met. Failure of a condition repudiates the contract but is not to necessarily discharge it. Repudiation will always give rise to an action for damages. The term subject to contract ought not to be confused with agreements which contemplate that a later agreement will be made of a more formal variety but where nonetheless the parties wish to bind themselves in the meantime.

A condition precedent need not be explicitly described as such in a contract. But the existence of one term as an explicit condition precedent may by negative implication make other terms promises and not conditions. However, a party may waive a condition precedent to its own performance; however, it may also withdraw that waiver before the other party has acted in reliance on that waiver. A condition precedent clause, sometimes called a ‘time bar’ clause, is a provision of a construction contract which requires the giving of a notice by the contractor, usually within a specified period of time, for any matter that may give rise to a claim for additional time or money. The intention of such clauses is that a failure to issue the required notice will have the effect that the contractor’s rights in respect of that matter will be lost.

Where a contractor’s claim is rejected on the grounds that it has failed to serve appropriate notices, the contractor will often argue that the employer’s position is contrary to the “prevention principle”. Put simply, the prevention principle is based upon the established rule in common law jurisdictions that no person can take advantage of the non-fulfilment of a condition, the performance of which has been hindered by himself. In the 2007 case of Multiplex Construction v Honeywell Control Systems the court noted that “one consequence of the prevention principle is that the employer cannot hold the contractor to a specified completion date if the employer has by act or omission prevented the contractor from completing by that date. Instead time becomes at large and the obligation to complete by this specified date is replaced by an implied obligation to complete within a reasonable time”. Whether the prevention principle will defeat a properly drafted condition precedent clause has been examined in a number of cases.

There are conditions of satisfaction that lay down a one of contractor’s fundamental obligations under the contract. The contractor shall execute and maintain works in strict accordance with the contract to the satisfaction of the engineer. He shall obtain instructions only from the engineer and the engineer’s representative subject to limitations. Further the contractor is also bound to follow instructions irrespective of whether such instruction is issued under the contract or not. Such instruction can be on any matter whether mentioned in the contract or not. An element of contradiction therefore exists within the clause since the contractor shall only follow the contract in carrying out works without going out of what is prescribed in the contract. However, the contractor cannot be asked to carry out works, which are legally or physically impossible. The contractors must at all times record this distinction.

The contractor is obligated to justify any physical or legal impossibility, which prevented working on site against such instruction to proceed with work. This clause allows the engineer to adopt a ‘criteria of satisfaction’ in deciding whether work has achieved a particular standard. However, such statements of opinion, satisfaction or approval will not be final or binding on the parties without express and clear provisions in the contract. Satisfaction does not constitute approval of works, for instance in the clause for setting out. The question remains then to what extent statements of satisfaction are binding on the parties and the standard to be adopted. It is suggested that if the contract does not contain an objective standard to be applied, it may be that the parties intended that the standard of satisfaction is that of an objective engineer in which case the decision has to be reasonable. If instead the intention was that the engineer should adopt his own standard, then the requirement is likely to be that the decision must be made in good faith. However, the modern trend is to rely on quality assurance systems for checking of drawings and designs, and to adopt objective testing standards instead of the subjective opinion of the engineer.

It is presumed that a contract will be interpreted so as to be internally consistent. A particular section of the contract document shall not be divorced from the rest of the contract document. The ‘ejusdem generis’ rule applies to resolve the problem of giving meaning to groups of words where one of the words is inherently unclear. It must be given a meaning of the “same kind” as the word of established meaning. This is particularly the case when two or more words are conjoined, i.e., linked by the word “and,” as opposed to placed in a disjunctive relationship, by the word “or,” where the interpretation of two or more words might be different depending on the circumstances . As such, various canons give common sense guidance to interpret the meaning of clauses. The same word used in one place in a contract should be given the same meaning throughout the document. The word “may” is permissive and not obligatory. The word “about”, “approximately” or “almost” do not constitute any guarantee that the signatory will meet or exceed estimates worded in such a fashion unless performance falls significantly short of these estimates.

Handwritten or typewritten clauses take precedence over printed clauses. This for two reasons: written clauses are posterior to printed clauses, and, secondly, written words are the immediate language selected by the parties themselves to express their meaning, while the printed words are a general formula applicable to all parties. Where the rule applies, the special clause will override the printed clause to the extent of the inconsistency. The special clause however only takes precedence when it is in direct contradiction with the printed clause.

Recitals may be resorted in case of ambiguity. Usually the articles of agreements or recitals are no more than the standard printed forms where we get evenly and uniformly the same content irrespective of the individual contract. The recitals can not be resorted to if the express words of the contract are clear or there is no doubt about what they mean. However, in modern law the extrinsic evidence are sometimes looked into find the intension of the parties, so is the recitals having similar preference.

In conclusion, a contract will be read as a whole. No one should construe words in a vacuum but consider all background knowledge which would reasonably have been available to the parties in the situation in which they were at the time of the contract. A contract must receive such an interpretation as will make it lawful, operative, definite, reasonable, and capable of being carried into effect, if it can be done without violating the intention of the parties. “It can neither be uncompromisingly literal nor unswervingly purposive; the instrument must speak for itself, but it must do so in-situ and not to be transported to the laboratory for microscopic analysis” according to Sir Thomas Bingham.

Finance, Credit, Investments – Economical Categories. Modern Interpretation

Scientific works in the theories of finances and credit, according to the specification of the research object, are characterized to be many-sided and many-leveled.

The definition of totality of the economical relations formed in the process of formation, distribution and usage of finances, as money sources is widely spread. For example, in “the general theory of finances” there are two definitions of finances:

1)            “…Finances reflect economical relations, formation of the funds of money sources, in the process of distribution and redistribution of national receipts according to the distribution and usage”. This definition is given relatively to the conditions of Capitalism, when cash-commodity relations gain universal character;

2)            “Finances represent the formation of centralized ad decentralized money sources, economical relations relatively with the distribution and usage, which serve for fulfillment of the state functions and obligations and also provision of the conditions of the widened further production”. This definition is brought without showing the environment of its action. We share partly such explanation of finances and think expedient to make some specification.

First, finances overcome the bounds of distribution and redistribution service of the national income, though it is a basic foundation of finances. Also, formation and usage of the depreciation fund which is the part of financial domain, belongs not to the distribution and redistribution of the national income (of newly formed value during a year), but to the distribution of already developed value.

This latest first appears to be a part of value of main industrial funds, later it is moved to the cost price of a ready product (that is to the value too) and after its realization, and it is set the depression fund. Its source is taken into account before hand as a depression kind in the consistence of the ready products cost price.

Second, main goal of finances is much wider then “fulfillment of the state functions and obligations and provision of conditions for the widened further production”. Finances exist on the state level and also on the manufactures and branches’ level too, and in such conditions, when the most part of the manufactures are not state.

V. M. Rodionova has a different position about this subject: “real formation of the financial resources begins on the stage of distribution, when the value is realized and concrete economical forms of the realized value are separated from the consistence of the profit”. V. M. Rodionova makes an accent of finances, as distributing relations, when D. S. Moliakov underlines industrial foundation of finances. Though both of them give quite substantiate discussion of finances, as a system of formation, distribution and usage of the funds of money sources, that comes out of the following definition of the finances: “financial cash relations, which forms in the process of distribution and redistribution of the partial value of the national wealth and total social product, is related with the subjects of the economy and formation and usage of the state cash incomes and savings in the widened further production, in the material stimulation of the workers for satisfaction of the society social and other requests”.

In the manuals of the political economy we meet with the following definitions of finances:

“Finances of the socialistic state represent economical (cash) relations, with the help of which, in the way of planned distribution of the incomes and savings the funds of money sources of the state and socialistic manufactures are formed for guaranteeing the growth of the production, rising the material and cultural level of the people and for satisfying other general society requests”.

“The system of creation and usage of necessary funds of cash resources for guarantying socialistic widened further production represent exactly the finances of the socialistic society. And the totality of economical relations arisen between state, manufactures and organizations, branches, regions and separate citizen according to the movement of cash funds make financial relations”.

As we’ve seen, definitions of finances made by financiers and political economists do not differ greatly.

In every discussed position there are:

1)      expression of essence and phenomenon in the definition of finances;

2)      the definition of finances, as the system of the creation and usage of funds of cash sources on the level of phenomenon.

3)      Distribution of finances as social product and the value of national income, definition of the distributions planned character, main goals of the economy and economical relations, for servicing of which it is used.

If refuse the preposition “socialistic” in the definition of finances, we may say, that it still keeps actuality. We meet with such traditional definitions of finances, without an adjective “socialistic”, in the modern economical literature. We may give such an elucidation: “finances represent cash resources of production and usage, also cash relations appeared in the process of distributing values of formed economical product and national wealth for formation and further production of the cash incomes and savings of the economical subjects and state, rewarding of the workers and satisfaction of the social requests”.  in this elucidation of finances like D. S. Moliakov and V. M. Rodionov’s definitions, following the traditional inheritance, we meet with the widening of the financial foundation. They concern “distribution and redistribution of the value of created economical product, also the partial distribution of the value of national wealth”. This latest is very actual, relatively to the process of privatization and the transition to privacy and is periodically used in practice in different countries, for example, Great Britain and France.

“Finances – are cash sources, financial resources, their creation and movement, distribution and redistribution, usage, also economical relations, which are conditioned by intercalculations between the economical subjects, movement of cash sources, money circulation and usage”.

“Finances are the system of economical relations, which are connected with firm creation, distribution and usage of financial resources”.We meet with absolutely innovational definitions of finances in Z. Body and R. Merton’s basis manuals. “Finance – it is the science about how the people lead spending `the deficit cash resources and incomes in the definite period of time. The financial decisions are characterized by the expenses and incomes which are 1) separated in time, and 2) as a rule, it is impossible to take them into account beforehand neither by those who get decisions nor any other person”. “Financial theory consists of numbers of the conceptions… which learns systematically the subjects of distribution of the cash resources relatively to the time factor; it also considers quantitative models, with the help of which the estimation, putting into practice and realization of the alternative variants of every financial decisions take place”.

These basic conceptions and quantitative models are used at every level of getting financial decisions, but in the latest definition of finances, we meet with the following doctrine of the financial foundation: main function of the finances is in the satisfaction of the people’s requests; the subjects of economical activities of any kind (firms, also state organs of every level) are directed towards fulfilling this basic function.

For the goals of our monograph, it is important to compare well-known definitions about finances, credit and investment, to decide how and how much it is possible to integrate the finances, investments and credit into the one total part.

Some researcher thing that credit is the consisting part of finances, if it is discussed from the position of essence and category. The other, more numerous group proves, that an economical category of credit exists parallel to the economical category of finances, by which it underlines impossibility of the credit’s existence in the consistence of finances.

N. K. Kuchukova underlined the independence of the category of credit and notes that it is only its “characteristic feature the turned movement of the value, which is not related with transmission of the loan opportunities together with the owners’ rights”.

N. D. Barkovski replies that functioning of money created an economical basis for apportioning finances and credit as an independent category and gave rise to the credit and financial relations. He noticed the Gnoseological roots of science in money and credit, as the science about finances has business with the research of such economical relations, which lean upon cash flow and credit.

Let’s discuss the most spread definitions of credit. in the modern publications credit appeared to be “luckier”, then finances. For example, we meet with the following definition of credit in the finance-economical dictionary: “credit is the loan in the form of cash and commodity with the conditions of returning, usually, by paying percent. Credit represents a form of movement of the loan capital and expresses economical relations between the creditor and borrower”.

This is the traditional definition of credit. In the earlier dictionary of the economy we read: “credit is the system of economical relations, which is formed while the transmission of cash and material means into the temporal usage, as a rule under the conditions of returning and paying percent”.

In the manual of the political economy published under reduction of V. A. Medvedev the following definition is given: “credit, as an economical category, expresses the created relations between the society, labour collective and workers during formation and usage of the loan funds, under the terms of paying present and returning, during transmission of sources for the temporal usage and accumulation”.Credit is discussed in the following way in the earlier education-methodological manuals of political economy: “credit is the system of money relations, which is created in the process of using and mobilization of temporarily free cash means of the state budget, unions, manufactures, organizations and population. Credit has an objective character. It is used for providing widened further production of the state and other needs. Credit differs from finances by the returning character, while financing of manufactures and organizations by the state is fulfilled without this condition”.

We meet with the following definition if “the course of economy”: “credit is an economical category, which represents relations, while the separate industrial organizations or persons transmit money means to each-other for temporal usage under the conditions of returning. Creation of credit is conditioned by a historical process of fulfilling the economical and money relations, the form of which is the money relation”.

Following scientists give slightly different definitions of credit:

“Credit – is a loan in the form of money or commodity, which is given to the borrower by a creditor under the conditions of returning and paying the percentage rate by the borrower”.

Credit is giving the temporally free money sources or commodity as a debt for the defined terms by the price of fixed percentage. Thus, a credit is the loan in the form of money or commodity. In the process of this loan’s movement, a definite relations are formed between a creditor (the loan is given by a juridical of physical person, who gives certain cash as a debt) and the debtor.

Combining every definition named above, we come to an idea, that credit is giving money capital of commodity as a debt, for certain terms and material provision under the price of firm percentage rate. It expresses definite economical relations between the participants of the process of capital formation. Necessity of the credit relations is conditioned, from one side, by gathering solid quantity of temporarily free money sources, and from the second side, existence of requests of them.

Though, at the same time we must distinguish two resembling concepts: loan and credit. Loan is characterized by:

·         Here, the discussion may touch upon transmission of money and also things form one side (loaner) to another (borrower): a)under the owning of the borrower and, at the same time, b) under the conditions of returning same amount or same quantity and quality of the things;

·         The loaning of money may bear no interest;

·         Any person may take part in it.

With the difference with loan, credit, which is somehow a private occasion of the loan, represents:

·         One side (loaner) gives to the second one (borrower) only money, and _ for temporal usage;

·         It may not bear no interest (if the assignment doesn’t foresee something);

·         In it creditor is not any person, but a credit organization (at the first place, banks).

So, a credit is the bank credit. To our mind, it is not correct to use “credit” and “loan” as the synonyms.

Banking crediting is the union of relations between bank (as a creditor) and its borrower. These relations touch upon:

a)      Giving a certain amount of money to the borrower for definite purpose (though, we meet with the so-called free credits, aims and objects of crediting are not appointed in the assignment);

b)      Its opportune returning;

c)      Getting percentage rate from the borrower for using the sources under his/her disposal.

The essential foundation of the credit essence and its important element is existence of trust between the two sides (in Latin “credo”, from which comes the word “credit”, means “trust”).

From the position of circulation of money forms (in the abstraction, historical process of formation economical relations and social budget and banking systems expressed by them) comparing different definitions of finances and credit, the paradox conclusion appears: credit is the private occasion of finances. And truly, from the position of movement of the money forms, finances represent the process of formation and usage of the funds of cash means. Very often such movements are fulfilled without returning, but sometimes, it is possible to give loans from the budget for the investment projects of other needs. Also, when a manufacture or corporations use their cash funds and we mean the finances of industrial subject, such usage may be realized as inside the manufacture or corporation (there is no subject about returning or not returning of the usage), so gratis under conditions of returning. This latest is called commercial form because of transmitting the sources to others, but even in this occasion, it is the element of financial system of the manufacture and corporation.

From the point of cash means movement, main character of credit is the process of formation and usage of the funds of cash means under the conditions of returning and, as a rule, taking the value-percentage. If gating the credit value doesn’t take place (even in the exceptional occasions), according to the movement form, credit becomes a private occasion of finances, as from the net financial funds (consequently from the state budget) the loans which bear no interests may be used. If gating credit value takes place, by the appearance form, credit is discussed to be financial modification.

From the historical point of view, finances (especially in the sort of the state budget) and credit (beginning with usury, later commercial and banking) were developing differently for considering credit to be the part of finances. Though, from the genetic-historical point of view, previous loaners, before giving loan, needed gathering the permanent capital not returning, that is the net financial foundation. The banks analogously needed concentration of the important own capital for influxing the consumers’ means and for getting higher percentage rate under the conditions of returning. Herewith, exactly on the financial basis, in the sort of financial fund (which later partially becomes loan fund) part of the bank capital appears to be the reservation (insurance) part of the fund, which by nature is financial and not loan. So notwithstanding the essential distinctions between finances and credit form the genetic-historical point of view, credit appears to be formed from finances and represent their modification.

From the essential position of expressing economical relations of finances and credit, we meet with cardinal distinctions between these two categories. Which mostly expressed by the distinction of the movement forms notwithstanding they are returnable or not. Finances express relations in the aspects of distribution and redistribution of social product and part of the national wealth. Credit expresses distribution of the appropriate value only in the section of percentage given for loan, while according to the loan itself, a only a temporal distribution of money sources takes place.

Herewith, there is a lot of common between the finances and credit as from the essential point of view, so according to the form of movement. At the same time, there is a significant distinction between finances and credit as in the essence, so in the form too. According to this, there must be a kind of generally economical category, which will consider finances and credit as a total unity, and in the bounds of this category itself, the separation of the specific essence of the finances and credit would take place.

Funding of the cash means is common to the researched economical categories. It takes place in any separate system of finances and credit, which have been touched upon during the analyses of defining finances and credit. Word combination “funding of the cash sources (fund formation)” reflects and defines exactly essence and form of economical category of more general character, those of finances and credit categories. Though in the in economical texts and practice, it is very uncomfortable to use a termini, which consists of three words. Also, “unloading” with an information hardens greatly its influxing into the circulation even in the conditions of its strict substantiation and thoroughness.

In the discussing context we consider:

1)      wide and narrow understanding of economical category of the finances;

2)      discussing finances in narrow understanding under general traditional meaning;

3)      discussing finances, as funding of the cash means, in wide understanding, which concerns finances – in narrow meaning and credit – in complete meaning.

Termini “funding” and its equivalent “fund formation” are used by us as the purposeful structuring of cash means, which is based on two poles – accumulation of money sources (gathering) and its usage for definite purpose in the way of financing and crediting.

We have established a new termini – “finance-investment sphere” (FIS). Analyses about interrelation of finances and credit made by us give us an opportunity of proving, that in the given termini, the word “financial” is used with the meaning of funding cash sources, its purposeful structuring. In this process we consider at the same time financial, credit and investments’ economical categories.

Let’s sum up middle results of discussing new concept – “finance-investment sphere” and discuss its investment consisting parts.

The concept “investments” was brought into the native economical science from the West. In the Soviet economical science they for a long time used in the place “investments” the termini “capital placement”, which expressed the usage of the industrial factors in the sphere of real industrial activities during realization of capital projects. From one glance, this termini in its concept is identical to the “investments”, consequently it is possible to use them as synonyms. Though the termini “investments” and “investing” have the advantage towards the termini “capital placement” from linguistic and philological points of view, because they are expressed with one word. This is not only economical and comfortable in the process of working with the termini “investment” itself, but also it gives an opportunity of termini formation. More concretely: “investment process”, “investment domain”, “finance-investment sphere” – all these termini are much more acceptable.

Changing native economical termini with foreign ones is purposeful, if it really matters (by keeping parallel usage of the native termini for the inheritance). Though we must not change native economical termini into foreign ones all together, when by ordinal traditional language easy to explain private and narrow concrete processes and elements get their own termini. The “movement” of these termini is approved in the narrow professional bounds, but their “spitting out” into the economical science may turn economical language into the tangled slang.

Let’s discuss termini – “investment” and “capital placement’s” usage in the economical literature.

Investments are placement of funds into the main and circulation capital for the purpose of getting profit. “Investments in material assets – are the placements of funds into the mobile and real estate (land, buildings, furniture and so on). Investments in financial assets are the placements of funds into the securities bank accounts and other financial instruments”.

We don’t meet with the termini “investments” in the earlier economical dictionary, but we meet the combined termini “investment policy” – the union of the industrial decisions, which guarantee main directions of the capital investments, the activities of their concentration in the determinant suburbs, on which the reaching of planned rates of development of the society production is depended, balancing and effectiveness, getting more and more production and profit of the national income for every lost Ruble”. For today, in the most actual definitions, the capital investments are bounded only by financial means, when not only financial, but also the investment of natural, material-technical and informational resources takes place. Labour resources take an actual place in the investment process. They themselves fulfill this or that investment process.

A positive side of the discussed definitions is that they connect investment policy and capital placements (investments):

-          economical development according to the key directions to the concentration;

-          providing high rates of economical growth;

-          raising an economical effectiveness, which is expressed:

a)      by growing the throw off of the production and national income for every lost Ruble;

b)      by fulfilling the branch structure of the investments;

c)      by improving their technological structure;

d)     by optimization of their further production structure.

Compared with such definition of the investments (capital placement) the definition of investments in the dictionary attaching the “Economics” seems to be unimproved: “investments  – the expenses of gathering production and industrial means and increasing material reserve”. In this definition current expenses (production expenses) are mixed with the investment (capital) expense. Also, not the investment expenses but (though the investments are followed by the appropriate expenses) exactly advancing. It differs from the expenses by that the means (means) are put by returning the advanced values, also, under the conditions of growth, to which the concept-advanced capital is corresponding. the advancing may be realized in the money, natural-material and informational forms.

Except the termini “investments”, there are two more termini related with the investment. They are shown below.

 “Human capital investment” – any activity provided for rising the workers labour productivity (in the way of growing their qualification and developing their abilities); at the expenses of improving the workers’ education, health and raising the mobility of the working forces”. It is very useful to use the mentioned termini, though it needs one correction: the human capital investments do not concern only workers, but also the servants, representatives of every kind of labour.

“Investment commodity, capital goods – a capital.”

In the official manuals of political economy of the reformation time the capital investments are discussed as “expenses for creating new main funds and widening, reconstruction and renewing the active ones”. In this definition the investments (capital placements) during separation of the forms (types) of further production of the main funds are bounded only by main funds (without increases of the circulation funds and insurance reserves): a) creating new ones; b) widening; c) reconstruction; d) renewing. Also, the concept of the industrial gathering appears, at the expenses of widening of basic, circulation funds and also insurance reserves takes place”.

You’ll meet below the definitions of investments from “the course of economy”: the investments are called “placements of fund into the basic capital (basic means of production), reserves, also other economical objects and processes, which request long-termed influxing of material and cash means. “According to the division of capital into physical and money forms, the investments too must be divided into material and cash investments”.

They apportion investment commodity, to which belong industrial and nonindustrial building objects, vehicles purposed for changing or widened technical park and the furniture, increasing reserves and others.

“They call the total investments of production an investment product, which is directed towards keeping and increasing the basic capital (basic means) and reserve. Total investments consist of two parts. One of them is called the depreciation; it represents important investment resources for compensation of renewal till the level of before industrial usage, wearing out and repairing of the basic means. Second consisting part of the total investments is represented by net investments – capital investments for the purpose of increasing basic means”. Depreciation is not a compensation resource of wearing the basic funds out, but it is the purposeful financial source of such resources.

Human capital investment is “a specific kind of investments, mostly in education and health protection”.

“Real investments are the investments in the economical branches and also, they are kinds of economical activities, which provide influxing the increases of real capital, that is increasing material values of the industrial means”. We can agree with such definition with one specification that material and nonmaterial values too belong to the real capital (wealth), consequently science-researching experimental-construction results, various information, education of he workers and others. Such service as organization of the excitable games, also the service of redistribution social wealth from one private person to another (except charity).

“Financial investments represent placement of funds into the shares, obligations, promissory notes, other securities and instruments. Such investments, of course, do not give increases of the real material capital, but they help getting profit, consequently at the expenses of changing the course of the securities in the time of speculation, or distinguishing the course in different places of sell and purchasing”. We share wholly such definition, hence it follows that financial investments (if it is not followed by real investments as a result) do not increase real material wealth and real nonmaterial wealth. According to this context, the expression below is very important: “we must distinguish financial investments, which represent placement of the funds in the ways of selling and purchasing the securities for the purpose of getting profit and financial investments, which become cash and real, moved to real physical capital.”

In the “economical course” quoted before long and short-termed investments are separated. Recognizing the existence of the bounds between them, the authors ascribe short-termed investments to “one month or more” investments. If we get such conditioned criteria, that we can call the investments which overcome the terms of some months, long-termed ones, which is very doubtful and we don’t agree with it. A long-termed character of the fund placement is a significant feature of the investments (short-term doesn’t combine with the concept of investments). Principally, it would be better to point out quick compensative, middle termed compensative and long-termed compensative investments:

-          less then 6 months – quick compensative;

-          from 6 months up to the year and a half – middle termed compensative;

-          more then the year and a half – long termed compensative.

We stopped at the definition of the investments in the capital work “economical course” for the special purpose, as, in it the author tried to discuss the concept of investments systemically and quite completely, herewith the book is published just now.

We’ll return to the discussion the definition economical category of “investments” in different publications in the following chapter. The definitions given here are quite enough for having a notion of the level of lighting up the given category in the economical literature.

What conclusions may be made according the definition of the mentioned economical category in the published works, except the made notions and specifications?

There is quite deeply, concretely and thoroughly defined the concept of “investments”, different definitions in the economical literature; but mostly in every works about the investments discussed by us until now, there is not opened the essence of investments as an economical category. In every monograph, even if it has a title investment, as an economical category, there is given only the definition, concept of investments. But, as the Academician Vasil Chantladze explains, “a concept is a discussion, which proves something about the distinguishing feature of the researched object. A concept out of much essential characteristic features represents only one, and essential in it is only – definition”.

But the categories are much wider; it is “a key, the most fundamental concept of every science”. Economical categories theoretically represent real, objectively existed productive relations. A category is the defining of occasions of existed characters, connections, relations of the objective world. Generally, any educational process is fulfilled by the categories, which give opportunities for dividing the processes and occasions semantically, for expressing the definitions of a subject and realize their specific peculiarities and economical relations of a material world.

Our goal is exactly to substantiate investments – as an economical category and also, as a financial category in the narrow understanding.

Here we apply for another manual thesis made by the academician Vasil Chantladze: “every financial relation is an economical one and every financial category is and economical one, but not every economical relation and economical category is financial relation and financial category”.

In the process of defining the investments, it is important to take in mind the sides of resources, expenses and incomes, because investment, from one side, is the result of the manufacture’s activity, and, from another one, – a part of income, which, in this case, is not used for usage.

Another occasion: it is advisable to discuss investments in two aspects: as a category of reserve and flow, which will reflect exactly the connection between “placement of funds” and “investments”.

As we’ve mentioned above, not long ago, in the well-known Soviet literature the concepts of “the placement of funds” and “investments” were accepted to be the synonyms and concerned to be investment of sources for further production of the main funds and formation of the turnover funds. We meet with such understanding of the concept of “investment” (here, they separate three types of the investment expenses: investments in the basic capital of investments, investments in the house building and investments in the reserves) in the modern economical publications and it is mostly used on the macro level during a statistical analyze of economical processes. In this concrete occasion investment is the category of reserve.

According to the aspect of flow the investments may be discussed in the process of analyzing industrial activity, when it is necessary to learn the variety of the economical relations related with the investments’ further production and formation, sources, objects and subjects, that is on the micro level.

Main distinguishing criteria of different methods of approach towards the concept of “investment” the aspect of prolonging of measuring this showing. Is it possible or not to measure the investment showing separate from the term factor (the norm of gathering, the volume of capital property, the reserves of production and so on). If it is possible, then it is the category of reserve, and if it is not, then it is measured in the section of time and belongs to the category of flow.

Thus, investment, as an economical category, is quite consuming concept. It concerns the elements defining the regularities of function and regulation of the investment domain, privately:

First, resources and values put into the industrial activity. Here, investments may be realized in the following ways:

1.      mobile and real estates (buildings, constructions, furniture and other material values);

2.      cash sources, purposeful bank accounts, credits, shares and other long-termed securities;

3.      owners rights according to the author’s rights, licenses, Now-How, experience and other intellectual values;

4.      the rights for using land and other natural resources, also other owners rights.

Notwithstanding any forms, investments are results of capital gathering. Leading investments – regularity of gathering defines its volume and dynamics and, generally, whole investment activity.

Second, the incomes ruling volume and dynamics of the resource investment. Herewith, we must underline the circumstance, that the process of getting profit, the regularity of its creation, isn’t a constant of the concept “investment”. The factors of production (also the conditions of exploitation of capital values) and selling (market conjuncture), also the process of capital gathering is the leading and important condition only for the investment formation. Though, we underline again, that the process of getting and distributing the income is a significant component of the investment activity.

The transformation of investments makes the basis for the investment activity, which concern the following circles: resources – investment (expense) – capital property – income. The practice of realization such circles of the investments transformation is exactly the investment activity (investing). The investment activity, except the investments itself, concern motivation and stimulation of the capital gathering, relations of capital gathering and ruling, also, totality of the defined level of profitability on the capital and the goals of capital growth.

According to the mentioned above, in the definitions of the investment as economical category sometimes the needed exactness and clearness is not felt, some categories of the wealth are represented tightly enough. For example, real prosperity is bounded only by material estimation. This leads us to the unvalued investment resources in the era of transformation industrial society into the investment one; also to the recognition of yet uninvolved valuable scientific researches in the production, securities turned into speculation objects, and unreal property in the consistence of one and the same parts; to there equalization. On the basis of the made analyses, we can cite a wide definition of the investments together with the leading categories.

Investment resources – are values, invested into this or that project in this or that kind for the purpose of getting profit beginning with material ones, finished with cash.

Kinds of the prosperity are equal to the kinds of the investment resources and is divided into real and cash, consequently into financial resources.

Real investment resources concern all kinds:

-          natural resources;

-          labour resources;

-          material resources, the usage of which is possible in the economical development (buildings, constructions, vehicles and furniture, transport and communication means and so on;

-          investment resources (in the widest understanding, that is from scientific-research and experimental-construction works, till the education potential of the society and till all kinds of gathering useful information, written about every possible, that is typing and electronic bearer).

Cash, consequently financial resources concern every cash means for usage in this way in definite conditions or directed in the sort of investments.

Cash means (resources) turn into the financial resources in the case of structuring of funds of purposeful destination foreseen for investments of this or that kind.

After defining investment resources we can make wide definition of the investments as economical category.

Investments – are the placements of real, financial and intellectual resources into the projects, the fulfillment of which leads us to getting the increases from real wealth, in the material and informational forms. It is followed by a cash (financial) prosperity or its increases (at the expenses of the distribution of the cash means).

As an economical category, investments express economical relations, which are created in the ways of using and formation of the investment resources between the participants of the investment process for the purpose of improving and widening of the enterprise.

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“I have a dream that one day on the red hills of Georgia the sons of former slaves and the sons of former slave owners will be able to sit together at the table of brotherhood…”

“I have a dream…” Indeed. Inspiring stuff. I want to discuss our dreams in a very practical way today.

I want to talk about how to cultivate your dreaming. It really is a tremendously valuable thing to do. I want to steer away from conventional dream interpretation and will explain why.

As of today, pay attention to your dreaming and your daydreaming. Dreams are important to us in many ways, because they do the following:

Firstly, when you dream you actively process information and feelings.  

Secondly, dreams are always involving many senses, so the highly sensory experience is very rich. It is quite rare for us to use all our senses at once as we do when we dream.

Thirdly, dreams give us valuable information about what is going on in our lives, whether directly or more often in a disguised or symbolic form.

Fourthly, dreams are strongly sequenced, though often in a way which is emotionally rather than logically organised.

Finally, dreams draw upon a rich range of unconscious, associative, creative links between many kinds of information.

Some people remember their dreams; others tend to forget all but the most dramatic bits as soon as they wake. When you dream or daydream, take time to replay as much of it as you can in your mind before the events of the day overlay it. Relive the story of that dream. Remind yourself of the events, pictures, sensations and other sensory information it involved.

This dream was the product of your mind. Marvel at your own creativity! This is amazing stuff here; get excited by it.

If you get into the habit of asking yourself when you wake, “what did I dream?” you may at first only remember a few particularly strong feelings or vivid images: write them down and review it regularly. I actually used to write a dream journal and wrote everything down as soon as I opened my eyes each morning. It provided me with such inspiration when I required it.

Naturally, lots of you may want to start with dream interpretation straight away. Resist the urge for dream interpretation, ok?

Do your best not to assume that there is necessarily a single clear meaning which can be interpreted according to psychological theories or books on dream significance or dream interpretation. How can your dreams have the same meaning as someone else? Is your brain the same as that persons? For now, ease off the dream interpretation.  

I have found that the most useful assumption to make about dreams is that they have some kind of significance for you, the dreamer: they come from your internal, unconscious mind’s storehouse of feelings, experiences and images, and are an active and useful way of processing that is quite different from – and just as useful as – the processing that belongs to the logical conscious part of your mind.

Often a strong feeling will be your first clue to the meaning a dream has for you: so note it, and wonder about it, but don’t try to rush to tie it down by conscious analysis. The real work of the dream is often done simply in the dreaming of it: the conscious mind does not always have to understand, and when it tries to translate dreams into its own terms it may be limiting it, just as poetry translated from another language usually loses something of its more subtle tapestry of meanings.

Think about the value of dreams.

Dreams demonstrate a different level of mental functioning from conscious, disciplined thought. When you pay attention to them, and even cultivate them, you are learning to become familiar with, to trust and to draw upon a fuller range of your own mental resources: in other words, you are using more of what you’ve got. Hey, this stuff is going to keep happening, so why not really use it.

The mind works both consciously and unconsciously. Conscious thought is formally taught in our education system. Its strength is its systematic and disciplined way of handling information. Its limitation is that it tends to be rule-bound and too narrow in its problem-solving approach.

The brain also processes information at an unconscious level: mostly, this is associative and depends on links, similarities and feelings. This processing produces dreams, as well as much of our other “creative” or “expressive” experience. That is why we are often surprised by the spontaneous connections we make or insights we have, and by our imaginative inspiration: it is not what we would have come up with consciously at all, yet it seems somehow completely “right”.  This way of thinking works “laterally” – it expands, goes sideways and finds multiple avenues rather than just one.

We need both kinds of functioning if we are to make the most of our brain power. Logic and intuition, discipline and divergence, are all vital tools that enrich and enable us. But whereas we are used to working with the conscious mind, in part because we are aware of it and can monitor it as it works, many people are less at ease trusting and using the unconscious processes. Paying attention to your dreams, and deliberately cultivating daydreaming, are both ways of stretching yourself into this area.

So let us have a look at the value of deliberate daydreaming. Where dreams come unbidden, you may find it useful to deliberately evoke the conditions for daydreaming, if, like many people, you have not really valued the activity before now.

How is it valuable? Daydreaming brings us escape and relaxation; visions of the future that inspire and help us to bring about what we have dreamed of; solutions to apparently unsolvable problems; inventions and creative possibilities. Daydream states allow the unconscious, associative parts of the mind to work in their own playful and imaginative ways, bringing not only pleasure but results that our usual deliberate, attentive, rational thought does not. We need space in our lives for both ways of processing if we are to realise ourselves as fully as possible.

The key to daydreaming is to be in that right state. If you want to practice, please visit my website and download the free hypnosis session there, or learn self-hypnosis, read my book “The Secrets of Self-Hypnosis” or invest in the self-hypnosis masterclass audio programme, there is nothing else as good in the world today, really there isn’t. There is a kind of automatic abstractedness that goes along with daydreaming. Mostly it just seems to happen – but when you know about creating and changing states, you can choose to make it happen.

Here are some ways you can cultivate and work with your daydreams:

Firstly, notice when you have been daydreaming. Is there any pattern of circumstances that helps bring about your particular daydreaming state?

Some people find that repetitive, relatively automatic, activities such as jogging, ironing or walking create the right state. Perhaps it is a warm bath, swimming a few lengths, or sitting in the garden. Or it may be swaying to the movement of a train, staring into space, looking out of the window of a bus on the way to work, or going on a long drive.

Once you find what helps you daydream, use it and make space for it in your life on a regular basis, imagine that you are in that experience, recreate those circumstances inside of your mind. Let daydreaming come to you, and notice what kinds of windows it opens from our ordinary world into what other kinds of possibilities. Some of your best ideas and inspirations may come at these times.

Secondly, next time you have a decision to make, or a problem to solve, or a challenge to overcome, you can set up the circumstances so that you can trigger your daydreaming state – and allow yourself to explore your problem or decision in this way. When you have done so, make some notes of what you experienced and discovered. Add that to your conscious thinking on the subject: you now have much more information, and the advantage of having engaged more of your mental resources.

Thirdly, for today, forget dream interpretation. That is a conscious and limiting thing to do. Did I make myself clear? Forget conventional dream interpretation. For now use your dreams in personal ways to you.