What does statutory obligation mean?
Statutory obligations are those obligations that do not arise out of a contract, but are imposed by law. It is very important that contracts and appointment documents make it clear whose responsibility it is to satisfy statutory obligations and who is bearing the risk of failure to satisfy a statutory obligation.
What are statutory obligation examples?
There are many forms of statutory obligation which include wage levels, annual holidays, employment terms and agreement etc.
What is the statutory obligation of a banker?
The bank has a statutory obligation under section 31 of Negotiable Instruments Act under which it has to honour the checks of its customers up to the amount standing to the credit of the customer’s account.
What is conventional obligation?
Legal terms, 英文法律词汇 / CONVENTIONAL OBLIGATION. An obligation that results from agreement of the parties; a contractual obligation.
Which of the following is a statutory requirement?
statutory requirement means any act of parliament, any instrument, rule or order made under any act of parliament and any regulation or by-law of any local authority or of any Statutory Undertaker which has jurisdiction with regard to the design works or with whose systems the same are or will be connected including …
What are statutory duties?
Meaning of statutory duty in English the laws that a company, a government organization, or the members of a particular profession must obey: By charging such high prices for electricity, the company was found to be in breach of statutory duty..
What statutory holiday means?
Statutory holidays are public holidays recognized by the federal government or your province. Depending on your eligibility and employer, you are entitled to a day off without losing pay on these dates. Banks and federal offices are closed on stat holidays, too.
What is obligation in banking?
Under a traditional documentary letter of credit a bank is obligated to pay subject to the physical presentation of compliant documents. Therefore, a BPO offers assurance of payment, risk mitigation for all parties, and possible use as collateral for finance. …
What is real obligation?
Real obligation means legal obligation that is connected with real property. t is a duty that corresponds to real right. In other words, real obligation of a person refers to those duties that a person must perform in return for the right that s/he exercises. An example of real obligation is mortgage.