Lonsdale Institute PTY LTD

Assessment Task
BSB60215 Advanced Diploma of Business
BSBFIM601 Manage Finances

BSBFIM601 Manage Finances

Assessment
Assessment # 2 Activity Due Date
Type

Assessment Conditions

This is an assignment portfolio that may be worked on in study time and as homework.
Portfolio presentation should be completed in a manner that is appropriate to professional business reporting.
All sections and requirements of the assessment task must be included.
Feedback may be sought prior to submission.
Where necessary include forms, pictures, charts etc. may be added as attachments

Student Details

Student Name: Panagiotis Kiokios Student ID: LON00002MK

Re-submissions

If you receive NYC for your assessment you must make the necessary adjustments and re-submit. Please rename
your file with RESUB1 /RESUB2 etc. It is important to do this to distinguish between the old file and the new one with
the adjustments

Declaration of Authenticity

The above named student, confirm that by submitting, or causing the attached assignment/s to be submitted, to
Lonsdale Institute Pty Ltd, I have not plagiarised any other person’s work in this assignment and except where
appropriately acknowledged, this assignment is my own work, has been expressed in my own words, and has not
previously been submitted for assessment. I do understand and accept the consequences of academic misconduct
according to Lonsdale’s Policies and Procedures.

Assessment Task

Thoroughly research the following relevant Australian, international and local legislation
and conventions and give a brief 150 word description in your own words of each:

o Bilateral or Regional trade agreements

o International Commercial Terms (INCOTERMS)
o Trade Practices Act
o Warsaw Convention
o World Trade Organisation determination

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V6 3/17
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB60215 Advanced Diploma of Business
BSBFIM601 Manage Finances

Bilateral or Regional trade agreements

Bilateral or regional trade agreements make reference to an exchange agreement between two parties or
group that gives each party different benefits. These agreements are an important phenomenon in the
entire business world nowadays that provide opportunities for the parties to grow or set new business
opportunities in a bigger scale. If we define bilateral agreement it means, one agreement made between
two contracting parties for example Australia and Chile, providing a certain opportunity of investment by
reducing or eliminating tariffs, import quotas, export restraints and other trade barriers, and the definition
for regional trade agreement is one made between two or more contracting parties that share some
common denomination known as region for example Australia and New Zealand. The purpose for both
agreements is to provide some benefits and reinforce trade relationships between the members
expanding access between the markets and increasing the country’s economic growth open new
opportunities.

International Commercial Terms (INCOTERMS)

The INCOTERMS are defined as rules internationally recognized and are used worldwide in international
and domestic contracts for the sale of goods that provide a well understanding and an easy method of
interpretation. These rules are providing definitions and rules of interpretation for most common
commercial terms all around the world. All these rules have been developed and maintained by experts
helping traders avoid misunderstandings that will cost high prices and clarifying the tasks, costs and risks
involved in the delivery of goods, from sellers to buyers. INCOTERMS specify the rights and obligations of
each of the parties that enter into a contract for the delivery of goods sold. Of the first of January 2011
incoterms were review and the number of terms has been reduced from thirteen to eleven. Some of those
terms are divided in Terms for Any Transport Mode and Maritime-Only Terms.

Trade Practices Act

The Trade Practices Act is particular to Australia,and was initiated by the Australian Competition and
Consumer Commission (ACCC). This act enhances the welfare of Australians by promoting competition
and fair trading and providing for consumer protection. For this reason, it is important when we want to
run a business in Australia to operate fairly and ethically. It means working with trade practices act to
make sure we are working based on the law. The definition more formal for this trade practices act that
deals with almost all parts of the marketplace including unfair market practices, product safety, price
monitoring and industry codes of practice. Its aim is to inhibit unethical practices by competitors and to
give customers confidence that they are dealing with businesses that adhere to high standards. If you
break and do not follow the act in your state you can be prosecuted, face financial penalties and have
your bank accounts frozen.

TA102 FO Assessment Task Page 2 of 4

TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V6 3/17
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB60215 Advanced Diploma of Business
BSBFIM601 Manage Finances

Warsaw Convention

The definition refers to a special agreement which establish the legal ‘limits’ and conditions for carriage of
goods, humans and luggage of course. it has evolved into one of the most important instruments of
private international law adhered to by hundreds of signatory nations. This agreement covers conditions
for carriage that have been defined liability in different cases such as loss, damage and injury or death
due to accident on international flight, providing the necessary procedures that needs to be followed for
claims and restitution. It particularly mandates carriers to issue some requirements such as passenger
tickets requires carriers to issue baggage checks for checked luggage; creates a limitation period of 2
years within which a claim must be brought; and limits a carrier's liability to these requirements.

World Trade Organisation determination

This world trade organization determination is the only global organization that deals with the rules of
trade between nations, as a successor to the General Agreement on Tariffs and Trade. There are almost
200 members of the WTO. For this reason, the WTO organization determination has as a goal to help
producers of goods and services, exporters, and importers conduct their business, providing a forum for
trade negotiations and resolving trade disputes between member countries. The rules that the world trade
organization determination cover all goods and many services as well as a very broad range of trade
issues, from quarantine and technical trade barriers to taxation, subsidies and intellectual property. All the
rules that the WTO cover helps the international help international trade flow as smoothly, predictably and
freely as possible, providing secure trading conditions and reduce some of the risks associated with doing
business overseas.

TA102 FO Assessment Task Page 3 of 4

TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V6 3/17
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB60215 Advanced Diploma of Business
BSBFIM601 Manage Finances

References

INCOTERMS, International Commercial Terms, shipping terms. 2018. INCOTERMS, International

Commercial Terms, shipping terms. [ONLINE] Available at: http://www.schayer.com/incoterms.asp.
[Accessed 6 March 2018].

Investopedia. 2018. Bilateral Trade Definition | Investopedia. [ONLINE] Available

at:http://www.investopedia.com/terms/b/bilateral-trade.asp. [Accessed 6 March 2018].

BusinessDictionary.com. 2018. What is Warsaw Convention? definition and meaning. [ONLINE] Available
at: http://www.businessdictionary.com/definition/Warsaw-Convention.html. [Accessed 6 March 2018].

Trade Practices Act - The Secure Arc Wiki. 2018. Trade Practices Act - The Secure Arc Wiki. [ONLINE]
Available at: http://www.securearc.com/wiki/index.php/Trade_Practices_Act. [Accessed 6 March 2018].

Australian Competition Law | Legislation. 2018. Australian Competition Law | Legislation. [ONLINE]
Available at: http://www.australiancompetitionlaw.org/legislation.html. [Accessed 6 March 2018].

Bilateral and Regional Trade Agreements - International Law - Oxford Bibliographies. 2018. Bilateral and
Regional Trade Agreements - International Law - Oxford Bibliographies. [ONLINE] Available
at:http://www.oxfordbibliographies.com/view/document/obo-9780199796953/obo-9780199796953-
0019.xml. [Accessed 6 March 2018].

Trade Practices Act 1974 . 2018. Trade Practices Act 1974 . [ONLINE] Available
at:https://www.legislation.gov.au/Details/C2004A00109. [Accessed 6 March 2018].

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V6 3/17
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F