Professional Documents
Culture Documents
,WHP 3DJH
,QWURGXFWLRQ
/HJLVODWLRQ
NASC
3 of 48
,1752'8&7,21
0RUH WKDQ D TXDUWHU RI WKH LQMXULHV UHSRUWHG HDFK \HDU E\ 1$6& PHPEHUV WR HQIRUFLQJ DXWKRULWLHV DUH DVVRFLDWHG
ZLWK PDQXDO KDQGOLQJ )DWDO PDQXDO KDQGOLQJ DFFLGHQWV DUH UDUH EXW DQDO\VLV RI 1$6& DFFLGHQW VWDWLVWLFV
VKRZ WKDW WKH PDMRULW\ DUH VSUDLQV DQG VWUDLQV WR WKH XSSHU ERG\ VKRXOGHUV DUPV ZULVWV KDQGV DQG QJHUV
0DQ\ VFDIIROGHUV VXIIHU ORQJ WHUP HIIHFWV IURP SRRU KDQGOLQJ WHFKQLTXHV RU ZRUN UHODWHG XSSHU OLPE GLVRUGHUV
:58/'V WKURXJK WKH UHSHWLWLYH QDWXUH RI VFDIIROGLQJ RSHUDWLRQV 6FDIIROGLQJ KDV EHHQ UHIHUUHG WR DV D \RXQJ
PDQV JDPH ZLWK PDQ\ OHDYLQJ WKH LQGXVWU\ SUHPDWXUHO\ GXH WR PDQXDO KDQGOLQJ UHODWHG LQMXULHV RU LOO KHDOWK
7KHUHIRUH PDQXDO KDQGOLQJ LV WKH PRVW VLJQLFDQW RFFXSDWLRQDO KHDOWK KD]DUG IDFHG E\ WKH VFDIIROGLQJ LQGXVWU\
WRGD\ 9HU\ UDUHO\ GR VFDIIROGHUV UHDFK UHWLUHPHQW DJH VWLOO ZRUNLQJ RQ WKH VSDQQHU
6FDIIROGHUV VSHQG PRVW RI WKHLU WLPH OLIWLQJ DQG KDQGOLQJ VFDIIROGLQJ PDWHULDO XQGHU D YDULHW\ RI FRQGLWLRQV
0DQXDO KDQGOLQJ LV DQ LQKHUHQW SDUW RI WKH VFDIIROGLQJ WUDGH 7KH VSHFLDOLVW VNLOOV DQG WHFKQLTXHV XVHG E\
VFDIIROGHUV ZKHQ KDQGOLQJ KHDY\ DQG RIWHQ XQZLHOG\ PDWHULDOV DUH WKH EDVLF HQDEOLQJ VNLOOV RI WKH VFDIIROGLQJ
LQGXVWU\
,Q WKH DYHUDJH ZRUNLQJ GD\ D VFDIIROGLQJ JDQJ FDQ W\SLFDOO\ KDQGOH RYHU WRQQHV RI PDWHULDOV 7KH DYHUDJH
VFDIIROGHU LQ WKHLU ZRUNLQJ OLIH FRXOG KDQGOH PRUH WKDQ WRQQHV RI VFDIIROGLQJ PDWHULDOV WKH HTXLYDOHQW
RI &XQDUGV FUXLVH VKLS WKH 4XHHQ 0DU\ ,,
7KH QDWXUH RI WKH MRE GLFWDWHV WKDW VFDIIROGHUV PXVW EH PHQWDOO\ DOHUW WR WKH LQKHUHQW GDQJHUV RI D SK\VLFDOO\
VWUHQXRXV MRE
6HYHUDO IDFWRUV LQ VFDIIROGLQJ FDQ PDNH PDQXDO KDQGOLQJ WDVNV GLIFXOW 6FDIIROGHUV DUH RIWHQ UHTXLUHG WR
6RPH LWHPV RI VFDIIROGLQJ PDWHULDO DUH RI VXFK D ZHLJKW WKDW WKH\ UHTXLUH VSHFLDO KDQGOLQJ WHFKQLTXHV WR
SUHYHQW LQMXU\ HJ P IW VFDIIROG WXEH P IW VFDIIROG ERDUG D EDJ RI ORRVH WWLQJV ORQJ ODGGHUV RU
EHDPV $OWKRXJK VFDIIROGHUV GR UHTXLUH FHUWDLQ SK\VLFDO FDSDELOLWLHV PRVW RI WKH PRUH VWUHQXRXV DZNZDUG RU
XQZLHOG\ WDVNV UHO\ PRUH XSRQ VSHFLDO WHFKQLTXHV WKDQ SXUH VWUHQJWK
7KH UHFRPPHQGDWLRQV ZLWKLQ WKLV JXLGDQFH QRWH VKRXOG KHOS VFDIIROGLQJ RSHUDWLYHV DQG WKHLU HPSOR\HUV UHGXFH
WKH ULVN RI LQMXU\ DQG ORQJWHUP KHDOWK SUREOHPV DVVRFLDWHG ZLWK PDQXDO KDQGOLQJ LQ VFDIIROGLQJ
5HSRUWHG WR WKH +HDOWK DQG 6DIHW\ ([HFXWLYH +6( XQGHU WKH 5HSRUWLQJ RI ,QMXULHV 'LVHDVHV DQG 'DQJHURXV 2FFXUUHQFHV 5HJXODWLRQV
5,''25 6RXUFH 1$6& 6DIHW\ 5HSRUW
NASC
4 of 48
/(*,6/$
/(*,6/$7,21
$7
7,21
7KH 0DQDJHPH
0DQDJHPHQW HQW RI +HDOWK DQG 6DIHW\ DW :RUN:RUN 5HJXODWLRQV
UHTXLUH
UHTXLUH HPSOR\HUV WR PDNH D VXLWDEOH
VXXLWDEOH DQG
VXIFLHQW DVVHV
DVVHVVPHQW
VVPHQW RI WKH ULVNV WR WKH KHD
KHDOWK
DOWK DQG VDIHW\ RI WKHLU HPSOR\HHV
HPSOR\\HHV ZKLOVW DW ZRUN :KHUH WKLV
WK
KLV JHQHUDO
DVVHVVPHQW LQG
LQGLFDWHV
GLFDWHV WKH SRVVLELOLW\ RI ULVNVV IURP WKH PDQXDO KDQGOLQJ RII ORDGV WKH UHTXLUHPHQWV RI WKH
W 0DQXDO
+DQGOLQJ 2SHUDWLRQV
2SHUDDWLRQV 5HJXODWLRQV PXVW PXVVW EH IROORZHG
7KH &RQVWUXFWLR
&RQVWUXFWLRQ
RQ 'HVLJQ
HV J DQG 0DQDJHPHQW
0DQDJHPHQ
D DJH HQW 5HJXODWLRQV
HJX D R V &'0
& DSSO\
D \ WR PRVW FRQVWUXFWLRQ ZRUN
DSS Z 8QGHU
&'0 HYHU\RQH H LQYROYHG LQ WKH FRQVWUXFWLRQ
FRQVWUXFWLR
RQ SURFHVV PXVW JLYH DGHTXDWH
DGHTTXDWH UHJDUG WR KHDOWK DQG VDIHW\
V
VDIHW\ )RU
PDQXDO KDQGOLQJ
KDQGOLQ
QJ WKLV LV HVSHFLDOO\ DSSURSULDWH
DSSURSUULDWH IRU WKH $UFKLWHFWV 'HVLJQHUV
'HVLJQHUV DQG 3ULQFLSDO &RQWUDFWRUV
&RQWUDFFWRUV ZKHQ
FRQVLGHULQJ WKH
H OD\RXW RI WKH VLWH DQG DFFHVV
DFFHVV IRU WKH VFDIIROGLQJ
VFDIIROGLQJ FRQWUDFWRU
FRQWUDDFWRU DQG PDWHULDOV 'XWLHV XQGHU
X &'0
H[WHQG WR WHPSRUDU\
WHPSSRUDU\ ZRUNV GHVLJQ 6FDI
6FDIIROG
IROOG 'HVLJQ (QJLQHHUV PXVW FRQVLGHU
F PDQXDO KDQGOLQJ KD]DUGV
KD
D]DUGV DQG
ZKHUH VLJQLFDQW
VLJQLFD
DQW ULVNV FDQQRW EH GHVLJQHGRXW
GHVLJQHGGRXW WKHQ VXFK VLJQLFDQW KD]DUGV
K RU KD]DUGRXV ZRUN VHTXHQFHV
V
WKDW UHPDLQ VKRXOG
RXOG EH KLJKOLJKWHG WR WKH VFDIIROGHUV
VKR VFDDIIROGHUV RQ WKH GUDZLQJV
)LJ
,Q DGGLWLRQ WR WKHVH
H VWDWXWRU\ GXWLHV HPSOR\HUVV KDYH D FRPPRQ ODZ
GXW\ RI FDUH WRZDUGVV HPSOR\H
HPSOR\HHV
HV WR WDNH DOO UHDVRQDEOH
UHDVR
RQDEOH VWHSV WR SUHYHQW
IRUHVHHDEOH PDQXDO KDQGOLQJ LQMXULHV
NASC
5 of 48
3/$11,1* )25 0$18$/ +$1'/,1*
6FDIIROGLQJ FRQWUDFWRUV PXVW FRQVLGHU PDQXDO KDQGOLQJ DV DQ LQWHJUDO SDUW RI WKH SODQQLQJ SURFHVV (VWLPDWRUV
PDQDJHPHQW DQG VXSHUYLVLRQ PXVW FRQVLGHU PDQXDO KDQGOLQJ DV SDUW RI WKH LQLWLDO ULVN DVVHVVPHQW SURFHVV
ZKHQ WKH\ DUH VXUYH\LQJ DQG FRQVLGHULQJ WKH VFRSH IRU WKH MRE 0DQXDO KDQGOLQJ LVVXHV VKRXOG EH UDLVHG ZLWK
WKH FOLHQW DQG FRQVLGHUHG WRJHWKHU DV SDUW RI WKH SUHFRQWUDFW QHJRWLDWLRQV DQG SUHVWDUW PHHWLQJV
$UUDQJHPHQWV WR UHGXFH FDUU\LQJ GLVWDQFHV DQG PDQXDO KDQGOLQJ ULVNV RQ VLWH FRXOG LQFOXGH
+RZ FORVH FDQ YHKLFOHV EH SDUNHG RU PDWHULDOV VWRUHG WR WKH ZRUNSODFH WR PLQLPLVH FDUU\ GLVWDQFHV"
$UH WKHUH DQ\ WLPH VHFXULW\ FRQVWUDLQWV IRU PDWHULDOV EHLQJ GHOLYHUHG RU FROOHFWHG"
$UH WKHUH DQ\ URDG FORVXUHV RU KLJKZD\ SHUPLWV UHTXLUHG WR DOORZ WKH YHKLFOH DGMDFHQW WR WKH
ZRUNSODFH"
$UH WKHUH DQ\ VDIHW\ FRQVLGHUDWLRQV DV D UHVXOW RI YHKLFOH PRYHPHQW LV D %DQNVPDQ UHTXLUHG"
/RFDO RU VLWH WUDIF UHVWULFWLRQV RQHZD\ V\VWHPV ZDLWLQJ RU SDUNLQJ OLPLWV WKDW PD\ KLQGHU YHKLFOH
DFFHVV"
,V WKH WHUUDLQ VXLWDEOH IRU WKH YHKLFOHV HJ ZKRV UHVSRQVLEOH IRU SUHSDULQJ WKH JURXQG"
6SHFLHG OD\GRZQ DUHD VWRUDJH IDFLOLWLHV RU VDWHOOLWH VWRUDJH IDFLOLWLHV DW WKH ZRUNSODFH"
O 8VH RI VKDUHG PHFKDQLFDO KDQGOLQJ HTXLSPHQW HJ IRUNOLIW WUXFN KRLVWV RU FUDQHV
$UH DOO PDFKLQHU\ RSHUDWRUV FRPSHWHQW IRU WKH HTXLSPHQW WKH\ LQWHQG WR XVH HJ KRLVW RSHUDWRUV WR EH
WUDLQHG LV D VOLQJHUVLJQDOOHU UHTXLUHG"
NASC
6 of 48
&DVH 6WXG\ +RLVWV
$Q 1$6& PHPEHU KDV LQYHVWHG LQ D HHW RI VPDOO JRRGV KRLVWV WKDW DWWDFK WR WKH VFDIIROG IRU WKH SXUSRVH
RI UDLVLQJ DQG ORZHULQJ VFDIIROGLQJ PDWHULDOV RQ WDOOHU VWUXFWXUHV
7KH PDLQ EHQHW RI WKHVH KRLVWV RQ WDOOHU VFDIIROGV KDV SURYHQ WR EH HIFLHQF\ ERWK LQ WKH SK\VLFDO HIIRUW
UHTXLUHG DQG KXPDQ UHVRXUFHV XVHG 7\SLFDOO\ VFDIIROGLQJ FRQWUDFWRUV ZLOO FKDLQ PDWHULDOV KDQG WR KDQG
UHTXLULQJ PRUH PDQSRZHU RU XVH D URSH DQG ZKHHO ZKLFK LV WLPH FRQVXPLQJ DQG FDXVHV IDWLJXH7KH
KRLVWV FDQ FDUU\ PDQ\ PRUH LWHPV DW D WLPH
2IWHQ FXVWRPHUV VHH WKHVH KRLVWV LQ XVH E\ WKH VFDIIROGHUV DQG DVN IRU WKH KRLVW WR EH OHIW RQ KLUH WKHUHE\
JHQHUDWLQJ IXUWKHU EXVLQHVV
:KHUH LW KDV EHHQ DVVHVVHG WKDW WKHUH LV D ULVN RI LQMXU\ IURP PDQXDO KDQGOLQJ WKH UVW FRQVLGHUDWLRQ VKRXOG
EH ZKHWKHU WKH ORDG QHHGV WR EH KDQGOHG DW DOO RU ZKHWKHU WKH UHTXLUHPHQW IRU KDQGOLQJ FDQ EH PLQLPLVHG 7KH
VFRSH IRU HOLPLQDWLQJ WKH KDQGOLQJ RI ORDGV LQ PRVW VFDIIROGLQJ RSHUDWLRQV LV YHU\ OLPLWHG +RZHYHU WKURXJK
FDUHIXO SODQQLQJ RUJDQLVDWLRQ DQG ZKHUH DSSURSULDWH LQQRYDWLYH VFDIIROG GHVLJQ PDQXDO KDQGOLQJ ULVNV FDQ
EH DYRLGHG RU UHGXFHG IRU VRPH VFDIIROGLQJ WDVNV
,Q PRVW FDVHV WKH SODQQLQJ DQG RUJDQLVDWLRQ RI PDWHULDO GHOLYHULHV DQG VWRUDJH DUHDV FDQ UHGXFH FDUU\LQJ
GLVWDQFHV DQG WKH DPRXQW RI KDQGOLQJ UHTXLUHG :KHUH ORDGKDQGOLQJ RSHUDWLRQV DUH HVVHQWLDO FRQVLGHUDWLRQ
VKRXOG EH JLYHQ WR WKH XVH RI PHFKDQLFDO KDQGOLQJ IRU H[DPSOH E\ WKH XVH RI OLIWLQJ HTXLSPHQW RQVLWH VXFK
DV IRUNOLIWV FUDQHV DQG KRLVWV 0DQDJHPHQW VKRXOG DUUDQJH ZLWK WKHLU FOLHQW IRU WKH XVH RI VKDUHG PHFKDQLFDO
KDQGOLQJ HTXLSPHQW DW WKH SODQQLQJ VWDJH RI HDFK FRQWUDFW RU MRE VHH DERYH
0RUH DQG PRUH VFDIIROGLQJ FRQWUDFWRUV DUH VHHLQJ WKH EHQHWV IURP JUHDWHU XVH RI PHFKDQLFDO KDQGOLQJ
HTXLSPHQW WKHPVHOYHV IRU H[DPSOH WKH XVH RI GHPRXQWDEOH ERG\ YHKLFOHV ORUU\ORDGHU FUDQHV KRLVWV DQG
ZLQFKHV
6SHFLDOO\ DGDSWHG KRLVW IRU 7XEHV ORDGHG LQ D VHFXUH UDFN )DVW VDIH DQG HIFLHQW KDQGOLQJ
VFDIIROGLQJ PDWHULDOV
NASC
7 of 48
'HPRXQWDEOH ERG\ YHKLFOHV /RUU\ ORDGHU FUDQHV
8WLOLVLQJ
8 VLWH IRUN OLIW WUXFN 8VH
8 RI VLWH FUDQHV
)LJ
)LJ
J ([DPSOHV RI VLWH PHFKD
PHFKDQLFDO
DQLFDO KDQGOLQJ HTXLSPHQW XWLOLVHG
XWWLOLVHG IRU VFDIIROGLQJ
VFDIIROGLQJ
NASC
8 of 48
&DUU\LQJ RXW D PDQXDO KDQGOLQJ DVVHVVPHQW
:KHQ DVVHVVLQJ WKH PDQXDO KDQGOLQJ ULVN \RX QHHG WR FRQVLGHU WKH GLIIHUHQW FKDUDFWHULVWLFV WKDW PDNH XS WKH
DFWLYLW\ 7KH DUHDV WR FRQVLGHU DUH WKH
7DVN
,QGLYLGXDO
/RDG
(QYLURQPHQW
(DFK RI WKHVH RQ LWV RZQ FDQ KDYH DQ HIIHFW DOWKRXJK PRUH FRPPRQO\ LW ZLOO EH D FRPELQDWLRQ RI WKHVH
IDFWRUV WKDW LQXHQFHV WKH ULVN RI PDQXDO KDQGOLQJ LQMXU\ :KHQ FDUU\LQJ RXW D PDQXDO KDQGOLQJ DVVHVVPHQW
LW LV LPSRUWDQW WKDW WKH DFWLYLW\ LV WDNHQ DV D ZKROH DQG WKH LQWHUDFWLRQ EHWZHHQ WKHVH IRXU FKDUDFWHULVWLFV LV
FRQVLGHUHG &RQVXOWDWLRQ ZLWK \RXU ZRUNHUV DQG WKRVH ZKR KDYH KDG SDVW H[SHULHQFH RI VXFK ZRUN FDQ EH RI
FRQVLGHUDEOH DVVLVWDQFH ZKHQ LGHQWLI\LQJ PDQXDO KDQGOLQJ KD]DUGV
7DVN
O 7KH QDWXUH RI WKH WDVN QG RXW KRZ PXFK UHDFKLQJ EHQGLQJ VWRRSLQJ VWUHWFKLQJ DQG WZLVWLQJ LV LQYROYHG
O 7KH SRVLWLRQ RI WKH ORDG UHODWLYH WR WKH KDQGOHU LV LPSRUWDQW LQ GHWHUPLQLQJ WKH GHJUHH RI FRQWURO DQG HIIRUW
UHTXLUHG WR GR WKH WDVN ,I D ORDG KDV WR EH OLIWHG DERYH KHDG KHLJKW WKHQ WKH GHJUHH RI FRQWURO DQG HIIRUW
QHHGHG ZLOO EH JUHDWHU WKDQ LI WKH DFWLYLW\ ZHUH FDUULHG RXW DW ZDLVW KHLJKW HJ ZKHQ WRSSLQJ RXW D VWDQGDUG
RQ D WDOO KHPS FRPSDUHG WR D VKRUW RQH
O 7KH IUHTXHQF\ DQG GXUDWLRQ RI WKH KDQGOLQJ DUH LPSRUWDQW LQ GHWHUPLQLQJ WKH GHJUHH RI ULVN :KHUH WKHUH
DUH UHSHWLWLYH OLIWLQJ RSHUDWLRQV FRPELQHG ZLWK UHSHDWHG EHQGLQJ WZLVWLQJ DQG UHDFKLQJ RYHU D SHULRG RI
WLPH WKH HIIHFW RI DOO WKHVH WDVNV DGGHG WRJHWKHU VLJQLFDQWO\ LQFUHDVHV WKH OLNHOLKRRG RI LQMXU\ HJ FKDLQLQJ
PDWHULDOV LQ D UHVWULFWHG VSDFH RU ZRUNLQJ RQ D VKRUW OLIW
,QGLYLGXDO &DSDELOLW\
O 'RHV WKH LQGLYLGXDO KDYH DQ H[LVWLQJ KHDOWK SUREOHP ZKLFK LQFUHDVHV WKH ULVN"
O $Q LQGLYLGXDOV DJH VWUHQJWK OHYHO RI VNLOO DQG H[SHULHQFH ZLOO DIIHFW KRZ PXFK D SHUVRQ FDQ VDIHO\ KDQGOH
O ,W LV UHFRJQLVHG WKDW VFDIIROGLQJ UHTXLUHV FHUWDLQ SK\VLFDO FDSDELOLWLHV EXW LW LV PRUH LPSRUWDQW WR XWLOLVH WKH
VSHFLDOLVW WHFKQLTXHV RI WKH WUDGH GHYHORSHG RYHU GHFDGHV NQRZQ DV NLQHWLF KDQGOLQJ WHFKQLTXHV
NASC
9 of 48
/RDG
O 7KH ZHLJKW VL]H VKDSH DQG VWDELOLW\ RI WKH ORDG DOO FRQWULEXWH WR WKH GHJUHH RI FRQWURO DQG HIIRUW QHHGHG IRU
WKH DFWLYLW\
O 7KH XQZLHOG\ QDWXUH LQ ZKLFK WKH ORDG QHHGV WR EH KDQGOHG HJ ORQJ FRPSRQHQWV KHOG YHUWLFDOO\ VXFK DV
D KRLVWHG WXEH RU DZD\ IURP WKH FHQWUH RI JUDYLW\ ZKHQ SDVVLQJ RXW VFDIIROG ERDUGV LQ DGYDQFH WR IRUP D
ZRUNLQJ SODWIRUP
(QYLURQPHQW
O 7KH QDWXUH RI WKH ZRUNLQJ HQYLURQPHQW LV LW KRW FROG ZLQG\ RU SRRUO\ OLW"
O :RUNLQJ DW KHLJKW DGGV DQRWKHU GLPHQVLRQ WR PDQXDO KDQGOLQJ WDVNV DQG VFDIIROGHUV PXVW HQVXUH WKDW
WKH\ FUHDWH D VDIH ZRUNLQJ SODWIRUP VR WKDW PDQXDO KDQGOLQJ DW KHLJKW GRHV QRW LQFUHDVH WKH ULVN RI D IDOO
RU HYHQ WKH ULVN RI PDQXDO KDQGLQJ LQMXU\ $OO ZRUN DW KHLJKW PXVW EH FDUULHG RXW LQ DFFRUGDQFH ZLWK 1$6&
6DIHW\ *XLGDQFH 6* 7KH ULVN RI IDOOLQJ REMHFWV IURP SRRU PDQXDO KDQGOLQJ WHFKQLTXHV DOVR QHHGV WR EH
FRQVLGHUHG ZKHQ ZRUNLQJ DW KHLJKW
O $UH WKHUH VORSHV XQHYHQ JURXQG RU SRRU DFFHVV DUUDQJHPHQWV" 3RRU JURXQG FRQGLWLRQV PDNH VOLSV DQG
WULSV PRUH OLNHO\
O &RQVWUDLQWV RQ SRVWXUH VXFK DV FRQQHG RU UHVWULFWHG VSDFHV LQFUHDVH WKH GHJUHH RI FRQWURO DQG HIIRUW
QHHGHG IRU WKH WDVN LQFUHDVLQJ WKH ULVN RI LQMXU\
O &DUU\LQJ LWHPV RQ VORSHV UHTXLUHV JUHDWHU HIIRUW WKDQ FDUU\LQJ RQ WKH OHYHO
O $GYHUVH ZHDWKHU FRQGLWLRQV QHHG WR EH FRQVLGHUHG DV FDUU\LQJ VKHHW PDWHULDOV LQ ZLQG\ FRQGLWLRQV FRXOG
PDNH WKH PDQXDO KDQGOLQJ WDVN PRUH GLIFXOW
,I PDQXDO KDQGOLQJ FDQQRW EH DYRLGHG WKHQ WKH REMHFWLYH IRU HPSOR\HUV LV WR UHGXFH WKH SRVVLEOH KDUPIXO HIIHFWV
RI PDQXDO KDQGOLQJ WR DV ORZ D OHYHO DV LV UHDVRQDEO\ SUDFWLFDEOH
$V PDQXDO KDQGOLQJ LV DQ LQKHUHQW SDUW RI VFDIIROGLQJ WKH PDQXDO KDQGOLQJ ULVN DVVHVVPHQW GRHV QRW QHFHVVDULO\
QHHG WR EH UHFRUGHG DV D VHSDUDWH DVVHVVPHQW DQG VKRXOG FRQVLGHUHG DV SDUW RI WKH JHQHUDO ULVN DVVHVVPHQW
PHWKRG VWDWHPHQW RU VFDIIROG SODQ
NASC
10 of 48
7UDLQLQJ ,QIRUPDWLRQ DQG ,QVWUXFWLRQ
7KH VSHFLDO PDQXDO KDQGOLQJ VNLOOV DQG WHFKQLTXHV DUH FRYHUHG DV SDUW RI WKH &RQVWUXFWLRQ ,QGXVWU\ 6FDIIROGHUV
5HFRUG 6FKHPH &,656 IRU 3DUW 3DUW DQG $GYDQFHG
6SHFLF PDQXDO KDQGOLQJ UHTXLUHPHQWV IRU V\VWHP VFDIIROGLQJ DUH FRYHUHG E\ WKH &,656 6\VWHP 6FDIIROG
3URGXFW 7UDLQLQJ 6FKHPH 66376 )RU RWKHU SURSULHWDU\ SURGXFWV QRW FRYHUHG E\ WKLV VFKHPH HPSOR\HUV
PXVW HQVXUH WKDW DOO VFDIIROGLQJ RSHUDWLYHV UHFHLYH WKH QHFHVVDU\ LQIRUPDWLRQ LQVWUXFWLRQ DQG WUDLQLQJ
0DQDJHPHQW DQG VXSHUYLVLRQ PXVW HQVXUH WKDW DQ\ VSHFLF FRQWURO PHDVXUHV LGHQWLHG LQ WKH ULVN DVVHVVPHQW
PHWKRG VWDWHPHQW RU VFDIIROG SODQ DUH HIIHFWLYHO\ FRPPXQLFDWHG DV SDUW RI WKH SUHVWDUW EULHQJ
:KHUH PHFKDQLFDO KDQGOLQJ HTXLSPHQW LV WR EH VXSSOLHG RU RSHUDWHG E\ WKH VFDIIROGLQJ FRQWUDFWRU HPSOR\HUV
PXVW HQVXUH WKDW RSHUDWLYHV KDYH WKH QHFHVVDU\ WUDLQLQJ DQG H[SHULHQFH WR EH GHHPHG FRPSHWHQW
NASC
11 of 48
3K\VLFDO &DSDELOLWLHV +HDOWK 6FUHHQLQJ 6XUYHLOODQFH
,W LV LPSRUWDQW HPSOR\HUV HQVXUH WKDW VFDIIROGLQJ RSHUDWLYHV LQFOXGLQJ GULYHUV ODERXUHUV DQG \DUG VWDII KDYH
WKH SK\VLFDO FDSDELOLWLHV WR FDUU\ RXW WKH PDQXDO KDQGOLQJ DVSHFWV RI WKHLU MRE
7KH KHDOWK VFUHHQLQJ DQG VXUYHLOODQFH DUUDQJHPHQWV FDUULHG RXW E\ HPSOR\HUV FRXOG LQFOXGH LQ DGGLWLRQ WR
VWDWXWRU\ PHGLFDOV DQG WKRVH UHTXLUHG E\ FOLHQWV
O 3UHHPSOR\PHQW 0HGLFDO 4XHVWLRQQDLUHV FDQ EH XVHG WR YHW SRWHQWLDO QHZ HPSOR\HHV WR HQVXUH WKH\
KDYH WKH QHFHVVDU\ SK\VLFDO FDSDELOLWLHV IRU WKH UROH DQG LGHQWLI\ SUHH[LVWLQJ FRQGLWLRQV WR EH FRQVLGHUHG
O %DVHOLQH 0HGLFDO ([DPLQDWLRQ XVHG WR HVWDEOLVK WKH EDVH WQHVV IRU ZRUN DQG WR KHOS LGHQWLI\ DQ\
XQGHUO\LQJ KHDOWK SUREOHPV WKDW PLJKW DIIHFW DQ HPSOR\HHV DELOLW\ WR ZRUN VDIHO\
O +HDOWK 6XUYHLOODQFH 0HGLFDOV FDUULHG RXW SHULRGLFDOO\ DW D IUHTXHQF\ WR VXLW WKH QDWXUH RI WKH ZRUN DQG
GHWHUPLQHG E\ WKH HPSOR\HUV RZQ ULVN DVVHVVPHQW
O 5HWXUQ WR :RUN 0HGLFDO &KHFNV DQ HPSOR\HH UHWXUQLQJ WR ZRUN DIWHU LQMXU\ RU DQ H[WHQGHG SHULRG RI
DEVHQFH IURP LOO KHDOWK FRXOG KDYH D PHGLFDO FKHFN WR SURYH WKHLU WQHVV
$ PDQ ZDV HPSOR\HG DV D \DUG ODERXUHU LQ D EXV\ VFDIIROGLQJ \DUG +H UHFHLYHG D FRPSDQ\ LQGXFWLRQ
DQG VRPH EDVLF WUDLQLQJ IURP WKH \DUG IRUHPDQ ZKLFK LQFOXGHG VRPH KDQGOLQJ WHFKQLTXHV DQG D PDQXDO
KDQGOLQJ YLGHR $IWHU D IHZ GD\V KH ZDV SODFLQJ VFDIIROG WXEH LQWR D VWLOODJH ZKHQ KLV EDFN VHL]HG DQG
ZDV XQDEOH WR PRYH $Q DPEXODQFH ZDV FDOOHG DV KH ZDV LQ D JUHDW GHDO RI SDLQ DQG KH ZDV WDNHQ WR
KRVSLWDO IRU WUHDWPHQW
:KHQ KH ZDV LQWHUYLHZHG DV SDUW RI WKH DFFLGHQW LQYHVWLJDWLRQ LW FDPH WR OLJKW WKDW KH KDG EHHQ LQYROYHG
LQ D FDU DFFLGHQW VRPH \HDUV HDUOLHU WKDW UHTXLUHG PDMRU VXUJHU\ WR D EDFN LQMXU\
'RFWRUV KDG DGYLVHG KLP QRW WR FDUU\ RXW DQ\ KHDY\ OLIWLQJ IRU WKH UHVW RI KLV OLIH
+RZHYHU KH KDG VSHQW KLV FRPSHQVDWLRQ DQG ZDV GHVSHUDWH IRU ZRUN WR DYRLG KDYLQJ KLV KRPH
UHSRVVHVVHG
+H KDG OLHG RQ WKH SUHHPSOR\PHQW TXHVWLRQQDLUH WKDW KH FRPSOHWHG DV SDUW RI WKH DSSOLFDWLRQ IRUP
$ VXEVHTXHQW SHUVRQDO LQMXU\ FODLP ZDV VXFFHVVIXOO\ GHIHQGHG E\ WKH VFDIIROGLQJ FRQWUDFWRU
NASC
12 of 48
5('8&( 0$18$/ +$1'/,1* 5,6.6 ,1 6&$))2/',1*
6FDIIROGLQJ FRQWUDFWRUV QHHG WR FRQVLGHU PDQXDO KDQGOLQJ IURP ERWK D VWUDWHJLF OHYHO IRU WKH EXVLQHVV DV D
ZKROH DQG RQ D MREE\MRE EDVLV 7KLV VHFWLRQ H[SORUHV WKH VWHSV HPSOR\HUV DQG VFDIIROGLQJ RSHUDWLYHV FDQ
WDNH WR UHGXFH WKH ULVN RI LQMXU\ ZKHUH PDQXDO KDQGOLQJ FDQQRW EH DYRLGHG :H DOVR ORRN DW WKH PHDVXUHV WDNHQ
E\ HPSOR\HUV WKDW FDQ EH FRQVLGHUHG DV EHVW SUDFWLFH
7KH XVH RI PDQXDO KDQGOLQJ DLGV FDQ EHQHW VFDIIROGLQJ RSHUDWLRQV E\ LQFUHDVLQJ HIFLHQF\ DQG UHGXFLQJ WKH
ULVN RI IDWLJXH DQG PDQXDO KDQGOLQJ UHODWHG LQMXULHV
O *LQ :KHHO DQG 5RSH LI XVHG FRUUHFWO\ DUH D VDIH PHWKRG RI UDLVLQJ DQG ORZHULQJ PDWHULDOV ZKHQ ZRUNLQJ
DW KLJKHU OHYHOV +RZHYHU WKLV WHQGV WR EH ODERULRXV DV RQO\ VPDOO TXDQWLWLHV RI PDWHULDOV FDQ EH UDLVHG RU
ORZHUHG DW D WLPH 7KH JLQ ZKHHO DQG URSH PXVW EH VHUYLFHG DQG LQVSHFWHG LQ DFFRUGDQFH ZLWK WKH /LIWLQJ
2SHUDWLRQV DQG /LIWLQJ (TXLSPHQW 5HJXODWLRQV /2/(5 &DUH PXVW EH WDNHQ WR VHJUHJDWH WKH ZRUN
DUHD DQG HQVXUH WKH VXLWDEOH NQRWV DQG KLWFKHV DUH XVHG WR VHFXUH PDWHULDOV (PSOR\HUV PXVW HQVXUH WKDW
DOO RSHUDWLYHV LQFOXGLQJ ODERXUHUV KDYH EHHQ WUDLQLQJ LQ WKH VDIH XVH RI JLQ ZKHHOV DQG URSHV 1RWH 7KH XVH
RI JLQ ZKHHOV LV SDUW RI WKH &RQVWUXFWLRQ ,QGXVWU\ 6FDIIROGHUV 5HFRUG 6FKHPH &,656 V\OODEXV
NASC
13 of 48
O +DQG /LQHVV RU OLJKW OLQHV DV WKH\ DUH
H VRPHWLPHV UHIHUUHG WR RI
R
RIIHU
IHU D VLPLODU DGYDQWDJH WR VFDIIROGHUV
V IROGHUV
VFDI
DV JLQ ZKHHOV
ZKHH
HOV EXW DW ORZHU OHYHOV ZKHUH PDWHULDOV FDQQRW EH SDVVHG
G KDQG WR KDQG
&DVH 6WXG\
6WXG\ +DQG OLQHV
$ PDMRU VFD
VFDIIROGLQJ
DIIROGLQJ FRQWUDFWRU LVVXHV HDFK
H JDQJ
ZLWK D P URSH
U DQG D NDUDELQHU RU KRRNN VSOLFHG WR
WKH HQG 7KHH KRRN LV XVHG IRU TXLFNO\ DQG
DQ
QG VHFXUHO\
DWWDFKLQJ V\
V\VWHP
\VWHP VFDI
VFDIIROG
IROG FRPSRQHQWV DQG WWLQJ
EDJV )RU WWXEHV
XEHV DQG ERDUGV VWDQGDUG NQRWV DQG
KLWFKHV DUH XVHG
O )LWWLQJ %DJ
%DJV
JV DUH XVHG IRU UDLVLQJ DQG
G ORZHULQJ TXDQWLWLHV
TXDQWLWLHV RI ORRVH
H VFDIIROG
VFDIIROG WWLQJV %DJV FDQ EH SDVVHG
IURP KDQG WR
R KDQG RU E\ URSH 3URSULHWDU\
3URSULHWD
DU\ EDJV DQG EXFNHWV DUH PDUNHG
PDDUNHG ZLWK D PD[LPXP ORDG ZKLFK
Z PXVW
EH REVHUYHG
REVHUYHG
G
NASC
14 of 48
O 7UROOH\V WUX
7UROOH\V WUXFNV
XFNV DQG ZKHHO EDUURZV FDQ EH XVHG WR PRYH EXON PDWHULDOV
P DURXQG VLWH ZKHUH PHFKDQLFDO
P
KDQGOLQJ HTXLSPHQW
HTXLSPHQW LV QRW DFFHVVLEOH HJ
HJ EXLOGLQJ RRUV
NASC
15 of 48
6HOHFWLRQ
Q RI 0DWHULDOV
O /RQJ 6FDII
6FDIIROG
IROG 7 7XEHV
XEHV 7KH XVH RI ORQORQJ
QJ WXEHV KDV EHHQ WKH
VXEMHFW RI PXFK
P GHEDWH LQ UHFHQW \HDUV
\HDUVV $Q (1 %6
%6
P
[ PP JDOY JDOYDQLVHG
YDQLVHG VWHHO VFDIIROG
VFDIIROG
WXEH ZLWK D PP ZDOO WKLFNQHVV W\SLFDOO\
W\SLFD
DOO\ ZHLJKV PRUH WKDQ
NLORJUDPV
NLORJUDP
PV OEV 7KH SUDFWLFH RI KRLVWLQJ
KR
RLVWLQJ DQG KHPSLQJ
KHPSLQJ D
ORQJ WXEH LV RQH RI WKH PRVW VWUHQXRXV DQG D XQZLHOG\ WDVNV IRU
VFDIIROGHUV
VFDI IROGHUV ,W UHTXLUHV VSHFLD
VSHFLDOO WHFKQLTXHV
WHFKQLTXXHV VNLOO DQG SK\VLFDO
VWUHQJWK WR GR
G VDIHO\
VDIHO\
)LJ
&DVH 6WXG\
6WXG\ 6KRUWHU 7XEHV
7X
XEHV
$ VFDI
VFDIIROGLQJ
IROGLQJ FRQWUDFWRU KDV RSWHG WR XVH VKRUWHU WXEHV IRU KHPSLQJ VWDQGDUGV
V DW KHLJKW IROORZLQJ WKHLU
RZQ ULVN DVVH
DVVHVVPHQW
HVVPHQW :KHUHDV WKH\ VWLOO UURXWLQHO\
HVVPHQW RXWLQHO\ XVH ORQJ WXEHV PIW
P
P
PIW IRU OHGJHUV
OHGJHUV JXDUGUDLOVV DQG
VWDQGDUGV DW WKH EDVH 6SHFLD
6SHFLDOO FRQVLGHUDWLRQ
FRQVLGHUDDWLRQ KDG WR EH JLYHQ WR WKH GHVLJQ
G RI VFDIIROGV
VFDIIROGV IRU WKH JUHDWHU
JUHDWHU
IUHTXHQF\ RI MRLQWV LQ VWDQGDUGV SDUWLFXODUO\
SDUWLFXOD
DUO\ IRU WDOOHU VWUXFWXUHV
O 6\VWHP 6F 6FDIIROGLQJ
DIIROGLQJ 3URSULHWDU\ V\VWHP
V\VVWHP VFDIIROGLQJ
VFDIIROGLQJ UHTXLUHV GLIIHUHQW
GLIIIHUHQW PDQXDO KDQGOLQJ WHFKQLTXHV
WHFK
KQLTXHV WR
WUDGLWLRQDO WXEHV
WX
XEHV WWLQJV DQG ERDUGV ZKLFK
Z QHHGV WR EH DGGUHVVHG
DGGUHVVHHG DV SDUW RI WKH ULVN DVVHVVPHQW
DVVHVVVPHQW DQG
SODQQLQJ SURFHVV
SURFHVV 0DQXIDFWXUHUV DUH UHTXLUHG WR FDUU\ RXW HUJRQRPLF
HUJR
RQRPLF DVVHVVPHQWV ZKHQ GHVLJQLQJ
FRPSRQHQWV V WR HQVXUH WKH\ FDQ EH KDQGOHG
KDQGGOHG DQG XVHG VDIHO\
VDIHO\
&DVH 6WXG\
6WXG\ 6\VWHP 6FDIIROGLQJ
6FDIIR
ROGLQJ
$ SRSX
SRSXODU
ODU PRGXODU
P V\VWHP VFDIIROG
VFDIIROG LV DYDLODEOH
D LQ ED\ VL]HV RI XSS WR P +RZHYHU
+RZHYHU D VFDIIROGLQJ
VFD
DIIROGLQJ
FRQWUDFWRU ZKR
Z XVHV WKLV V\VWHP VFDI VFDIIROGLQJ
IROG
GLQJ H[WHQVLYHO\
H[WHQVLYHO\ FKRVH WR VWDQGDUGLVHG
VWDQGDUGLVHG RQ D PD[LPXP ED\
E VL]H
RI P DI
DIWHU
IWHU FDUU\LQJ RXW D PDQXDO KDQGOLQJ
KDQGOLQJ ULVN DVVHVVPHQW WR UHGXFH WKH ZHLJKW RI OHGJHUV
OHGJHUUV VWHHO
GHFNV DQG EUDFHV
E PDNLQJ WKHP HDVLHU WRWR KDQGOH E\ WKHLU VFDIIROGHUV
VFDIIROGHUVV
NASC
16 of 48
%DVLF 0DQXDO +DQGOLQJ 7HFKQLTXHV
7KH QDWXUH RI WKHLU ZRUN GLFWDWHV WKDW VFDIIROGHUV PXVW EH PHQWDOO\ DOHUW WR WKH LQKHUHQW ULVNV RI D SK\VLFDOO\
VWUHQXRXV MRE 0XVFOHV DQG MRLQWV FDQ EH VWUDLQHG E\ VXGGHQ DQG DZNZDUG PRYHPHQWV WZLVWLQJ RU MHUNLQJ
ZKLOVW OLIWLQJ RU FDUU\LQJ D ORDG RU E\ DWWHPSWLQJ WR OLIW WRR KHDY\ D ORDG
7KH ULVN RI LQMXU\ FDQ EH UHGXFHG E\ DGRSWLQJ WKH FRUUHFW PHQWDO DWWLWXGH ZKLFK HQFRXUDJHV JRRG OLIWLQJ
WHFKQLTXH 3RRU SRVWXUH VXFK DV VWRRSLQJ ZKHQ OLIWLQJ VKRXOG EH DYRLGHG LW JUHDWO\ LQFUHDVHV WKH FKDQFH RI
EDFN LQMXU\ 7KH VWUHVV LPSRVHG RQ D URXQGHG EDFN LV PXFK JUHDWHU WKDQ LI WKH WUXQN LV NHSW XSULJKW PDLQWDLQLQJ
WKH QDWXUDO FXUYH RI WKH VSLQH XVLQJ WKH OHJ DQG WKLJK PXVFOHV WR SRZHU WKH OLIW
$WWLWXGH WRZDUGV PDQXDO KDQGOLQJ LQ VFDIIROGLQJ KDV D ODUJH LQXHQFH RQ EHKDYLRXU DQG SRRU PDQXDO KDQGOLQJ
WHFKQLTXH LQFUHDVLQJ WKH ULVN RI LQMXU\ 7KHVH PLQG VHWV DUH NQRZQ DV WKH IRXU 0V
0DFKR 6FDIIROGLQJ LV IXOO RI EUDYDGR DQG RQHXSPDQVKLS ZLWK VKRZV RI VWUHQJWK DQG SK\VLFDO DELOLW\
:KRV WKH VWURQJHVW ORRN DW PH , FDQ OLIW PRUH WKDQ \RX , FDQ KHPS KLJKHU WKDQ \RX
8QZLOOLQJ WR OHDUQ IURP H[SHULHQFHG KDQGV RU SDFH WKHPVHOYHV
0DUW\U 6LPLODU WR D PDFKR DWWLWXGH LQ PDQ\ ZD\V $ ZLOOLQJQHVV WR FRQVWDQWO\ VXIIHU VHHN V\PSDWK\
RU IDYRXU IURP SHHUV NHHQ WR PDNH D JRRG LPSUHVVLRQ 8QZLOOLQJ WR DVN IRU KHOS
0LQGOHVV 1R RU OLWWOH IRUHWKRXJKW IROORZLQJ WKH EDG H[DPSOHV VHW E\ RWKHUV QRW WKLQNLQJ IRU \RXUVHOI
OLNH D VKHHS IROORZLQJ WKH RFN 6HW LQ WKHLU ZD\V XQDEOH WR FKDQJH RU DFFHSW QHZ WHFKQLTXHV
RU WHFKQRORJ\ HYHQ LI UHDGLO\ DYDLODEOH
0HDQ &DUU\LQJ WRR PXFK WR DYRLG DQRWKHU WULS DOVR NQRZQ DV D OD]\ PDQV ORDG 8QZLOOLQJ WR XVH
VDIHU RSWLRQV RU HTXLSPHQW EHFDXVH WKH\ FRXOGQW EH ERWKHUHG HYHQ ZKHQ UHDGLO\ DYDLODEOH
7KH NLQHWLF PHWKRGV RI OLIWLQJ HQDEOH WKH ZRUNHU WR PDNH IXOO XVH RI WKH ERG\V RZQ ZHLJKW DQG PRPHQWXP WR
LQLWLDWH WKH OLIW 7KH QDWXUDO VKDSH RI WKH VSLQH LV PDLQWDLQHG WKURXJKRXW DOWKRXJK WKH ERG\ PD\ EH EHQW IRUZDUG
WKH VSLQH VKRXOG UHPDLQ VWUDLJKW DQG WKH OLIW LV SRZHUHG E\ WKH VWURQJ OHJ DQG WKLJK PXVFOHV 7KLV PHWKRG RI
OLIWLQJ LQYROYHV WKH PLQLPXP DPRXQW RI PXVFXODU HIIRUW DQG WKXV UHGXFHV VWUHVV DQG IDWLJXH
7KH IROORZLQJ VL[ NH\ IDFWRUV VKRXOG EH SUDFWLVHG XQWLO WKH\ EHFRPH VHFRQG QDWXUH D VLQJOH FRRUGLQDWHG
DFWLRQ
NASC
17 of 48
)HHW $Q\\ OLIWLQJ RU KDQGOLQJ
KDQGOLQJ FDQ RQO\ EH
E VXFFHVVIXO LI LW LV FDUULHG RXWR RQ D UP EDVH 7KH VFDIIROGHU
VFDIIIROGHU PD\
ZRUN RQ WK WKH H JURXQG RU IURP D WHPSRUDU\
WHPSRUDUU\ SODWIRUP EXW LW LV HVVHQWLDO WKDW WKH IHHW DUH SODFHG VR WKDW
W D JRRG
EDODQFH LV PDLQWDLQHG WKURXJKRXW WKH OLIW 7KHUH LV QR FRUUHFW RU H[DFW H GLVWDQFH DSDUW IRU WKH IHHW (DFK
LQGLYLGXDO KDVK WR FRQVLGHU WKHLU RZQ ZHLJKW
ZHLJKW KHLJKW DQG EXLOG ,Q JHQHUDO
JH
HQHUDO WHUPV WKH IHHW VKRXOGG EH LQ OLQH
ZLWK WKH OLIW
OLIW
W FRPIRUWDEO\ DSDUW ZLWK RQH
H IRRW VOLJKWO\ LQ IURQW RI WKH RW
RWKHU
WKHU 7KH UHDU IRRW VKRXOG SRLQW
SR
RLQW IRUZDUG
ZKHQ OLIWLQJ
OLIWLQJ LQ WKH GLUHFWLRQ RI PRYHPHQW
PRYHPPHQW 7KLV SRVLWLRQ JLYHV D JRRG DGDSWDEOH EDODQFH DQG D D ZLGH
HQRXJK EDVH
ED DVH WR SHUIRUP WKH OLIW
)LJ
/HJV +DYLQJ
+DYYLQJ HVWDEOLVKHG D JRRG EDVH IRU WKH OLIW DQG UHDOLVHG WKDW LW PD\
P EH QHFHVVDU\ WR PDNH DGMXVWPHQWV
DGGMXVWPHQWV
WR EDODQFH
EDODQFHH LW QDWXUDOO\ IROORZV WKDW WKHH OHJV PXVW EH UHOD[HG VXIFLHQWO\
VXIFLHQWO\ WR DFKLHYH H[LELOLW\
H[LELOLW\ 7R
7R REWDLQ
H[LELOLW\ ERWK
H[LELOLW\ E NQHHV PXVW EH XQORFNHG G WR DOORZ WKH IHHW WR DGMXVW DXWRPDWLFDOO\
D
DXWRPDWLFDOO\ 7KLV LV D UHTXLUHPHQW
UHTXLLUHPHQW IRU
P
DOO JRRG PRYHPHQW :KLOH LW LV LPSRUWDDQW WR XQORFN DQG EHQG WKH NQHHV WKH\ VKRXOG QRW EH SODFHG
LPSRUWDQW S LQWR
FRPSOH
S HWH VTXDW
WKH FRPSOHWH T S DV WKLV ZLOO
SRVLWLRQ Z SODFH
S S
H[WUHPH SUHVVXUH M
RQ WKH NQHH MRLQWV J VKRZV WKH
)LJ
IRUZDUG OHJ J IDFLQJ WKH GLUHFWLRQ
GLUHFWLRQ RI WKH OLIW ZKLOH WKH EDFN OHJ LV SRVLWLRQHG
SRVVLWLRQHG WR SURYLGH WKH WKUXVW IRU WKH OLIW
$OWKRXJK WKHWK
KH OLIWHU LV RQO\ XVLQJ RQH KDQG
KDQ
QG WKH ZHLJKW ZLOO EH WDNHQ WKURXJK
WK
KURXJK WKH FHQWUH OLQH RI WKH ERG\
ERG\ WKXV
PD[LPLVLQJ J WKH XVH RI ERG\ ZHLJKW )LJ J
)LJ
NASC
18 of 48
+HDG 7KH KHDG VKRXOG EH JHQWO\ UDLVHG DQG WKH FKLQ WXFNHG UPO\ LQ 7KLV ZLOO QRW RQO\ VWUDLJKWHQ WKH QHFN
EXW DOVR WKH ZKROH VSLQH DQG LW ZLOO EULQJ DERXW PDQ\ RWKHU FRUUHFWLRQV LQ ERG\ PRYHPHQW DXWRPDWLFDOO\
OLIWLQJ WKH FKHVW DQG SUHSDULQJ WKH DUPV IRU D PRUH HIFLHQW DFWLRQ 7KLV KHDG DFWLRQ VKRXOG EH FDUULHG RXW
DW WKH LQLWLDO VWDJH RI DOO OLIWLQJ PRYHPHQWV
)LJ
6WUDLJKW EDFN $ EHQW EDFN LV D ZHDN EDFN ,W ZLOO OHDG WR H[FHVVLYH PXVFXODU WHQVLRQ DQG GDPDJH WR WKH
VSLQH ,W ZLOO DOVR XQGHUPLQH VKRXOGHU DQG DUP HIFLHQF\ *HQHUDOO\ LI WKH FRUUHFW KHDG SRVLWLRQ LV DGRSWHG
WKHQ WKH EDFN FDQ EH NHSW VWUDLJKW HYHQ LI LW LV QRW YHUWLFDO 7KH EDFN VKRXOG VWUDLJKWHQ DXWRPDWLFDOO\ SULRU
WR WKH KDQGV WDNLQJ WKH ORDG )LJ VKRZV D GLIFXOW OLIW WKH IHHW DUH ZHOO SODQWHG WKH NQHHV ZHOO SRVLWLRQHG
DQG WKH EDFN VWUDLJKWHQHG DV WKH FKLQ LV EHLQJ GUDZQ LQ
$UPV 7KH DUPV VKRXOG EH DV FORVH WR WKH ERG\ DV SRVVLEOH 7KH IXUWKHU WKH\ DUH H[WHQGHG WKH JUHDWHU WKH
VWUDLQ 7KH HOERZV VKRXOG EH NHSW LQWR WKH ERG\
)LJ
NASC
19 of 48
*ULS $ JRRG KDQG JULS LV HVVHQWLDO 6FDIIROGHUV VSHQG WKH PDMRULW\ RI WKHLU WLPH KDQGOLQJ WXEH ZKLFK
EHFDXVH RI LWV VKDSH LV GLIFXOW WR JUDVS :KHQHYHU SRVVLEOH RQH KDQG VKRXOG EH EHORZ WKH ORDG ZLWK PRVW
RI WKH ZHLJKW EHLQJ WDNHQ E\ WKH SDOP DQG URRWV RI WKH QJHUV
)LJ
5HPHPEHU
$FKHV DQG SDLQV DUH ZDUQLQJ VLJQDOV DQG LQGLFDWH IDWLJXH DQG VWUHVV ,I LJQRUHG WKH RXWFRPH PD\ ZHOO EH
VRPH IRUP RI LQMXU\ DV D UHVXOW RI LQFRUUHFW OLIWLQJ WHFKQLTXHV
%HIRUH OLIWLQJ DQ\ ZHLJKW D ZRUNHU PXVW HQVXUH WKDW WKH JURXQG DUHD LV FOHDU DQG IUHH IURP WULSSLQJ KD]DUGV
,W LV LPSRUWDQW WR VHH WKDW QRRQH LV LQ WKH ZD\ DQG WKDW WKHUH LV QRWKLQJ OLNHO\ WR REVWUXFW WKH OLIW 7KH ZHLJKW
VKRXOG EH ZLWKLQ WKH OLIWLQJ FDSDFLW\ RI WKH LQGLYLGXDO ZRUNHU 7KH ORDG VKRXOG EH DSSURDFKHG VTXDUHO\ IDFLQJ
LQ WKH GLUHFWLRQ RI WUDYHO 7KH IHHW PXVW EH SODFHG DSDUW ZLWK RQH IRRW VOLJKWO\ LQ IURQW RI WKH RWKHU WR PDLQWDLQ D
FRPIRUWDEOH EDODQFH WKH NQHHV EHQW DQG WKH ERG\ DV FORVH WR WKH ORDG DV SRVVLEOH
7KH WXEH VKRXOG EH JUDVSHG UPO\ ZLWK WKH DUPV NHSW DV FORVH LQ WR WKH ERG\ DV SRVVLEOH JUDVSLQJ WKH WXEH
LQ IURQW RI WKH ERG\ $GMXVW WKH SRVLWLRQ RI WKH KHDG KHDG XS FKLQ LQ DQG EHJLQ WR OLIW XVLQJ WKH OHJ DQG WKLJK
PXVFOHV $V WKH WXEH LV UDLVHG WUDQVIHU WKH JULS WR PDLQWDLQ D EDODQFHG JUDVS RQ WKH WXEH KROGLQJ LW FORVH WR
WKH ERG\
7KH ZHLJKW RI WKH ERG\ FDQ EH HDVLO\ WUDQVIHUUHG IURP RQH IRRW WR DQRWKHU HQVXULQJ WKDW WKH EDODQFH LV
PDLQWDLQHG DQG HQDEOLQJ WKH ORDG WR EH WDNHQ E\ WKH ZKROH ERG\
NASC
20 of 48
7KLV XVH RI WKH ERG\ZHLJKW LI EHVW LOOXVWUDWHG ZKHQ WKH VFDIIROGHU
LV FDUU\LQJ ORQJ WXEHV LQ WKH YHUWLFDO SRVLWLRQ )LJ VKRZV WKH
EDFN OHJ VWLOO LQ WKH WKUXVW SRVLWLRQ DQG WKH IURQW IRRW LQ WKH GLUHFWLRQ
RI WKH OLIW 7KH EDFN LV VWUDLJKW DQG WKH KHDG HUHFW 7KH ZHLJKW LV
WDNHQ RQ WKH SDOPV RI WKH KDQGV DQG WKH HQWLUH ERG\ZHLJKW LV
SRVLWLRQHG WR UHVLVW DQ\ PRYHPHQW RI WKH WXEH 1RWH WKDW WKH WRS
IRUHQJHU LV H[WHQGHG DORQJ WKH WXEH DQG ZLOO DFW DV D VHQVRU WR
JLYH HDUO\ ZDUQLQJ RI DQ\ PRYHPHQW RI WKH WXEH HQDEOLQJ WKH
IHHW WR EH UHSRVLWLRQHG WR PDLQWDLQ D JRRG EDODQFH
,Q )LJ WKH FRUUHFW IRRW SRVLWLRQ KDV EHHQ DGRSWHG WKH IURQW
IRRW LQ WKH GLUHFWLRQ RI WKH OLIW DQG WKH UHDU IRRW UHDG\ WR WKUXVW
EHKLQG WKH ORDG 7KH FKLQ LV VWLOO WR EH WXFNHG LQ EXW WKH EDFN LV
VWUDLJKW
7KH WXEH LV OLIWHG WKH IHHW KDYH EHHQ DGMXVWHG WR DOORZ WKH OLIWHU
WR ZDON WR WKH FHQWUH RI WKH WXEH XVLQJ D KDQGRYHUKDQG PRYH
PHQW WR PDLQWDLQ WKH ZHLJKW RI WKH ORDG 7KH FKLQ KDV EHHQ WXFNHG
LQ WKXV PDLQWDLQLQJ D VWUDLJKW EDFN
)LJ
)LJ )LJ
NASC
21 of 48
+DYLQJ UHDFKHG WKH FHQWUH RI WKH WXEH WKH KDQGV
DGMXVW IRU EDODQFH 7KH KDQG ZKLFK LV SODFHG RYHU
WKH WXEH LV EHDULQJ YHU\ OLWWOH ZHLJKW EHFDXVH WKH
KDQG XQGHU WKH WXEH LV SRVLWLRQHG FORVHU WR WKH
FHQWUH RI WKH WXEH DQG LV WKHUHIRUH WDNLQJ PRVW RI
WKH ORDG
)LJ
)LJ
)LJ
NASC
22 of 48
O /21* 78%( YHUWLFDO FDUU\
)LJ
NASC
23 of 48
+DYLQJ EXWWHG WKH WXEH LW FDQ EH UDLVHG DERYH WKH
KHDG DQG ZLWK WKH ERG\ZHLJKW EHKLQG WKH WXEH
DQG WKH SDOPV DQG KHHOV RI WKH KDQGV EHDULQJ WKH
ZHLJKW WKH WXEH FDQ EH ZDONHG WR D QHDU XSULJKW
SRVLWLRQ
)LJ
)LJ
)LJ
NASC
24 of 48
7KH OLIW LV FRPSOHWHG DV WKH OHJV VWUDLJKWHQ 7KH
OHJV PXVW UHPDLQ XQORFNHG WR DOORZ WKH IHHW WR
PDNH WKH QHFHVVDU\ DGMXVWPHQWV WKDW ZLOO SHUPLW
WKH ERG\ WR FKDQJH WR WKH GLUHFWLRQ RI FDUU\
)LJ
)LJ
NASC
25 of 48
O /,)7,1* 6+257 78%(6
)LJ
)LJ
NASC
26 of 48
%RWK WKH WRS DQG ERWWRP KDQGV VOLGH GRZQ WKH
WXEHV DV WKH NQHHV EHQG 7KLV ZLOO DOORZ WKH
VKRXOGHU WR EH SRVLWLRQHG MXVW EHORZ WKH FHQWUH
RI WKH WXEHV
)LJ
)LJ
)LJ
NASC
27 of 48
7KH SUHYLRXV JXUHV KDYH VKRZQ D VFDIIROGHU OLIWLQJ WXEHV DW JURXQG OHYHO ,W FDQ EH FOHDUO\ VHHQ WKDW WKLV MRE LV
SK\VLFDOO\ VWUHQXRXV 6FDIIROG WXEHV DUH VRPHZKDW XQZLHOG\ DQG GLIFXOW WR KDQGOH ZKLFK LV RQH RI WKH UHDVRQV
ZK\ PHFKDQLFDO KDQGOLQJ VKRXOG EH XVHG ZKHQHYHU SRVVLEOH 7KLV SUREOHP LV PDGH HYHQ PRUH GLIFXOW ZKHQ
WXEHV DUH KDQGOHG YHUWLFDOO\
7KH VFDIIROGHU KDV WR XVH WKH VDPH KDQGOLQJ VNLOOV ZKHQ ZRUNLQJ RQ D WHPSRUDU\ SODWIRUP WKDW LV DW D
FRQVLGHUDEOH KHLJKW DERYH WKH JURXQG $SDUW IURP XVLQJ WKH FRUUHFW WHFKQLTXHV D VFDIIROGHU PXVW EH HYHQ
PRUH FDUHIXO ZKHQ PDNLQJ WKH XVXDO SUHOLIW FKHFNV EHIRUH KDQGOLQJ ORQJ WXEHV YHUWLFDOO\ 6RPH RI WKH KD]DUGV
WKDW PXVW EH FRQVLGHUHG LQFOXGH
O 8QVWDEOH SODWIRUP
O :RUNLQJ DERYH IHOORZ ZRUNHUV DQGRU JHQHUDO SXEOLF H[SRVLQJ WKHP WR D ULVN RI IDOOLQJ REMHFWV
O 2YHUKHDG REVWUXFWLRQV HJ RUQDWH ZLQGRZ VLOOV FRSLQJV ZLQGRZV EDOFRQLHV VDWHOOLWH GLVKHV HWF
NASC
28 of 48
+DQGOLQJ 6FDIIROG %RDUGV
(PSKDVLV IRU PDQXDO KDQGOLQJ LQ VFDIIROGLQJ LV PRUH RIWHQ DVVRFLDWHG ZLWK KHDY\ VWHHO WXEHV +RZHYHU
DFFLGHQWV DQG LQMXULHV DOVR RFFXU ZKHQ KDQGOLQJ ERDUGV 7KH ZHLJKW RI WLPEHU VFDIIROG ERDUGV FDQ YDU\
GHSHQGLQJ WKH PRLVWXUH FRQWHQW RI WKH ERDUGV
7KHUH DUH VXEVWDQWLDO GLIIHUHQFHV LQ ZHLJKW EHWZHHQ WUDGLWLRQDO PP [ PP VFDIIROG ERDUGV DQG WLPEHU
EDWWHQV RU VWHHO GHFNLQJ IRU V\VWHP VFDIIROGLQJ %DWWHQV DQG GHFNV IRU V\VWHP VFDIIROGLQJ ZLOO UHTXLUH VSHFLF
KDQGOLQJ WHFKQLTXHV DQG VNLOOV 7KH &,656 6\VWHP 6FDIIROG 3URGXFW 7UDLQLQJ 6FKHPH VKRXOG HQVXUH WKDW
VSHFLF KDQGOLQJ WHFKQLTXHV UHTXLUHG IRU HDFK V\VWHP DUH FRYHUHG )RU IXUWKHU LQIRUPDWLRQ UHIHU WR WKH VSHFLF
PDQXIDFWXUHUV LQVWUXFWLRQ PDQXDOV
)LJ
)LJ
)LJ
NASC
29 of 48
0RYH WR WKH FHQWUH RI WKH ERDUG RU GUDJ WKH ERDUG
WRZDUGV \RX KDQG RYHU KDQG XQWLO \RX UHDFK WKH
FHQWUH RI JUDYLW\
)LJ
)LJ
)LJ
NASC
30 of 48
O 835,*+7,1* /21* %2$5'6
)LJ
)LJ
)LJ
NASC
31 of 48
O &$55<,1* 6+257 %2$5'6
)LJ
)LJ
)LJ
NASC
32 of 48
6TXDW UHDG\ WR UHFHLYH WKH ERDUGV WR WKH SUHIHUUHG
VKRXOGHU
)LJ
)LJ
)LJ
NASC
33 of 48
3ODFH WKH ERDUGV RQ WKH VKRXOGHU VOLJKWO\ RII
FHQWUH ZLWK WKH ZHLJKW EHKLQG
)LJ
)LJ
NASC
34 of 48
+DQGOLQJ /RQJ ,WHPV IURP D 5DFN RU 9HKLFOH %HG
:KHQ FDUU\LQJ D ORDG DYRLG WZLVWLQJ WKH WUXQN 7KLV LV D SDUWLFXODU SUREOHP ZKHQ SXOOLQJ ORQJ WXEHV ERDUGV HWF
IURP D PDWHULDO VWRUDJH UDFN RU YHKLFOH EHG
)LJ
)LJ
)LJ
NASC
35 of 48
&DUU\LQJ /RQJ ,WHPV $URXQG &RUQHUV RU 5HVWULFWHG 6SDFHV
)LJ
)LJ
)LJ
NASC
36 of 48
/RQJ /DGGHUV
/RQJ ODGGHUV SUHVHQW SDUWLFXODU FKDOOHQJHV WR WKH VFDIIROGHU ZKHQ FDUU\LQJ DQG XSULJKWLQJ WKHP HVSHFLDOO\
ZKHUH YHU\ ORQJ ODGGHUV LQ H[FHVV RI P
DUH XVHG
$ PDMRU WUDGLWLRQDO WXEH DQG WWLQJ VFDIIROGLQJ FRQWUDFWRU KDV OLPLWHG WKH PD[LPXP OHQJWK RI ODGGHUV WKH\
XVH WR P 7\SLFDOO\ WKH\ RQO\ LQVWDOO VLQJOH OLIW ODGGHUV PP GHSHQGLQJ XSRQ WKH OLIW KHLJKWV 6PDOO
TXDQWLWLHV RI ORQJHU ODGGHUV XS WR P DUH NHSW LQ WKH \DUG IRU VSHFLDO DSSOLFDWLRQV RQO\ ,Q VXFK FDVHV
SHUPLVVLRQ PXVW EH JUDQWHG IURP PDQDJHPHQW
$ P
WLPEHU SROH ODGGHU ZHLJKV DSSUR[LPDWHO\ NJ OEV DQG FDQ EH YHU\ DZNZDUG WR FDUU\ DQG
PDQRHXYUH ,GHDOO\ ORQJ ODGGHUV VKRXOG EH KDQGOHG E\ D PLQLPXP RI WZR SHRSOH
3ODFH WKH ODGGHU KRUL]RQWDOO\ RQ WKH JURXQG DW WKH EDVH RI WKH VFDIIROGZLWK WKH IRRW RI WKH ODGGHU LQ SRVLWLRQ
3UHSDUH WKH ODQGLQJ SRVLWLRQ DQG ODGGHUV VWD\V UHTXLUHG WR VXSSRUW WKH ODGGHU
7KH ODGGHU VKRXOG EH IRRWHG E\ SODFLQJ D IRRW RQ HDFK VWLOH HQVXULQJ WKH ODGGHU LV LQ WKH FRUUHFW RULHQWDWLRQ
ZD\ XS DQG IDFLQJ WKH ULJKW GLUHFWLRQ
2QH RU PRUH LI QHFHVVDU\ VFDIIROGHUV VWDUW UDLVLQJ WKH ODGGHU IURP RWKHU HQG UDLVLQJ LW 2QFH YHUWLFDO DOORZ WKH
ODGGHU WR UHVW DJDLQVW WKH ODGGHU VWD\ 7KH ODGGHU VKRXOG UHPDLQ IRRWHG XQWLO SURSHUO\ VHFXUHG HJ D VTXDUH
ODVKLQJ RU HTXLYDOHQW ODGGHU WLH
)LJ
NASC
37 of 48
7KH ODGGHU LV SODFHG DW WKH DSSUR[LPDWH SRVLWLRQ
RI WKH ODGGHU EDVH 2QH VFDIIROGHU IRRWV WKH
ODGGHU ZLWK WKH VROHV RI WKH IHHW RQ ERWK VWLOHV
)LJ
)LJ
)LJ
)LJ )LJ
NASC
38 of 48
&RQWUROOHG +DQGOLQJ RI 0DWHULDOV
+DQGOLQJ VFDIIROG PDWHULDOV RQ WKH JURXQG LV SK\VLFDOO\ VWUHQXRXV WKH\ FDQ EH XQZLHOG\ DQG GLIFXOW WR KDQGOH
XQOHVV WUDLQHG WR GR VR 6FDIIROGHUV KDYH WR EH DEOH WR DGRSW WKH VDPH VNLOOV ZKHQ KDQGOLQJ PDWHULDOV DW KHLJKW
RIWHQ ZRUNLQJ RII D WHPSRUDU\ SODWIRUP ERDUGV ZLGH RQ D ERDUG ZLGH VFDIIROG +DQGOLQJ PDWHULDOV YHUWLFDOO\
ZKHQ DW KHLJKW LV HYHQ PRUH GLIFXOW DQG KD]DUGV HQFRXQWHUHG LQFOXGH
1RWH 6FDIIROGLQJ PDWHULDOV VKRXOG QHYHU EH WKURZQ GHOLEHUDWHO\ GURSSHG RU DOORZHG WR IDOO 7KH SUDFWLFH RI
ERPELQJ RU WKURZLQJ PDWHULDOV LV QRZ FRQVLGHUHG XQVDIH SUDFWLFH DQG DOO PDWHULDOV VKRXOG EH KDQGOLQJ LQ D
FRQWUROOHG PDQQHU HJ SDVVHG KDQG WR KDQG RU YLD WKH XVH RI PDQXDO KDQGOLQJ DLGV
&KDLQLQJ RU KDQGEDOOLQJ LV WUDGLWLRQDOO\ WKH TXLFNHVW PHWKRG RI UDLVLQJ RU ORZHULQJ VFDIIROGLQJ PDWHULDOV
WR DQG IURP WKH ZRUN DUHD ,W FRQVLVWV RI RSHUDWLYHV SRVLWLRQLQJ WKHPVHOYHV RQ GLIIHUHQW OLIWV RI D VFDIIROG
VWUXFWXUH DQG SDVVLQJ PDWHULDOV IURP RQH WR WKH RWKHU XS RU GRZQ /HQJWKV RI PDWHULDO DUH SDVVHG WKURXJK WKH
KDQGV VOLGLQJ DQG JULSSLQJ DOWHUQDWHO\ 7KH GLVWDQFH EHWZHHQ WKHP ZLOO YDU\ RQ WKH OHQJWK RI PDWHULDO LH P
WUDQVRPV ZLOO UHTXLUH RSHUDWLYHV WR EH RQ DGMRLQLQJ OLIWV DQG PDWHULDOV P DQG ORQJHU ZLOO UHTXLUH RSHUDWLYHV
WR EH RQ DOWHUQDWH OLIWV
)LJ
2SHUDWLYHV ZLOO GHYHORS D IRUP RI FRPPXQLFDWLRQ WR FRQUP WKDW WKH\ KDYH WDNHQ WKH ZHLJKW RI WKH SLHFH
RI PDWHULDO IURP WKH RSHUDWLYH SDVVLQJ LW WR WKHP )RUPV RI FRPPXQLFDWLRQ FRXOG EH D VOLJKW WZLVW D VOLJKW
SXVKLQJ XS RI WKH SLHFH RI PDWHULDO RU D VKRXW RI PLQH
NASC
39 of 48
6WRUDJH RI 0DWHULDOV DW +HLJKW
6WRULQJ VFDIIROG PDWHULDOV RQ D VFDIIROG OLIW GXULQJ ERWK FRQVWUXFWLRQ DQG GLVPDQWOLQJ SUHVHQWV REYLRXV ULVNV
WKDW QHHG WR EH FRQWUROOHG LQ RUGHU WR SUHYHQW PDWHULDOV IDOOLQJ FDXVLQJ SRWHQWLDOO\ VHULRXV LQMXU\ DQGRU ORVV
0DWHULDOV VWDFNHG RQ D WHPSRUDU\ SODWIRUP QRQZRUNLQJ OLIW DUH PRUH OLNHO\ WR UROO RII RU WKURXJK WKH VFDIIROG
DQG IDOO WR WKH JURXQG EHFDXVH RI WKH RQH ERDUG JDS LQ WKH SODWIRUP DQG ODFN RI WRHERDUGV &RQWUROV LQFOXGH
O 3RVLWLRQ VLQJOH FRXSOHUV XQGHUQHDWK WKH RXWVLGH WXEHV WR SUHYHQW UROOLQJ 7XEHV FDQ WKHQ EH VWDFNHG DV
QRUPDO
O 3RVLWLRQ WXEHV HVSHFLDOO\ VKRUW WXEHV RYHU D PLQLPXP RI WZR WUDQVRPV RQ WKH LQVLGH RI WKH VFDIIROG
DJDLQVW D ZDOOVWUXFWXUH WR SUHYHQW WKHP WLSSLQJ DQG IDOOLQJ
O 6WRUH WWLQJV LQ WKH DSSURSULDWH WWLQJ VDFNV XQWLO WKH\ DUH WR EH XVHG
)LJ 7XEHV VWRUHG RQ D VFDIIROGHUV SODWIRUP RQ WZR WUDQVRPV WR WKH LQVLGH RI WKH VFDIIROG
NASC
40 of 48
&RQWUROV )RU +DQGOLQJ 0DWHULDOV DW +HLJKW
:KHQHYHU VFDIIROGLQJ PDWHULDOV DUH EHLQJ PRYHG E\ VFDIIROGHUV WKH JHQHUDO SXEOLF DQG RWKHU WUDGHVPHQ DUH
DW ULVN (IIHFWLYH ZRUNLQJ SUDFWLFHV QHHG WR EH HVWDEOLVKHG WR HQVXUH WKDW WKH ULVNV DUH PLQLPDO
+D]DUGV LQFOXGH
$ ULVN DVVHVVPHQW PXVW LGHQWLI\ PHWKRGV RI FRQWUROOLQJ WKHVH ULVNV &RQWUROV LQFOXGH
O :KHUH SUDFWLFDO PDWHULDOV VKRXOG EH SDVVHG XS RU GRZQ WKH LQVLGH RI WKH VFDIIROG UHGXFLQJ WKH SRWHQWLDO
IRU VWUXFN
O :KHQ PDWHULDOV DUH SDVVHG XS RU GRZQ WKH RXWVLGH RI WKH VFDIIROG WKLV PXVW EH FDUULHG RXW LQ D FRQWUROOHG
PDQQHU :KHQ UHFHLYLQJ PDWHULDOV IURP D ZRUN PDWH \RX PXVW FRPPXQLFDWH WR KLP ZKHQ LW LV XQGHU FRQWURO
7KLV FDQ EH DFKLHYHG E\ WZLVWLQJ LW VOLJKWO\ JHQWO\ SXVKLQJ LW XS RU YHUEDOO\ LH PLQH
/HDQLQJ VFDIIROG PDWHULDOV DJDLQVW KRUL]RQWDO WXEHV YHUWLFDOO\ XQVHFXUHG LV DQ DFFHSWHG SUDFWLFH RQO\ ,) WKH\
DUH WR EH XVHG LQ WKH LPPHGLDWH IXWXUH DQG DUH DW DQ HIIHFWLYH DQJOH DJDLQVW D VWDQGDUG RU SURWUXGLQJ WUDQVRP
WR SUHYHQW WKHP VOLGLQJ DQG IDOOLQJ
,I RSHUDWLYHV OHDYH WKH DUHD IRU DQ\ OHQJWK RI WLPH LH QDWXUDO EUHDN OXQFK RU HQG RI VKLIW PDWHULDOV PXVW EH
ODLG GRZQ RU VHFXUHG ZLWK URSH RU WXEHV DQG WWLQJV
NASC
41 of 48
&DUU\LQJ 8QHYHQ 7XEHV
([WUD FDXWLRQ LV QHHGHG ZKHQ SLFNLQJ XS DQG FDUU\LQJ VFDIIROG WXEHV RI XQHTXDO OHQJWK %HFDXVH RI WKH XQHTXDO
OHQJWKV DQG GLVWULEXWLRQ RI XQHTXDO ZHLJKW GLIIHUHQW WXEHV FDQ SLYRW RQ \RXU VKRXOGHU FDXVLQJ D VFLVVRULQJ
HIIHFW
,W WKHQ EHFRPHV D WUDSSLQJ ULVN WR \RXU QJHUV ZKHQ DWWHPSWLQJ WR FRUUHFW WKLV
,I WXEHV DUH RI VXFK DQ XQHTXDO OHQJWK WKDW LW PDNHV WKLV VFLVVRULQJ DFWLRQ D KLJK SUREDELOLW\ MXVW WDNH WKH RQH
WXEH DQG FRPH EDFN IRU WKH VHFRQG WXEH
7R FDUU\ PRUH WKDQ RQH WXEH RI XQHTXDO OHQJWK VDIHO\ IROORZ WKH SUDFWLFH VHW RXW EHORZ
,W LV EHVW SUDFWLFH WR HQVXUH WKDW WKH WXEH HQGV DUH OHYHOHYHQ DW WKH IURQW HQG 7KLV LV WKH GLUHFWLRQ RI WUDYHO
:KHQ UVW SODFLQJ WKH WXEHV RQ \RXU VKRXOGHU :LWK WKH XQHTXDO OHQJWK SODFHG RYHU \RXU VKRXOGHU FDUU\ RXW
DQ\ DGMXVWPHQWV UHTXLUHG WR JHW WKH EDODQFH FRUUHFW EHIRUH DWWHPSWLQJ WR PRYH RII
3ODFH WKH KDQG DQG DUP IURP WKH VKRXOGHU \RX DUH FDUU\LQJ WKH WXEHV RQ DURXQG WKH WXEHV 7KLV ZLOO DOORZ \RX
WR DSSO\ D GRZQZDUG SUHVVXUH WR FRQWURO WKH WXEHV
7KLV ZLOO DOVR DOORZ \RX WR HQVXUH WKDW WKH WXEH HQGV DUH NHSW EHORZ IDFH DQG KHDG KHLJKW ZKHQ ZDONLQJ DURXQG
FRUQHUV RU VKRXOG RWKHU SHUVRQV ZDON LQWR \RXU SDWK
7KH VDPH GHJUHH RI FDXWLRQ LV DOVR UHTXLUHG ZKHQ \RX DUH UHPRYLQJ WKH XQHTXDO OHQJWK WXEHV IURP \RXU
VKRXOGHU
7KHUH DUH GLIFXOWLHV DVVRFLDWHG ZLWK ODQGLQJ EHDPV RQ UHODWLYHO\ QDUURZ VFDIIROGV RU ERDUGV 7UDGLWLRQDOO\
WKH PDQ DW WKH WRS RI WKH URSH KDV KDG WR VWUXJJOH WR WDNH WKH ZHLJKW RI WKH EHDP DQG VWHHU LW RQWR WKH QDUURZ
SODWIRUP DIWHU EUHDNLQJ LW RYHU WKH KDQGUDLO 7KLV WRS PDQ LV H[SRVHG WR
O 0DQXDO KDQGOLQJ DVVRFLDWHG LQMXULHV LH EDFN VWUDLQV :RUN 5HODWHG 8SSHU /LPE 'LVRUGHUV :58/'V
O /RVLQJ VXIFLHQW JULS RI WKH EHDP DQG LW IDOOLQJ ZKLOVW ODQGLQJ LW
%\ W\LQJ EHDPV RII LQ D GLIIHUHQW ZD\ WKH PDQ RQ WKH URSH FRQWLQXHV WR WDNH WKH ZHLJKW XQWLO WKH PDQ DW WKH WRS
RI WKH URSH KDV VWHHUHG WKH EHDP RQWR WKH QDUURZ SODWIRUP DQG XQWLHG LW RQFH LW LV SRVLWLRQHG VDIHO\ ZLWK QR
FKDQFH RI IDOOLQJ
NASC
42 of 48
O 7KH EHDP LV ODLG GRZQ DW WR WKH VFDIIROG
O 7KH EHDP LV WLHG RII ZLWK D UROOLQJ KLWFK DW WKH VFDIIROG HQG RI WKH EHDP WR WKH WRS FKRUG
)LJ
O 7KH URSH LV WKHQ GUDJJHG DORQJ WKH OHQJWK RI WKH EHDP WR WKH RSSRVLWH HQG DQG WLHG RQWR WKH VDPH FKRUG
XVLQJ D KDOI KLWFK HQVXULQJ LW LV WLHG WKH FRUUHFW ZD\ LQ RUGHU WR WDNH JULS
)LJ
NASC
43 of 48
O 7KH EHDP LV QRZ UHDG\ WR EH SXOOHG XS
)LJ
O :KHQ WKH WRS RI WKH EHDP WKH KDOI KLWFK HQG UHDFKHV WKH WRS PDQ KH FDQ WDNH WKH ZHLJKW RI WKH EHDP
ZLWK RQH KDQG DQG ORRVHQ WKH KDOI KLWFK TXLFNO\ ZLWK WKH RWKHU ZKLOH WKH URSH PDQ UHOHDVHV D OLWWOH VODFN
)LJ
NASC
44 of 48
O 7KH URSH PDQ FDQ WKHQ WDNH WKH ZHLJKW RI WKH EHDP DQG FRQWLQXH WR SXOO LW XS DOORZLQJ WKH WRS PDQ WR
FRQFHQWUDWH RQ VWHHULQJ WKH EHDP RYHU WKH KDQGUDLO DQG RQWR WKH SODWIRUP
)LJ
/HYHUDJH
7KH XVH RI VFDIIROG WXEHV DQG VZLYHO WWLQJV WR PRYH VHFWLRQV RI VFDIIROGLQJ HOLPLQDWHV RU UHGXFHV WKH
ULVNV DVVRFLDWHG ZLWK PDQXDO KDQGOLQJ LQMXULHV LQFXUUHG GXULQJ OLIWLQJ SXVKLQJ DQG SXOOLQJ LH WKH XVH RI D
EXWW WXEH DQG VZLYHO WR WDNH WKH ZHLJKW RXW RI D FDQWLOHYHUHG VHFWLRQ ZLWK RQH KDQG DQG W\LQJ RII WKH WWLQJ
RQ WKH VSXU ZLWK WKH RWKHU 7KH XVH RI D P WXEH DQG VZLYHO WR DOLJQ D WHPSRUDU\ URRI WUXVV LQ RUGHU WR
VTXDUH LW XS WR DOORZ WKH VPRRWK OOLQJ LQ RI IUDPHV
:KHQ FDUU\LQJ RXW D PDQXDO KDQGOLQJ ULVN DVVHVVPHQW SHUVRQDO SURWHFWLYH HTXLSPHQW 33( QHHGV WR
EH FRQVLGHUHG DV D ODVW UHVRUW +RZHYHU WKH LQWHQVLYH SK\VLFDO QDWXUH RI VFDIIROGLQJ PHDQV WKDW PRVW
HPSOR\HUV DQG VLWH UXOHV UHTXLUH PLQLPXP OHYHOV RI 33( WKDW FDQ KHOS SUHYHQW PDQXDO KDQGOLQJ UHODWHG
LQMXULHV
,Q UHODWLRQ WR WKH ULVNV DVVRFLDWHG ZLWK KDQGOLQJ VFDIIROGLQJ PDWHULDOV KDQG DQG KHDG SURWHFWLRQ KDYH
EHFRPH PLQLPXP UHTXLUHPHQWV IRU WKH PDMRULW\ RI WKH VFDIIROGLQJ LQGXVWU\
8QGHU WKH 3HUVRQDO 3URWHFWLYH (TXLSPHQW DW :RUN 5HJXODWLRQV 33( 5HJV HPSOR\HUV KDYH WR
FDUU\ RXW D 33( DVVHVVPHQW WR GHWHUPLQH WKH VXLWDELOLW\ RI WKH HTXLSPHQW IRU WKH WDVN )RU H[DPSOH GR WKH
JORYHV VHOHFWHG SURYLGH DGHTXDWH JULS IRU VWHHO DQG WLPEHU ZLWK WKH ULJKW OHYHO RI SURWHFWLRQ DQG GH[WHULW\
WR SUHYHQW LQMXU\ ZLWKRXW FRPSURPLVLQJ SHUIRUPDQFH
(PSOR\HUV VKRXOG FRQVXOW ZLWK WKH RSHUDWLYHV WULDO VDPSOHV DQG VHHN IHHGEDFN LQWR KRZ GLIIHUHQW 33(
SHUIRUPV (PSOR\HUV ZKR LQYROYH RSHUDWLYHV LQ WKH VHOHFWLRQ RI 33( DQG YDOXH IHHGEDFN JHQHUDOO\
H[SHULHQFH JUHDWHU OHYHOV RI FRRSHUDWLRQ DQG FRPSOLDQFH
NASC
45 of 48
NOTES
NASC
46 of 48
NASC
Whilst every effort has been made to provide reliable and accurate information, we would welcome any corrections to information provided by the Writer which
may not be entirely accurate, therefore and for this reason, the NASC or indeed the Writer, cannot accept responsibility for any misinformation posted.