Ethics Oumm-3203

TABLE OF CONTENT MANAGERIAL ETHICS AND WAREHOUSE LAW  Introduction 1. Meaning of law……………………………………………………..………..3-5 2. Characteristics of law………………………………………………………..5-8 3. Introduction to the selected law 3.1.

History of Finance acts in Bangladesh…………………….811

3.2.

Chapters and introductions…………………………….…1214

 Discussion 4. Relationship between law and moral standards…………………………..15-17 5. Differences between law and moral standards………………………….…18-19 6. Common processes of formulating a law……………………………….….20-21 7. Formulation processes of the selected law…………………………………….22 

Conclusion 8. Executive Summary…………………………………………………………….23

 Reference…………………………………………………………….……………….…24

PROFESSIONAL ETHICS

 Introduction

1. Meaning of law Commercial law or business law is the body of law which governs business and commerce and is often considered to be a branch of civil law and deals both with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes which contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the Congress under its power to regulate interstate commerce, and the states under their police power. Efforts have been made to create a unified body of commercial law. Commercial law, also known as trade law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.It is often considered to be a branch of civil law and deals with issues of both private law and public law. Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership.[2] Many of these categories fall within Financial law, an aspected of Commercial law pertaining specifically to financing and the financial markets. It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the United States Congress, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code, which has been adopted in all 50 states, the District of Columbia, and the U.S. territories. Whether you are considering starting a new business or are already operating one, there are lots of things you’ll need to know. We provide free legal advice and lots of practical information for small business owners. Check out the many articles, books, and forms we have to help you start or run your business. We can also help you find a lawyer near you who specializes in small business if you decide you need professional help. LAW. In its most general and comprehensive sense, law signifies a rule of action; and this ter m is applied indiscriminately toall kinds of action; whether animate or inanimate, rational or i rrational. 1 Bl. Com. 38. In its more confined sense, law denotesthe rule, not of actions in gen eral, but of human action or conduct. In the civil code of Louisiana, art. 1, it is defined to be " asolemn expression of the legislative will."  Law is generally divided into four principle class es, namely; Natural law, the law of nations, public law, and private orcivil law. When conside red in relation to its origin, it is statute law or common law. When examined as to its different  systemsit is divided into civil law, common law, canon law. When applied to objects, it is civi l, criminal, or penal. It is also divided intonatural law and positive law. Into written law, lex s cripta; and unwritten law, lex non scripta. Into law merchant, martial law,municipal law, and 

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PROFESSIONAL ETHICS foreign law.Law, arbitrary. An arbitrary law is one made by the legislator simply because he  wills it, and is not founded in the natureof things; such law, for example, as the tariff law, whi ch may be high or low. This term is used in opposition to immutable. LAW, CIVIL. The term civil law is generally applied by way of eminence to the civil or mun icipal law of the Roman empire,without distinction as to the time when the principles of such  law were established or modified. In another sense, the civil lawis that collection of laws com prised in the institutes, the code, and the digest of the emperor Justinian, and the novelconstit utions of himself and some of his successors.       2. The Institutes contain the elements or first principles of the Roman law, in four books.  The Digests or Pandects are infifty books, and contain the opinions and writings of eminent la wyers digested in a systematical method, whose workscomprised more than two thousand vol umes, The new code, or collection of imperial constitutions, in twelve books; whichwas a sub stitute for the code of Theodosius. The novels or new constitutions, posterior in time to the ot her books, andamounting to a supplement to the code, containing new decrees of successive e mperors as new questions happened toarise. These form the body of the Roman law, or corpu s juris civilis, as published about the time of Justinian.       3. Although successful in the west, these laws were not, even in the lifetime of the empero r universally received; and afterthe Lombard invasion they became so totally neglected, that b oth the Code and Pandects were lost till the twelfth century, A.D. 1130; when it is said the Pa ndects were accidentally discovered at Amalphi, and the Code at Ravenna. But, as if fortune would make an atonement for her former severity, they have since been the study of the wises t men, and revered as law, bythe politest nations.       4. By the term civil law is also understood the particular law of each people, opposed to na tural law, or the law of nations,which are common to all.       5. Civil law is also sometimes understood as that which has emanated from the secular po wer opposed to theecclesiastical or military.       6. Sometimes by the term civil law is meant those laws which relate to civil matters only;  and in this sense it is opposed tocriminal law, or to those laws which concern criminal matter s. Vide Civil.       7. Judge Swift, in his System of the Laws of Connecticut, prefers the term civil law, to tha t of municipal law. He considersthe term municipal to be too limited in its signification. He d efines civil law to be a rule of human action, adopted by mankindin a state of society, or pres cribed by the supreme power of the government, requiring a course of conduct not repugnant  tomorality or religion, productive of the greatest political happiness, and prohibiting actions c ontrary thereto, and which isenforced by the sanctions of pains and penalties. Technology's influence on business and financial transactions are covered by business law as well as the rights of privacy regarding computers in the workplace. Contract law is also covered, which can be important to understanding the complex interactions between individuals under the law and the rights that buyers and sellers can exercise. Concepts like employment and property rights fall under business law. That knowledge can help find which laws and regulations are the most effective at accomplishing an intended goal, as laws change per state.

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PROFESSIONAL ETHICS

2. Characteristics of law The history of law links closely to the development of civilization. Ancient Egyptian law, dating as far back as 3000 BC, contained a civil code that was probably broken into twelve books. It was based on the concept of Ma'at, characterised by tradition, rhetorical speech, social equality and impartiality.[12][13] By the 22nd century BC, the ancient Sumerian ruler UrNammu had formulated the first law code, which consisted of casuistic statements. Around 1760 BC, King Hammurabi further developed Babylonian law, by codifying and inscribing it in stone. Hammurabi placed several copies of his law code throughout the kingdom of Babylon as stelae, for the entire public to see; this became known as the Codex Hammurabi. The most intact copy of these stelae was discovered in the 19th century by British Assyriologists, and has since been fully transliterated and translated into various languages, including English, Italian, German, and French. The Old Testament dates back to 1280 BC and takes the form of moral imperatives as recommendations for a good society. The small Greekcity-state, ancient Athens, from about the 8th century BC was the first society to be based on broad inclusion of its citizenry, excluding women and the slave class. However, Athens had no legal science or single word for "law"relying instead on the three-way distinction between divine law human decree and customer. Ancient Greek law contained major constitutional innovations in the development of democracy. Roman law was heavily influenced by Greek philosophy, but its detailed rules were developed by professional jurists and were highly sophisticated. [18][19] Over the centuries between the rise and decline of the Roman Empire, law was adapted to cope with the changing social situations and underwent major codification under Theodosius II and Justinian I.[20] Although codes were replaced by custom and case law during the Dark

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PROFESSIONAL ETHICS Ages, Roman law was rediscovered around the 11th century when medieval legal scholars began to research Roman codes and adapt their concepts. Latin legal maxims were compiled for guidance. In medieval England, royal courts developed a body of precedent which later became the common law. A Europe-wide Law Merchant was formed so that merchants could trade with common standards of practice rather than with the many splintered facets of local laws. The Law Merchant, a precursor to modern commercial law, emphasised the freedom to contract and alienability of property. As nationalism grew in the 18th and 19th centuries, the Law Merchant was incorporated into countries' local law under new civil codes. The Napoleonic and German Codes became the most influential. In contrast to English common law, which consists of enormous tomes of case law, codes in small books are easy to export and easy for judges to apply. However, today there are signs that civil and common law are converging. EU law is codified in treaties, but develops through the precedent laid down by the European Court of Justice. Numerous definitions of law have been put forward over the centuries. The Third New International Dictionary from Merriam-Webster[5] defines law as: "Law is a binding custom or practice of a community; a rule or mode of conduct or action that is prescribed or formally recognized as binding by a supreme controlling authority or is made obligatory by a sanction (as an edict, decree, rescript, order, ordinance, statute, resolution, rule, judicial decision, or usage) made, recognized, or enforced by the controlling authority." The Dictionary of the History of Ideas published by Scribner's in 1973 defined the concept of law accordingly as: "A legal system is the most explicit, institutionalized, and complex mode of regulating human conduct. At the same time, it plays only one part in the congeries of rules which influence behavior, for social and moral rules of a less institutionalized kind are also of great importance. There have been several attempts to produce "a universally acceptable definition of law". In 1972, one source indicated that no such definition could be produced. McCoubrey and White said that the question "what is law?" has no simple answer. Glanville Williams said that the meaning of the word "law" depends on the context in which that word is used. He said that, for example, "early customary law" and "municipal law" were contexts where the word "law" had two different and irreconcilable meanings. Thurman Arnold said that it is obvious that it is impossible to define the word "law" and that it is also equally obvious that the struggle to define that word should not ever be abandoned. It is possible to take the view that there is no need to define the word "law" Law spreads far beyond the core subjects into virtually every area of life. Three categories are presented for convenience, though the subjects intertwine and overlap. Law and society o Labour law is the study of a tripartite industrial relationship between worker, employer and trade union. This involves collective bargaining regulation, and the right to strike. Individual employment law refers to workplace rights, such as job security, health and safetyor a minimum wage. o Human rights, civil rights and human rights law are important fields to guarantee everyone basic freedoms and entitlements. These are laid down in codes such as the Universal Declaration of Human Rights, the European Convention on Human 

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PROFESSIONAL ETHICS

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Rights (which founded the European Court of Human Rights) and the U.S. Bill of Rights. The Treaty of Lisbon makes the Charter of Fundamental Rights of the European Union legally binding in all member states except Poland and the United Kingdom.[181] Civil procedure and criminal procedure concern the rules that courts must follow as a trial and appeals proceed. Both concern a citizen's right to a fair trial or hearing. Evidence law involves which materials are admissible in courts for a case to be built. Immigration law and nationality law concern the rights of foreigners to live and work in a nation-state that is not their own and to acquire or lose citizenship. Both also involve the right of asylum and the problem of stateless individuals. Social security law refers to the rights people have to social insurance, such as jobseekers' allowances or housing benefits. Family law covers marriage and divorce proceedings, the rights of children and rights to property and money in the event of separation. Transactional law refers to the practice of law concerning business and money.  Law and commerce Company law sprang from the law of trusts, on the principle of separating ownership of property and control.[182] The law of the modern company began with the Joint Stock Companies Act 1856, passed in the United Kingdom, which provided investors with a simple registration procedure to gain limited liability under the separate legal personality of the corporation. Commercial law covers complex contract and property law. The law of agency, insurance law, bills of exchange, insolvency and bankruptcy law and sales law are all important, and trace back to the medieval Lex Mercatoria. The UK Sale of Goods Act 1979 and the US Uniform Commercial Code are examples of codified common law commercial principles. Admiralty law and the Law of the Sea lay a basic framework for free trade and commerce across the world's oceans and seas, where outside of a country's zone of control. Shipping companies operate through ordinary principles of commercial law, generalised for a global market. Admiralty law also encompasses specialised issues such as salvage, maritime liens, and injuries to passengers. Intellectual property law aims at safeguarding creators and other producers of intellectual goods and services. These are legal rights (copyrights, trademarks, patents, and related rights) which result from intellectual activity in the industrial, literary and artistic fields.[183] Restitution deals with the recovery of someone else's gain, rather than compensation for one's own loss. Unjust enrichment When someone has been unjustly enriched (or there is an "absence of basis" for a transaction) at another's expense, this event generates the right to restitution to reverse that gain. Space law is a relatively new field dealing with aspects of international law regarding human activities in Earth orbit and outer space. While at first addressing space relations

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PROFESSIONAL ETHICS

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of countries via treaties, increasingly it is addressing areas such as space commercialisation, property, liability, and other issues.  Law and regulation Tax law involves regulations that concern value added tax, corporate tax, and income tax. Banking law and financial regulation set minimum standards on the amounts of capital banks must hold, and rules about best practice for investment. This is to insure against the risk of economic crises, such as the Wall Street Crash of 1929. Regulation deals with the provision of public services and utilities. Water law is one example. Especially since privatisation became popular and took management of services away from public law, private companies doing the jobs previously controlled by government have been bound by varying degrees of social responsibility. Energy, gas, telecomms and water are regulated industries in most OECDcountries. Competition law, known in the U.S. as antitrust law, is an evolving field that traces as far back as Roman decrees against price fixingand the English restraint of trade doctrine. Modern competition law derives from the U.S. anti-cartel and anti-monopoly statutes (the Sherman Act and Clayton Act) of the turn of the 20th century. It is used to control businesses who attempt to use their economic influence to distort market prices at the expense of consumer welfare. Consumer law could include anything from regulations on unfair contractual terms and clauses to directives on airline baggage insurance. Environmental law is increasingly important, especially in light of the Kyoto Protocol and the potential danger of climate change. Environmental protection also serves to penalise polluters within domestic legal systems.

3. Introduction to the selected law 3.1.

History of Finance acts in Bangladesh

Warehouse financing is a form of inventory financing in which loans are made to manufacturers and processors on the basis of goods or commodities held in trust as collateral for the loans. The goods may be held in public warehouses approved by the lender, or may be held in field warehouses located in the borrower's facilities but controlled by an independent third party. A financial institution engaged in warehouse financing will usually designate a collateral manager who issues a warehouse receipt to the borrower that certifies the quantity and quality of the stored goods or commodities. Warehouse financing offers a number of benefits to the borrower. It leverages the use of raw material as the primary collateral, while additional financing can be synchronized with the build-up of the stock. Warehouse financing also enables borrowers to obtain financing on more favorable terms than short-term working capital or unsecured loans, while the repayment schedule can be coordinated with the actual usage of raw material.

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PROFESSIONAL ETHICS Warehouse financing is often less expensive than other borrowing because it is a form of secured lending. The commodity inventory in the warehouse is contractually pledged to the lender so that if the borrower fails to pay, the lender can take the inventory and sell it on the market to recover the loan. This form of lending is often less expensive because the lender would not be involved in lengthy legal battles to recover the loan in the same way as they would if the loan were unsecured. This readily marketable inventory offers a borrowing cost advantage to commodity producers over other types of companies that also want access to debt financing. A commodity company can improve their credit rating, lower their borrowing costs and potentially secure a larger loan by utilizing warehouse financing. This offers a business advantage to a similar sized company with such resources. A field warehousing arrangement uses a company's inventory as collateral for a loan. The inventory to be used as collateral is segregated from the rest of the inventory by a fence, and all inventory movements into and out of this area are tightly controlled. Alternatively, the inventory may be stored in a public warehouse. State lien laws typically require that signs around the segregated area clearly state that there is a lien on the inventory stored inside. When items are sold from this stock, the proceeds are paid to the finance company that is supporting the field warehouse financing arrangement. If the value of the inventory on hand declines below the amount of the outstanding loan, the borrower must immediately pay the difference to the finance company.

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PROFESSIONAL ETHICS Usually, a person is assigned to monitor the flow of inventory into and out of the segregated area.  If a looser arrangement is allowed, it may be acceptable to conduct regular counts of the inventory and provide updates to the finance company. From a financing perspective, the total cost of funds associated with field warehouse financing is high. The reason is that so much labor must be expended to track inventory movements. Because of the cost, this form of financing is generally not considered until other financing alternatives have been explored. However, one benefit of this arrangement is that a finance company usually does not impose any covenants over the operation of the business, as may be imposed by a more traditional lender. The profile of a company that might find field warehouse financing to be useful is an organization whose sales are growing rapidly, and which has sufficiently high margins on its product sales to be able to absorb the high costs of the arrangement. As the sales of this type of business gradually mature and plateau, the company can transition away from the financing arrangement and toward a more traditional bank loan or line of credit. Historically, the manager of a collateralized loan obligation ("CLO") transaction often arranged a credit facility with a bank (most likely the underwriter for the intended new-issue CLO) in order to provide short-term financing for the acquisition (or "warehousing") of corporate loans before the launch of the CLO. Securing a warehouse facility remains a popular means for the manager to ramp-up the portfolio prior to launching a CLO transaction, and affords the manager more options in the timing and speed of the ramp-up process. Managers should be acquainted with the warehousing options potentially available and the sources of such financing.  General Framework A warehouse facility is a relatively straightforward credit facility: o The warehouse facility may have several classes of loans with differing seniority levels, with the subordinated or "equity" class typically funded by the manager. o The borrower is often the special purpose entity that will later issue securities in the CLO transaction. o The borrower pledges the corporate loans purchased as security for the benefit of the warehouse lenders. The warehouse credit agreement typically has loan eligibility criteria that are similar to those that are expected to be included in the indenture. Ineligible loans cannot be financed using the warehouse line, and the warehouse agreement will have liquidation provisions permitting the warehouse lender to direct the sale of any loans that were or become ineligible.  Market Value Risk One of the most significant risks to a manager in its role as the holder of the subordinated class of a warehouse facility is the market value fluctuation of the loans acquired. In order to mitigate this risk, a typical warehouse lender often requires that the manager (as the subordinate noteholder) maintain a certain level of loan-to-value ratio. As a result, if the market value of loans decreases, the manager may need to provide additional funding to maintain the warehouse lender's loan-to-value ratio. Margin maintenance requirements continue to create potential for losses to CLO managers financing the ramp-up through a traditional warehouse facility. During the credit crisis, these

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PROFESSIONAL ETHICS requirements caused significant negative impacts on many market participants. In addition to forcing the manager to increase its investment in the subordinate class, the manager may otherwise adjust the portfolio in ways that may not be optimal to the timely completion of the CLO transaction. For example, the manager may elect to make changes to the portfolio (such as selling assets or seeking to acquire additional assets in order to achieve a more favorable loan-to-value ratio), which may extend the time necessary to reach an appropriate portfolio to launch the CLO transaction.  Innovation Continues Recently, some CLO managers have successfully launched new-issue CLOs without relying on a warehouse facility. These transactions demonstrate that a warehouse facility is not a "must have" to launch a new CLO. The utility of having a well-structured warehouse facility, however, continues to be relevant for managers that seek more options to manage the rampup process and provide a hedge against challenging market conditions. A warehouse facility may afford the manager more time to select loans for the portfolio, will spread some of the risk during the ramp-up period to other parties, and may permit the more rapid acquisition of assets based on ready availability of capital. The cost of a warehouse facility will reduce the overall economics of the CLO transaction as it adds an incremental interest cost during the ramp-up. Managers should carefully consider the trade offs in cost and how to best mitigate exposure to market volatility in determining whether to seek warehouse financing. Some banks have begun to innovate how warehouse facilities are structured, creating new types of facilities that may reduce the market value exposure born by the manager. Using cash flow techniques similar to those embedded in CLO transactions, such as overcollateralization ratio tests, new "par-based" warehousing structures may offer managers a financing tool better aligned with their overall capitalization and business structur. Features of these evolving structures include: o Interest and principal proceeds are distributed in accordance with separate priorities of payment. o The manager may sell assets out of the warehouse subject to set limits. o Overcollateralization ratio tests are used to maintain the aggregate par amount of the warehouse portfolio, rather than a market value based test. o Liquidation of the warehoused assets is permitted in certain limited instances. o Delayed draw or variable funding notes may be used to help mitigate the negative carry created by upfront funding of a warehouse facility. Managers should be aware of these emerging financing alternatives and consider the optimum financing approach to the ramp-up phase of new issue CLO transactions

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3.2.

Chapters and introductions

A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain buildings in industrial areas of cities, towns and villages. They usually have loading docks to load and unload goods from trucks. Sometimes warehouses are designed for the loading and unloading of goods directly from railways, airports, or seaports. They often have cranes and forklifts for moving goods, which are usually placed on ISO standard pallets loaded into pallet racks. Stored goods can include any raw materials, packing materials, spare parts, components, or finished goods associated with agriculture, manufacturing and production. In India, a warehouse may be referred to as a godown. The origins of the warehouse are difficult to pinpoint. Early civilizations relied on storage pits rather than large structures to protect seeds and surplus food. Sociologists like Alain Testart have argued that these early storage techniques were essential to the evolution of societies. Some of the earliest examples of warehouses that resemble the buildings of today are Roman horrea. These were rectangular buildings, built of stone, with a raised ground floor and overhanging roof to keep the walls cool and dry. Roman horrea were typically used to store grain, but other consumables such as olive oil, wine, clothing and even marble were also stored inside. Though horrea were built throughout the Roman empire, some of the most studied examples are found in or around Rome, particularly at Ostia, a harbor city that served ancient Rome. As attested by legislation concerning the levy of duties, medieval merchants across Europe commonly kept goods in household storerooms, often on the ground floor or one or more storeys below the ground. However, dedicated warehouses could be found around ports and other commercial hubs to facilitate overseas trade. Examples of these buildings include the Venetian fondaci, which combined a palace, warehouse, market and living quarters for lodging travelers. A number of representative medieval warehouses can also be seen in King's Lynn, U.K., where a complex of buildings, including dwelling-houses, shops, countinghouses and warehouses, once served the Hanseatic League.

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PROFESSIONAL ETHICS During the industrial revolution, the function of warehouses evolved and became more specialised. Some warehouses from the period are even considered architecturally significant, such as Manchester's cotton warehouses. Always a building of function, in the past few decades they have adapted to mechanisation, technological innovation and changes in supply chain methods. Historically, warehouses were a dominant part of the urban landscape from the start of the Industrial Revolution through the 19th century and into the twentieth century. The buildings remained when their original usage had changed. There are four identifiable types of warehouses. The cotton industry rose with the development of the warehouse, and all five types were represented in Manchester in the United Kingdom. Warehouses of that period in Manchester were often lavishly decorated, but modern warehouses are more functional. Warehouses allow transport optimization along the supply chain, and allow companies to work with an optimal inventory (economic order quantity) regarding service quality. For example, at the terminal point of a transport system it is necessary to stockpile produce until a full load can be transported. Warehouses can also be used to store the unloaded goods from the vessel. In industries whose goods require a period of maturation between production and retail, such as viniculture and cheese making, warehouses can be used to store the goods in large quantities.  Display of goods for sale These displayed goods for the home trade. This would be finished goods- such as the latest cotton blouses or fashion items. Their street frontage was impressive, so they took the styles of Italianate Palazzos. Richard Cobden's construction in Manchester's Mosley Street was the first palazzo warehouse. There were already seven warehouses on Portland Street when they commenced building the elaborate Watts Warehouse of 1855, but four more were opened before it was finished. It was this type of warehouse that inspired the Germans in Düsseldorf and Munich to name their prestigious department stores Warenhäuser. Overseas warehouses These catered for the overseas trade. They became the meeting places for overseas wholesale buyers where printed and plain could be discussed and ordered. Trade in cloth in Manchester was conducted by many nationalities. 

Behrens Warehouse is on the corner of Oxford Street and Portland Street. It was built for Louis Behrens & Son by P Nunn in 1860. It is a four-storey predominantly red brick build with 23 bays along Portland Street and 9 along Oxford Street. The Behrens family were prominent in banking and in the social life of the German Community in Manchester. Packing warehouses The main purpose of packing warehouses was the picking, checking, labelling and packing of goods for export. The packing warehouses: Asia House, India House and Velvet House along Whitworth Street in Manchester were some of the tallest buildings of their time. 

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PROFESSIONAL ETHICS Railway warehouses Warehouses were built close to the major stations in railway hubs. The first railway warehouse to be built was opposite the passenger platform at the terminus of the Liverpool and Manchester Railway. There was an important group of warehouses around London Road station. In the 1890s the Great Northern Railway Company’s warehouse was completed on  this was the last major railway warehouse to be built. 

The London Warehouse Picadilly was one of four warehouses built by the Manchester, Sheffield and Lincolnshire Railway in about 1865 to service the new London Road Station. It had its own branch to the Ashton Canal. This warehouse was built of brick with stone detailing. It had cast iron columns with wrought iron beams. 

Canal warehouses

All these warehouse types can trace their origins back to the canal warehouses which were used for trans-shipment and storage. Castlefield warehouses are of this type- and important as they were built at the terminus of the Bridgewater Canal in 1761. Cold storage and the law There are state and local laws that regulate the cold storage industry, requiring safe working conditions for employees, and operational procedures must be in accordance with these laws. Companies that are aware of and comply with applicable regulations are more likely to pass inspection, avoid notices of violation, and will be able to continue operating at full capacity, ensuring greater customer service and uninterrupted product flow. 

There are few non-profit organizations which are focused on imparting knowledge, education and research in the field of warehouse management and its role in the supply chain industry. The Warehousing Education and Research Council (WERC) and International Warehouse Logistics Association (IWLA) in Illinois, United States. They provide professional certification and continuing education programs for the industry in the country. The Australian College of Training have government funded programs to provide personal development and continuation training in warehousing they operate in Western Australia online and face to face, or Australia wide for online only courses.

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For a warehouse there are several benefits that the offers. Forty-seven percent of all commercial warehouses have decided to be regulated at a federal level. offers relatively simple rules for warehouses to agree to operate under. Licensing is also continuous with no annual renewal until the warehouse cancels it. It also provides a sense of protection to the producers that use the warehouse. If a warehouse chooses to be regulated under uswa in a state that regulates warehouses, the federal law will preempt the state law for that particular warehouse. For warehouses located in a state that regulates, they have the option of being regulated by the state or the. There can be several benefits to being regulated under state law. For a warehouse, this would depend greatly on the state that the warehouse is located. Some states regulate less stringently than the only regulate auditing and penalties), which may factor into a business’s decision. Another benefit is that annual fees may also be cheaper in some states as compared to important to be familiar with the state’s laws before deciding between state and federal regulation.

 Discussion 4. Relationship between law and moral standards In the modern world, morality and law are almost universally held to be unrelated fields and, where the term "legal ethics" is used, it is taken to refer to the professional honesty of lawyers or judges, but has nothing to do with the possible "rightness" or "wrongness" of particular laws themselves. This is a consequence of the loss of the sense of any "truth" about man, and of the banishment of the idea of the natural law. It undermines any sense of true human rights, leaves the individual defenseless against unjust laws, and opens the way to different forms of totalitarianism. This should be easy enough to see for a person open to the truth; but many people's minds have set into superficial ways of thinking, and they will not react unless they have been led on, step by step, to deeper reflection and awareness

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The right relationship between law and morality

Law and Morality do not coincide in meaning, though there is - there should be - a necessary interdependence between them. Moral law distinguishes right and wrong in (free) human actions. It is aimed above all at personal improvement and ultimately at salvation. Political-civil law is aimed at making it possible for people to live together in community: in justice, peace, freedom. Its concern is not directly supernatural, although in creating the conditions for true justice and truly human behavior, it indirectly favors it. Human civilization is not possible without law and morality, standing in right relationship. The growing modern crisis of the West, shaking its culture and civilization to its foundations, stems from separating both, seeing no necessary relationship between them. But this is to relativise justice and truth in human relations, and to reject any concept of objective truth capable of uniting men. The bond of unity between men is tenuous when they simply share material interests; this is an association of self-interests (always prone to clash). Unity goes deeper and is stronger against potential divisions when people have common values to look up to: shared truth, patriotism, religious faith. o Law "Law", according to the Encyclopedia Britannica, "refers to the specialized form of social control familiar in modern, secular, politically organized societies". The thomistic and christian view understands law otherwise: "it is nothing else than an ordinance of reason for the common good, made by him who has care of the community, and promulgated". The purpose of human law is the common good more than the good of individuals. It is to establish a certain order, so as to protect social living. Without law, there is no society, only the jungle, the rule of might "If there is justice, and if law is based on a discernment of what is just, dialogue can begin and benevolence can appear; so we come to what is ours in common. The first form of culture is law. Its effectiveness means that barbarism has been overcome: men have always been civilized this way". o Morality Ethics or morals is the study of what we ought to do; i.e. what is the right way to act and what is the weong. Fundamental moral concepts such as right and wrong are necessarily universal. If they are treated as relative and subjective, then they become inapplicable to the social sphere; and hence to the whole area of human law. If what is wrong to me may legitimately be right to someone else, then one may perhaps debate the opportuneness of this or that law, but not its justice. Without an interior sense of a moral order, there can be little respect for the law; for this can only come from feeling oneself bound from within to observe the law. Here we note that the almost universal modern concept of law as a system of rules created by the state - which ensures its application through a system of courts and a coercive power - leaves the law without any interior appeal or authority, except insofar as one may recognize the need for some minimum of common rules. It also exposes the individual to the tendency to regard the law as purely external imposition to be evaded, if one can, whenever it is considered

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PROFESSIONAL ETHICS personally inconvenient. The purpose of morality is to ensure the uprightness of individual conscience. Yet christian morality is not individualistic; it leads one into community.  Law and freedom Both law and morality imply human freedom. Clearly, without freedom one cannot speak of morality. But the same holds for law, for if it were automatically and not freely obeyed, men would be mere robots. Law is not a simple indication of what happens, such as the law of physics; it is an admonition to free persons about what they are required to do if they wish to live freely and responsibly in society; and it normally carries with it a sanction or punishment to be imposed on whoever is shown to have acted against given norms of conduct. Just law, properly understood, appeals to freedom. Nevertheless one of the most generalized liberal ideas is that law is by nature the enemy of freedom. Servais Pinckaers holds that Catholic moralists have gone through many centuries under the influence of this mentality which has led, by reaction, to the anti-law approach of much of contemporary moral theology. In this view, law and freedom were seen as "two opposed poles, law having the effect of limitation and imposing itself on freedom with the force of obligation. Freedom and law faced each other as two proprietors in dispute over the field of human actions. The moralists commonly said, "Law governs this act, freedom governs that one..." The moralists were traditionally the representatives of the moral law, and their mission was to show to conscience how to apply it in a particular situation, in a "case of conscience".   Law and justice Law cannot attempt to regulate the purely interior sphere of personal conduct; morality can. Human or civil law is connected with external actions, precisely insofar and because they impinge on the rights or lawful actions of others. Hence the necessary connection of law with justice. For the regulation of interpersonal relations must work from the basic principle of justice: "to each his due". Hence arises the fundamental question of what is due to each one, and from this the further question of human rights. To each his due. Something is due to each. This is the sense of equality before the law. "The possibility of giving his or her due not only to a relative, friend, citizen or fellow believer, but also to every human being simply because he is a person, simply because justice requires it, is the honor of law and of jurists. If there is an expression of the unity of the human race and of equality between all human beings, this expression is rightly given by the law, which can exclude no one from its horizon under pain of altering its specific identity". Even for those who see law and freedom in mutual opposition, the whole concept of law is essentially connected with that of justice. The ancient principle is at the basis of so many modern protests in the name of freedom. "This law is discriminatory, therefore it is not just". But justice is a moral concept; so these protests bear out the intrinsic connection between law and morality, "There is another crucial link between the virtues and law, for knowing how to apply the law is itself possible only for someone who possesses the virtue of justice" 

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It is evident that both law and morality serve to channel our behavior. Law accomplishes this primarily through sanction if we disobey legal rules. Morality too involves incentives i.e., bad acts may result in guilt and disapprobation and good may result in virtuous feelings and praise. The pull and push forces of the morals constitute and important influence on our conduct. In the pre-democratic age, the ethical values of a greater or smaller group of leaders had infinitely greater that of the inarticulate masses. The evolution of many societies, from a stage of kingly or aristocratic leadership to the rise of middle class and from there to the participation of the “common man” clearly produces a progressive widening of the basis for the impact of individual ethics upon social morality. However, the relative weight of the different groups within a society may be, the social morality of a community at any given time will be the composite of a multitude of ethical values. The variety of the latter depends in turn upon the degree of moral freedom.

5. Differences between law and moral standards Rules and laws are a method whereby rule makers and legislators attempt to regulate behaviors because of some need which can be either real or perceived. Some rules or laws are in clear alignment with morality. As an example, the law forbids violating another person’s body through rape, murder, battery, etc. Are these based upon morality? After a long intellectual journey, I think most people would agree that it is. If one gauges morality as supporting what is good for society, it is fairly universal that we protect all of the members of society from these forcible violations. This does not, however, mean that these regulations only stem for morality. As an example, it is immoral to keep people in bondage, however slavery has historically been codified into the laws of many nations. I doubt that one could reasonably argue that slavery was good for society at any time.

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PROFESSIONAL ETHICS Some laws have nothing to do with morality but rather to do with regulating reality into compliance with our belief in how things should be. When we look at issues like deciding which genders should be allowed to use which restrooms, I don’t think we’re really deciding this based upon morals. I cannot remember any part of the Bible (either in the New or Old Testaments) which discussed restrooms. I cannot see any harm arising from someone of any particular gender using a restroom, especially since restrooms are typically equipped with stalls which are, in turn, equipped with doors. Many rules, laws, and regulations are simply designed around making the world more manageable and have nothing to do with the issues of morality. These would include things like taxes, traffic laws, etc. Law is an approximation of morality. It exists on a different level of abstraction from morality. Morality is prior to law. Consequentialism is, as far as I can tell, the only defensible format for fundamental morality. But it’s extremely messy: for every choice set, add up as many costs and benefits as you can for each option, and go with the most favorable one. The law, however, needs to be explicit, efficient, straightforward, etc., so it’s a list of rules rather than a giant calculator. Law approximates morality, then, depending on how well the rules are written. It can never achieve perfect morality, for the same reason that individual actors can never achieve perfect morality: resource constraints. (You’re never really “done” with your cost-benefit analysis, because of butterfly effects.) But if we work hard, hopefully it can come pretty close.  Difference in purpose The most fundamental and important difference between ethics and law is in goals The purpose of legal cases is to provide the material and material benefits of the people of a community. These cases try to defend the lives, property and freedom of individuals against aggressors using the tools they possess. But the purpose of morality is beyond this issue, because in the first stage moral codes and sentences seek to decorate people with virtues and clean them from vices. The purpose of morality is to provide the material and spiritual happiness of men; the happiness that comes to man in the shadow of divine glory.  Intention A sufficient condition for the legal value of having an act is its agreement with the rules and laws But for action to be ethical, the intent of the person effects directly to be an action as an ethical action.  Executive guarantee The legislator considers those rules and their implementation, tools and guarantees of a certain exterior. Ultimately, something that comes about observing or not observing ethical rules is to proclaim and justify the exhortation of the practitioner and the deserving of those who violate those rules.  Limitation of legal judgments to human social behavior Rules of law and law only refer to social and social behaviors

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PROFESSIONAL ETHICS The moral rules embrace both individual behaviors and collective behavior, and even the qualities and qualities of human beings.  The universality, stability and immortality of the basic principles of morality The basic rules of general morality are fixed and eternal, but legal rules are changed. Law is a construct of conscience (in the sense of intellectual awareness). It's a rational list of do's and don'ts with more or less clear consequences if they are not followed. Morality is much less clear. It's born from human conscience (in the sense of an inner, subconscious urge to do the right thing). And conscience is developed through empathy. This, in its turn is a result of our human ability to imagine what emotions and pain feel like, and the innate urge to not wish pain for ourselves and thus not wishing to inflict it upon others. There are no clear rules, nor are there clear consequences if one does not abide. The only consequences are a bad feeling about oneself and being shunned by others. As morality clearly if not sufficient a system by far, Man wrote laws. Laws aren't perfect, but at least way more reliable and efficient than morality.

6. Common processes of formulating a law Business process compliance emerged as hot topic in research during the last few years. In essence, several approaches have been developed to formally and automatically prove that business processes comply with relevant constraints such as regulations, laws, or guidelines. An example constraint from the medical domain would be “The patient has to be informed about the risks of a surgery before the surgery takes place”. In practice, compliance checks are often conducted manually and hence perceived as a burden, although their importance is undoubted. The need to check for compliance of business processes based on a set of constraints may emerge in different phases of the process life cycle. During design time, the compliance of a process model with a set of constraints is checked. At runtime, the progress of a potentially large number of process instances is monitored to detect or even predict compliance violations. For this, typically, terms such as compliance monitoring or online

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PROFESSIONAL ETHICS auditing are used. Finally, processes can be diagnosed for compliance violations in a post mortem or offline manner, i.e., after process instance execution has been finished. This paper is dedicated to compliance monitoring as this is crucial for the timely detection and prediction of compliance violations as well as for the provision of reactive and pro-active countermeasures on compliance violations. Further, in realistic settings, the existence of a complete process model for compliance checks cannot always be assumed.  Typically, compliance requirements on business processes stem from different sources such as laws, regulations, or guidelines that are often available as textual descriptions. An important task towards compliance monitoring is the interpretation of these requirements as compliance objectives and the subsequent specification as compliance rules or constraints. As shown in, the specified compliance rules will be verified over the process execution events. The results of compliance monitoring can be visualized and reported back to users in different ways, ranging from notifications on violations to fine-grained feedback on reasons for violations, or even the prediction of possible and unavoidable future violations. In general, compliance monitoring approaches are driven by two factors: (1) the compliance rule language that is used to specify the compliance requirements and (2) the event format  the compliance checks are based on. Due to the possible heterogeneity of the data sources employed, an integrated target event format is desirable. There can be other operations, functions, or guidelines that impact warehouse operations. Listed below are some for you to consider:  Backorders  Under receiving operations, it was suggested that stock for backorders be pulled. I also suggest that backorders not go through the picking system. Whenever possible, have receiving deliver the backorder stock to a special place in your packing area, and process them without involving picking operations.  Order Printing Consider giving your warehouse the ability to print their own picking and shipping documents. This reduces the down time caused by waiting for another department to fit printing the documents into their own schedule.  Time Goals or Standards You should set time standards for handling all functions in warehouse operations, and you should make those standards well known to your staff. The goals you set must be realistic but challenging, not easily achieved on a daily basis. For example my goal is to turn all customer orders within 24 hours of receipt. With the up and down volume of orders received, we meet this goal 80% of the time, and we consistently turn all orders within 72 hours of receipt.  Storage and Picking Capacity  As a rule of thumb, you should plan to increase your storage and picking capacities once you are at 80% capacity. Once they reach 90%, you should implement your plan. When capacity exceeds 90%, you will use more and more labor to maintain your open locations. This is especially true in the storage system, because you will need to move and consolidate partial pallets to have enough full pallet space available for the incoming stock.  EDI and Pubnet

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PROFESSIONAL ETHICS If you do not have EDI and Pubnet capabilities, you may find your larger customers going elsewhere to make their purchases. More and more customers are placing their orders electronically. It is no longer a question of if you should install, but when.  Advanced Shipping Notice  ASN is essentially a file containing an electronic packing list for each carton being shipped. Scanning the products as they are packed into the shipping cartons creates the file, and it compares the contents for the file to the original order file to ensure accuracy. The files created during the day are sent via EDI to the customers on a daily basis. As with EDI and Pubnet, the number of customers desiring ASN is increasing. Unlike EDI and Pubnet, however, ASN will not reduce your labor costs. In fact, it probably will increase labor costs by increasing the time required to turn your orders. In my situation, where I hold pickers accountable for accuracy, it adds a checking step, and it stops the picker from packing orders as they are assembled. The one positive aspect of ASN is accuracy. Using ASN capabilities to scan-check all orders should result in virtually error-free shipping.  Technology in General  Many of us have been slow to accept and implement new technology in our operations, even though our customers have been requesting new capabilities for several years. We have dragged our feet in part because of the cost, but also because we lack the expertise to analyze or implement it. Whether we like it or not, the time has come to create and staff a full-time information and technology (IT) department, and it would be best if this department serves the whole organization. A data warehouse is a global information repository, which stores facts originating from multiple, heterogeneous data sources in materialised views. Up to now, a data warehouse has always been used for application data and never for control data. As efficiency, accuracy, transparency and flexibility of enterprise’s business processes have become fundamental for process reengineering programmes, paying attention to accurate and comprehensive business process analysis will become an important issue in the near future. We have chosen a data warehouse approach, called process warehouse for multidimensional process controlling, which enables process owners, process managers or other authorised staff members, to receive comprehensive information on business processes very quickly, at different aggregation levels, from different and multidimensional.

7. Formulation processes of the selected law In general, warehouses are focal points for product and information flow between sources of supply and beneficiaries. However, in humanitarian supply chains, warehouses vary greatly in terms of their role and their characteristics. The global warehousing concept has gained popularity over the last decade as stock pre-positioning becomes one of the strategies for ensuring a timely response to emergencies. They are usually purpose built or purpose designed facilities operated by permanent staff that has been trained in all the skills necessary to run an efficient facility or utilising third party logistics (3PL) staff and facilities. For such operations, organisations use, information systems that are computer based, with sophisticated software to help in the planning and management of the warehouse. The operating situation is relatively stable and management attention is focused on the efficient

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PROFESSIONAL ETHICS and cost effective running of the warehouse operation. Numerous organizations have centralized pre-positioning units strategically located globally. Some of these offer extended services to other humanitarian organizations on a cost plus operating charges basis.  Field Warehouses are usually temporary in nature. They may be housed in a buildings which was not designed to be used as a warehouse, in a temporary building/structures, and are often in mobile units that are little more than a tent in a field. The initial staff may be a casual workforce that has never worked in a warehouse before and the inventory system is more likely to be paper based. Often the situation is initially chaotic, sometimes dangerous and coupled with a humanitarian need which may be very urgent. The management style must therefore be practical and action oriented with a focus on making the humanitarian goods available as quickly and efficiently as possible, while being accountable at the same time. These Regulations are formulated in accordance with the relevant provisions of the Constitution, the Legislation Law and the Organic Law of the State Council to standardize the procedures for formulating administrative regulations and to ensure the quality of administrative regulations. These Regulations apply to the project establishment, drafting, examination, decision on, promulgation and interpretation of administrative regulations. The formulation of administrative regulations shall comply with the legislative principles established by the Legislation Law and conform to the provisions of the Constitution and laws. Administrative regulations are normally entitled "regulations", and they may also be entitled "provisions", "measures" etc. The administrative regulations that the State Council formulates in accordance with the authorization decisions of the National People's Congress or its Standing Committee are entitled "interim regulations" or "interim provisions". Neither the rules formulated by the departments of the State Council nor the rules formulated by the local people's governments may be entitled "regulations". Administrative regulations shall be detailed but not verbose, logically tight and operable with their articles clear and concrete, and their wording accurate and concise. Administrative regulations may, as required by the contents, be arranged into chapters, sections, articles, paragraphs, items and sub-items. The serial numbers of chapters, sections and articles shall be indicated by Chinese numerals sequentially, paragraphs shall not be numbered, the serial numbers of items shall be indicated by Chinese numerals in parentheses sequentially, and the serial numbers of sub-items shall be indicated by Arabic numerals sequentially.

 Conclusion 8. Executive summary This report presents the results of the comptroller and auditor general of india’s audit of the world food programme (wfp) with regard to its performance on warehouse management. The main objective of the audit was to ascertain whether wfp warehouses were managed in an economical, efficient and effective manner and the management of food commodities stored therein was in line with its manuals and existing guidelines. Warehouse management plays a crucial role in the successful operation of wfp keeping in view its core mandate of delivering food for ending global hunger. Each year, wfp purchases food commodities with the objective of ensuring availability of appropriate food commodities to beneficiaries in a

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PROFESSIONAL ETHICS timely and cost-effective manner. There are 632 wfp managed warehouses in 75 countries where food is stored for distribution to beneficiaries. In addition, there are warehouses of government and non-governmental organization partners. The warehouse operation cost for the years 2012, 2013 and 2014 (up to june) were usd 85.05 million, usd 70.72 million and usd 36.71 million respectively. We observed that wfp did not have overarching global guidance for managing warehouse operations. As warehouse management plays a crucial role towards fulfilling its strategic plan (2014–2017), we encourage wfp to formulate global guidance on warehouse management. We noted that wfp did not have a specific work plan/sub-plan relating to warehouse management at the headquarters level and sub-plan at the regional bureau/country office level for achieving overall objectives under the strategic plans (2008–2013 and 2014–2017). As wfp has to respond to the urgent needs of beneficiaries in dynamic and volatile environments and in light of the strategic shift of wfp from being a food aid agency to a food assistance agency, there is a need for revising the normative manuals after considering feedback from relevant parties and stakeholders. To use the warehouses at their optimal level, space requirements need to be assessed well in advance and accordingly, specific planning at each warehouse is to be ensured before arrival of the stock. Wfp needs to review its oversight mechanism for space planning and stock layout. Quality management of food and commodities stored in the warehouse is a crucial aspect of warehouse management. We recommend that wfp may ensure that the guidelines prescribed for regular inspection of warehouses may be complied with by all country offices to ensure the quality of food commodities kept in the warehouses. The united republic of tanzania country office observed that against total warehouse losses of 170.44 mt attributable to damaged/spoiled commodities during the period january 2012 to june 2014, only 44.78 mt (26 percent) could be disposed of. We recommend that wfp may ensure early disposal of damaged/spoilt items, following the required procedures, processes and formalities. In the cameroon country office, we observed that the information furnished by the cooperating partners pertaining to the period october 2013 to september 2014 were not being reconciled with the stock position indicated in the commodity movement, processing and analysis system. Wfp may ensure monthly reconciliation of the stock position as reported by the cooperating partners with compas so as to assess whether there is any loss, wastage or misappropriation.

 Reference 1. http://search.monstercrawler.com/monster33/search/web?q=lawyers+for+business 2. https://lonang.com/commentaries/foundation/framework-of-law/text/f12/ 3. https://uk.sagepub.com/sites/default/files/upm-binaries/39590_Chapter7.pdf

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