WO2000063795A9 - Procede, articles et procede de commerce dans lesquels des transactions contractuelles a option sont utilisees - Google Patents

Procede, articles et procede de commerce dans lesquels des transactions contractuelles a option sont utilisees

Info

Publication number
WO2000063795A9
WO2000063795A9 PCT/US2000/010858 US0010858W WO0063795A9 WO 2000063795 A9 WO2000063795 A9 WO 2000063795A9 US 0010858 W US0010858 W US 0010858W WO 0063795 A9 WO0063795 A9 WO 0063795A9
Authority
WO
WIPO (PCT)
Prior art keywords
entity
grantee
option contract
cross
trade
Prior art date
Application number
PCT/US2000/010858
Other languages
English (en)
Other versions
WO2000063795A8 (fr
WO2000063795A2 (fr
Inventor
John D Redding
Original Assignee
John D Redding
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by John D Redding filed Critical John D Redding
Priority to CA002376252A priority Critical patent/CA2376252A1/fr
Priority to AU46558/00A priority patent/AU4655800A/en
Priority to EP00928300A priority patent/EP1277129A2/fr
Publication of WO2000063795A2 publication Critical patent/WO2000063795A2/fr
Publication of WO2000063795A9 publication Critical patent/WO2000063795A9/fr
Publication of WO2000063795A8 publication Critical patent/WO2000063795A8/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/08—Insurance

Definitions

  • the present invention relates to a system and method for enhancing cash-based and non-cash-based commerce.
  • Cash-based commerce systems involve one party delivering to another party goods or services in exchange for cash payment or the promise of cash payment.
  • countertrade forms of commerce involve the use of non- cash forms of payment utilizing different concepts such as corporate barter, currency generation, or offset.
  • Countertrade commerce uses different transactions for a variety of purposes, including asset valuation recovery, financing, and cost reduction programs.
  • a first type of a network system is based on offers from a merchant computer. That is, the merchant computer provides advertised products or services. A buyer uses a buyer computer to request and view the advertised products and then send from the buyer computer a purchase message describing a selected product to the merchant computer. The merchant computer constructs a payment order, sends it to a payment computer, and receives authorization from the payment computer. After receiving the authorization, the selected product is sent to a designated computer electronically (when the selected product is a software program, a picture, data or another digitized product) or shipped to an address provided by the user (when the selected product is not or cannot be digitized). There are other variations to the above-described purchase method conducted over a network system using cash-based transactions.
  • the buyer computer when purchasing a selected product or service, can send the purchase order directly to a payment computer and the payment computer can send authorization back to the buyer computer, in the form of a secure digital certificate.
  • This secure certificate is then sent to the merchant computer, which causes the electronic transfer or physical shipment.
  • the payment computer can send the authorization to the merchant computer, which causes the electronic transfer or physical shipment.
  • the buyer computer can also have secure "cash certificates,” pre-authorized by the payment computer. Then, the buyer computer can send directly the purchase message, describing the selected product or service, together with the secure "cash certificates" to the merchant computer.
  • the merchant computer "recognizes" the cash certificates as a valid form of cash payment and causes the electronic transfer or the physical shipment of the ordered product.
  • the merchant computer assembles a number of the cash certificates received from several purchase transactions and presents them to the payment computer.
  • the payment computer causes a cash transfer to the merchant's account.
  • a network system may enable a buyer to submit a detailed request that specifies requested goods or services and their price to a merchant computer.
  • the merchant computer may also be a network site accessible by several seller computers or service provider computers, each of which can supply one or several goods and services. After submitting the request for goods or services, a number of seller computers or service provider computers may respond to the buyer with customized responses and offers to sell goods or services. The buyer computer can then compare the responses and determine which seller or provider best meets his needs.
  • Another type of network systems can include one or more intermediaries.
  • the intermediaries then post the collected information on their web site or actively seek buyers or sellers using their databases.
  • the collected information can be matched to the addresses of different businesses expected to have a need for advertised goods or services or a supply of desired goods or services.
  • the entire process may be fully automated and transacted over a computer network.
  • these networks can improve market efficiency by avoiding an extended search or advertising, and by expediting the selection and order process.
  • Non-cash based commerce provides the possibility for asset value recovery in cases where assets have diminished values due to market factors or other factors.
  • Asset valuation recovery enables recovery of up to the original value (or the book value) of the asset (e.g., raw material, products, real estate, services). Businesses experience significant needs in this area because of the frequent differences between the book values and the market values of their assets.
  • Asset valuation recovery may be practiced using corporate barter, where the deficient asset having a diminished value is sold for trade credit having potentially a higher price than the fair market value of the asset.
  • the asset is exchanged not for an immediate delivery of goods, services, or cash, but only for a trade credit which may or may not be exercised depending on the market conditions.
  • the deficient asset may need to be "written-down" to the lower cost or market value.
  • Writing down the value of the asset means the seller must declare a loss on its books, which in turn may negatively affect the perception of the seller's financial condition (and thus the seller's stock valuation).
  • the use of a barter exchange may result in a smaller loss than would have been experienced if the assets were sold conventionally for cash.
  • a trade facilitator issues a trade credit to a seller for a higher price than the fair market value of the asset (e.g., raw material, products, real estate, services). Since the seller can potentially achieve cash savings in future purchases, the seller can realize a degree of asset valuation recovery.
  • the recipient of the trade credit e.g., the seller of the deficient asset
  • the recipient of the trade credit has invested in the corporate barter process and assumed the associated risk.
  • the investment is equal to the cash liquidation value of the asset given in exchange for the trade credit.
  • the trade credit cannot be used fully, this investment (or some part of the investment) is lost.
  • the seller can potentially lose more than the difference between the book value and the market value of the deficient asset. This is a major weakness of corporate barter when used for asset valuation recovery.
  • the invention relates to a system and method for creating a marketable asset (i.e., a saleable asset) based on purchasing or selling capabilities of an entity quantified in a contract.
  • the invention enables, inter alia, asset valuation recovery, financial services and cost reduction programs applicable to cash- based and non-cash-based commerce.
  • One aspect of the invention supports or uses is a highly effective commerce system that improves the ability of sellers to achieve their price objectives while providing buyers an opportunity to acquire goods or services (i.e., either goods or services separately, or both) for a current outlay of a value lower than the seller's price.
  • the present system and method enable an entity to create an asset based on its expected commercial activities (probable, future commercial activities).
  • a system or a method enables an entity to create a current asset based on its expected commercial activities.
  • the method includes the entity granting to a grantee a cross purchase option contract, and the grantee providing to the entity consideration having a value agreed to have a specified relationship to the value of the cross purchase option contract.
  • the cross purchase option contract has terms and conditions such that the entity is not required, under applicable accounting rules, to record a liability from the grant of the option contract.
  • the above method is performed on a computer system arranged for communication with several user interfaces, wherein the act of granting by the entity is performed by entering data using a computer interface and the grantee receives the cross purchase option contract using a grantee interface.
  • the grantee may be a trade facilitator engaged in commercial trade, and the entity may be a client of the trade facilitator. Alternatively, the grantee may be a supplier that can directly supply to the entity to satisfy the cross purchase option contract.
  • the cross purchase option contract involves future purchase of goods or services.
  • the value of the cross purchase option contract has an associated indicator in the form of a known amount of cross purchase units.
  • the cross purchase option contract also has a predetermined term.
  • the cross purchase option contract has unspecified duration measured by the consumption of a known amount of cross purchase units.
  • the provided consideration may include making a monetary payment (either directly, by a draft, electronic funds transfer, secure cash certificate or indirectly by other means), or paying the currency to a third- party beneficiary.
  • the provided consideration may include purchasing from the entity goods or services in exchange for a price that is higher than the current market value goods or services.
  • the goods or services may include deficient inventory or real estate.
  • the provided consideration may include assuming risk, providing credit, or paying debt.
  • the method may further includes purchasing by a financial institution a portion of trade receivables from the entity, wherein the trade receivables are generated by satisfying the option contract.
  • a financial institution purchases by a financial institution a portion of trade receivables from the entity, wherein the trade receivables are generated by satisfying the option contract.
  • any two or more of the above steps may be combined.
  • a system or a method enables recovery of an asset's value.
  • the method includes an owner of an asset selling to a grantee the asset and granting to the grantee a cross purchase option contract, and the grantee delivering to the asset owner value greater than a fair market value of the asset.
  • the cross purchase option contract has terms and conditions such that the asset owner is not required, under applicable accounting rules, to record a liability from the grant of the option contract, equal to a full difference between the book value of the asset and the fair market value of the asset.
  • the asset owner is not required to record any liability from the grant of the option contract.
  • a system or a method enables an entity to create a current asset based on its expected commercial activities.
  • the method includes the entity granting to a grantee a cross sell option contract, and the grantee providing to the entity consideration having a value agreed to have a specified relationship to the value of the cross sell option contract.
  • the cross sell option contract has terms and conditions such that the entity is not required, under applicable accounting rules, to record a liability from the grant of said option contract.
  • this method is performed on a computer system arranged for communication with several user interfaces, wherein the act of granting by the entity is performed by entering data using a computer interface and the grantee receives the cross sell option contract using a grantee interface.
  • the grantee may be a trade facilitator engaged in commercial trade, and the entity may be a client of the trade facilitator. Alternatively, the grantee may be a supplier that can directly supply to the entity to satisfy the cross sell option contract.
  • the cross sell option contract involves future sales of goods or services.
  • the value of the cross sell option contract has an associated indicator in the form of a known number of cross sell units.
  • the cross sell option contract also has a predetermined term.
  • the provided consideration may include making a monetary payment (either directly, by a draft, electronic funds transfer, secure cash certificate or indirectly by other means), or paying the currency to a third- party beneficiary.
  • the provided consideration may include purchasing from the entity goods or services in exchange for a price that is higher than the current market value goods or services.
  • the goods or services may include deficient inventory or real estate.
  • the provided consideration may include assuming risk, providing credit, or paying debt.
  • the method may further include purchasing by a financial institution a portion of trade receivables from the entity, wherein the trade receivables are generated by satisfying the option contract.
  • a system or a method enables recovery of an asset's value.
  • the method includes an owner of an asset selling to a grantee the asset and granting to the grantee a cross sell option contract, and the grantee delivering to the asset owner value greater than a fair market value of the asset.
  • the cross sell option contract has terms and conditions such that the asset owner is not required, under applicable accounting rules, to record a liability from the grant of the option contract, equal to a full difference between the book value of the asset and the fair market value of the asset.
  • the asset owner is not required to record any liability from the grant of the option contract.
  • a system or a method calculates a value of expected commercial activities of an entity.
  • the method includes providing by the entity to a grantee a purchase pattern of specific goods or services; retrieving from a database of the grantee purchase and sale terms applicable to the specific goods or services; determining the cost spread between the purchase and sale terms of the specific goods or services; and calculating an amount of cross purchase units for the purchase pattern of the specific goods or services based on the cost spread. Based on the amount of cross purchase units, the method calculates the value of expected commercial activities specified in a cross purchase option contract that can be granted by the entity to the grantee.
  • the method may be performed on a computer system arranged for communication with several user interfaces.
  • the cross purchase option contract has predetermined duration. Alternatively, the cross purchase option contract has unspecified duration measured by the consumption of a known amount of cross purchase units.
  • the grantee may be a trade facilitator engaged in commercial trade, and the entity may be a client of the trade facilitator.
  • a system or a method calculates a value of expected commercial activities of an entity.
  • the method includes providing by the entity to a grantee a sale pattern of specific goods or services; retrieving from a database of the grantee purchase and sale terms applicable to the specific goods or services; determining the cost spread between the purchase and sale terms of the specific goods or services; and calculating an amount of cross sell units for the sale pattern of the specific goods or services based on the cost spread. Based on the amount of cross sell units, the method calculates the value of expected commercial activities specified in a cross sell option contract that can be granted by the entity to the grantee.
  • the method may be performed on a computer system arranged for communication with several user interfaces.
  • the cross sell option contract has predetermined duration.
  • the cross sell option contract has unspecified duration measured by the consumption of a known amount of cross sell units.
  • the grantee may be a trade facilitator engaged in commercial trade, and the entity may be a client of the trade facilitator.
  • the above system and method include any use of the purchasing and/or the selling activities of an entity and/or any other form of option to derive benefits for the purpose of: a) providing asset valuation recovery; b) providing any entity with net worth protection; c) providing any entity with income generation; d) providing any entity with cash flow benefits; e) improving the capitalization structure of an entity and/or increasing the valuation of an entity and/or increasing the net worth of an entity; f) deriving additional economic benefit to merger and acquisition activities; g) providing any benefit to a leasing product or service; h) providing any benefit to any financial type of financial service or product; i) providing any benefit to any type of cost reduction program or service; j) improving option trading capabilities and/or opportunities; k) establishing a hedging fund and/or a hedging technique, this would include both currency and interest rate hedging schemes; I) facilitating the use of Export Agency Funding; m) providing a mechanism for International Balance of Trade stabilization and/or improvement; n) funding any socio-economic
  • the above aspects are based on a derivative-based process that creates a value, which can be securitized (e.g., insured or guaranteed).
  • the above aspects provide an alternative to the conventional "opportunity with investment risk" and facilitate an immediate asset valuation recovery. Furthermore, they permit a business to exercise its future purchasing power to present financial advantage and create a saleable asset.
  • Fig. 1 illustrates a network sale system connecting client computers, trade facilitator computers, buyer computers and seller computers;
  • Fig. 2 illustrates an exemplary commercial transaction that enables a seller to sell an underperforming asset for its book value
  • Fig. 3 illustrates another exemplary commercial transaction that enables a seller to sell an underperforming asset for its book value
  • Fig. 4 illustrates an exemplary commercial transaction that enables a trade facilitator to fund international trade transactions
  • Fig. 5 illustrates steps performed by a management information system operating over the network sale system shown in Fig. 1.
  • Fig. 1 illustrates a network sale system connecting a trade facilitator computer network 20, a client computer network 30, a buyer computer network 40, and a seller computer network 45 (and optionally a financial institution computer network).
  • the network sale system is connected together by a communication network (e.g., an ATM network 12) and private networks 20, 30, 40 and 45.
  • the communication network includes links 13, and network switches 14, 15 and 16.
  • Trade facilitator computer network 20 includes a bridge 22 connected to a token ring network 24 and an Ethernet network 27.
  • Token ring network 24 provides connection, for example, to a general purpose computer 25 and a storage device 26.
  • Ethernet network 27 is connected to general purpose computers (for example, computers 28A and 28B), a printer 29 and other devices.
  • Client computer network 30 includes an Ethernet network 34 connected to switch 15 via a bridge 32.
  • Ethernet network 34 connects general purpose computers 35 and 36, and a printer 37.
  • Buyer computer network 40 includes a private network 42 connecting computer 43B and printer 43A to a bridge 44.
  • Seller computer network 45 includes a computer 46 and printer 47, both connected to switch 16.
  • the above is only an example of networks 20, 30, 40 and 45, which may include other devices and may be connected together differently.
  • FIG. 2 illustrates an exemplary commercial transaction, performed on the above-described network system, which enables a seller (e.g., a client of a trade facilitator) to sell an underperforming asset for its book value.
  • a client 102 owns a building 105 (i.e., an underperforming or deficient asset), having a book value of $15 million, but a market value of only $8 million.
  • a trade facilitator 116 enters into a contract with client 102 pursuant to which trade facilitator 116 buys building 105 for $15 million and, in return, client 102 agrees to grant to trade facilitator 116 a cross purchase option (CPO) contract, valued at 22 million cross purchase units (CPUs).
  • CPO cross purchase option
  • client 102 receives $15 million in cash (indicated as transfer 106) immediately upon agreeing to transfer building 105 (transfer 108) and granting the 22 million CPUs (transfer 110) to trade facilitator 116.
  • client 102 does not need to record a loss of $7 million for sale of building 105 (i.e., the difference between the asset's book value of $15 million and market value of only $8 million) which would occur had the client sold building 105 on the open market (global market).
  • Trade facilitator 116 sells building 105 for $8 million on the open market (indicated as a transfer 118) and uses the proceeds from the sale of building 105 (i.e., $8 million indicated as a transfer 119) to pay client 102.
  • Trade facilitator 116 uses $7 million of his own funds to pay $15 million in cash to client 102.
  • Trade facilitator 116 uses his trading partners (shown collectively as 136) to sell to client 102 goods and services (indicated as transfer 132) and receives payments therefore (indicated as transfer 134).
  • the cost spread i.e., the difference between the cost of the goods or services sold to trade facilitator 116 and their sale price to client 102 is sent to trade facilitator 116 (transfer 130).
  • a CPO contract is an opportunity for a trade facilitator to sell to his client goods or services in accordance with a mutually agreed procedure.
  • a CPO contract is usually "a right of first refusal" under which a trade facilitator can supply to a client goods or services needed in the client's ordinary course of business.
  • the trade facilitator and the client jointly identify specific spending and establish a list of benchmarks. They also establish benchmark pricing based on the existing and/or historical needs of the client to purchase goods or services in their ordinary course of business. Based on this information, they agree on a specified number of CPUs.
  • a CPO contract term is limited to a specified number of years, or the consumption of a specified number of CPUs, whichever occurs first.
  • the CPUs are a measure of the CPO contract term.
  • a CPO contract may be structured in several different ways.
  • the CPO contract is "a right of first refusal" sell to a client goods or services in the client's ordinary course of business.
  • the CPO contract may include at least one predefined term (e.g., price, quantity, time of delivery, etc.)
  • the number of CPUs is a measure of his trade obligation to remain profitable.
  • the above CPO contract is exercised by trade facilitator 116 during a three-year term or until retiring 22 million CPUs.
  • the CPO contract forms the right for trade facilitator 116 to supply to client 102 goods or services needed in the client's ordinary course of business.
  • trade facilitator 116 and client 102 jointly identify specific spending areas of client 102 and establish a list of benchmarks to form the basis of the CPO contract.
  • Client 102 may provide, in the CPO contract, lists of pre-approved suppliers for various goods or services.
  • trade facilitator 116 has to match all commercial terms and benchmark pricing. If trade facilitator 116 cannot do that, client 102 can find another source of the needed goods or services, under the same terms.
  • the amount of the CPUs In the CPO contract, the amount of the CPUs must be set high enough so that the profits, realized when exercising the CPO contract, will be larger than the difference of the amount of initial cash paid and the actual market value of the deficient asset sold (if any) by client 102. That is, trade facilitator 116 needs to realize the minimal profit of $7 million (plus the trade facilitator's expenses) over the three-year term of the CPO contract.
  • the amount of the CPUs, set in the CPO contract also reflects the CPU usage ratio historically achieved (or expected to be achieved) by trade facilitator 116. The CPU usage ratio varies depending on the type of goods or services covered by the CPO contract.
  • client 102 Based on an established procedure, prior to any purchase of goods or services, client 102 submits a description of their needs to trade facilitator 116. If trade facilitator 116 can supply the needed goods or services to client 102, he has the right to do so under the CPO contract 110. After this transaction is completed, trade facilitator 116 "retires" a certain amount of the CPUs.
  • the cash flow to trade facilitator 116 (transfer 130) reflects the cost spread (i.e., the price differential) for the sold supplied goods or services to client 102. Therefore, the specific amount of the goods or services to be provided under the CPO contract cannot be predetermined because the cost spread for the goods and services needed by client 102 will vary depending on the market conditions.
  • trade facilitator 116 If trade facilitator 116 has an average 10% spread, he must sell at least $70 million worth of goods or services to client 102 to recoup his initial investment of $7 million. Under the contract, trade facilitator 116 has the right to sell about $220 million worth of goods or services to client 102 over the three-year term to retire the 22 million CPUs. This number enables trade facilitator 116 to be profitable over a number of CPO contracts (each of which carries a certain risk). Pursuant to the above CPO contract, trade facilitator 116 supplies needed goods or services to client 102. The entire transaction may be completed using the network system of Fig. 1. Client 102 enters (for example, on computer 36) the description of goods and services as needed in their ordinary course of business.
  • This description is transmitted via network 12 to trade facilitator network 20 and stored, for example, in storage device 26.
  • Different sellers can submit to trade facilitator network 20 their advertisements or even offers to sell their goods or services from their networks 45.
  • Storage device 26 thus includes a database of goods and services available for sale by various sellers received via network 12.
  • Different buyers can submit to trade facilitator network 20, using their network 40, their advertisements or offers to buy goods or services.
  • Trade facilitator 116 (for example, by using computer 25) determines if the client's requirements can be met, that is, whether he can generate a sufficient spread between the goods and services offered by the seller and the goods and services needed by client 102. If trade facilitator 116 cannot generate a sufficient spread, client 102 is free to procure these goods or services, under the same terms, from another source.
  • the trade facilitator's database includes the terms of numerous goods or services available for sale (or offered for sale) and wanted for purchase (or offered to buy).
  • the system links together the offers and creates a trade routing map achieving a cost spread.
  • the map shows a match between the goods or services needed by client 102 and available to trade facilitator 116.
  • the individual links in the map may have different forms and can be executed automatically or under the supervision of a human.
  • the trade facilitator's system may directly match a telecommunications put and a telecommunications call, while achieving a cost spread.
  • the trade facilitator's system can indirectly match a put in delivery services to a trade routing map that includes a trade position in a raw plastic material to acquire automobile tires. The automobile tires can then be used to acquire the delivery services.
  • the terms of sale and purchase of the raw plastic material and automobile tires are
  • RECTIFIED SHEET (RULE 91) ISA/EP entered by the respective seller and buyer using seller computer network 45 and buyer computer network 40.
  • seller computer networks 45 and buyer computer networks 40 which are connectable to network 12 for entering the individual offers and their terms.
  • the feasibility of a selected trade routing map is assessed by the cost spread, i.e., a cash benefit arising from the price differential when the purchase under the CPO contract is exercised.
  • the trade routing map includes a series of performed transactions. In some situations, one or several individual transactions may not achieve a cost spread, but the overall transaction can still achieve the cash benefit.
  • the value of the purchasing activities depends on trade capabilities derived from (i) investments in time-sensitive surplus products and excess (production or other) capabilities; (ii) marketing alliances; (iii) purchasing alliances; (iv) trade positions and availabilities to trade facilitator 116; (v) trading strategies designed to move financial leverage acquired in one type of goods or services to another type of goods or services; and (vi) trading techniques using tolling, spiral trading, or trading-up in commodities to increase their value (e.g., manufacturing or processing of acquired raw materials to realize additional value created by the manufacturing process).
  • Trade facilitator 116 is in a unique position to generate additional profits beyond those others might achieve by selling the goods and services to client 102. Having acquired the right to sell specific kinds of goods or services over a predetermined period, trade facilitator 116 can approach purveyors of those goods or services to bargain for the best prices on future guaranteed sales. Moreover, trade facilitator 116 can participate in one or more trading organizations and may enter into similar CPO contracts with several clients. Thus, trade facilitator 116 may acquire the ability to aggregate the right to sell the same kind of goods or services to multiple clients. By increasing the purchasing power trade facilitator 116 can obtain price concessions from suppliers. Moreover, trade facilitator 116 can obtain, through other such transactions, the right to sell goods or services to those suppliers.
  • Fig. 3 illustrates another exemplary commercial transaction, performed on the above-described network system, which enables a client 103 to sell to trade
  • ISA/EP facilitator 116 an underperforming asset for its book value.
  • client 103 is an off-shore oil producer who owns obsolete inventory.
  • the obsolete inventory has a book value of $15 million, but a market value of only $8 million.
  • Trade facilitator 116 enters into a contract with client 103 to buy the obsolete inventory and receive a cross sell option (CSO) contract valued at 25 million cross sell units (CSUs).
  • Client 103 transfers the obsolete inventory (transfer 108) to trade facilitator 116, and trade facilitator 116 transfers $15 million in cash (transfer 106) to client 103.
  • CSO cross sell option
  • Trade facilitator 116 sells to financial institution 120 a portion of the trade receivables corresponding to the 25 million CSUs.
  • Financial institution 120 buys the 25 million CSUs (indicated as a transfer 122) and pays $15 million in cash (indicated as a transfer 124) to trade facilitator 116.
  • Trade facilitator 116 transfers the $15 million cash to client 103, as described above.
  • Trade facilitator 116 also sells the obsolete inventory (transaction 118) on the open market (global market) for $8 million (transaction 119) and uses the proceeds as working capital.
  • Trade facilitator 116 conducts numerous transactions with his trading partners 135 (indicated as transfers 128 and 130) in order to sell goods or services to client 103. Based on an order from trade facilitator 116, a trading partner (one of partners 135) provides goods or services to client 103 (indicated as transfer 131), and client 103 pays for the received goods or services, as indicated by transfer 133. The feasibility of these transactions depend on the cost spread trade facilitator 116 can achieve. The purchased portion of the trade receivables goes to financial institution 120 (transfer 138). In general, a CSO contract gives a trade facilitator an option to acquire from his client goods or services in accordance with a mutually agreed procedure.
  • the trade facilitator and the client Prior to forming a CSO contract, the trade facilitator and the client jointly identify the existing, historical and expected future abilities of the client to provide goods or services. They also establish benchmark pricing based on the market forces and the trade facilitator's history. Based on this information, the parties agree on a specified number of CSUs.
  • a CSO contract term is limited to a specified number of years, or the consumption of a specified number of CSUs,
  • the CSUs are also a measure of the CSO contract term.
  • the number of CSUs is a measure of their trade obligation.
  • the number of CSUs is a measure of the purchased trade receivables.
  • financial institution buys a portion of the trade receivables at a large discount (e.g., 25 million CSUs for $15 million in cash).
  • a CSO contract may be structured in several different ways.
  • a client may grant to a trade facilitator (i) an option to acquire a product credit, (ii) a product credit, (iii) the right to acquire specific goods or services at the client's cost of production or cost of sale, or (iv) the right to acquire specific goods or services for a specified price, at a specified time (which may be similar a forward contract).
  • a trade facilitator i) an option to acquire a product credit, (ii) a product credit, (iii) the right to acquire specific goods or services at the client's cost of production or cost of sale, or (iv) the right to acquire specific goods or services for a specified price, at a specified time (which may be similar a forward contract).
  • the CSO contract cannot create a financial liability according to GAAP, or the International Accounting Standards.
  • Trade facilitator 116 uses the product credit as partial payment when purchasing goods or services from client 102 or 103 (i.e., option grantor).
  • trade facilitator 116 will pay for the purchased goods or services using 20% of the price in product credits and 80% in cash.
  • This relative amount of product credits to cash may range from 100% product credits and no cash to one or two percent in product credits and the rest in cash.
  • trade facilitator 116 has an option to buy or a right to buy oil from client 103. Even if the CSO contract is only an option to purchase oil only under the ordinary commercial terms of client 103 (i.e., the current market price at the time of sale during the CSO term), trade facilitator 116 still may be able to generate the spread in his transactions based on assured stable supplies, advantageous locations or other factors.
  • client 103 Periodically, before any sale of goods or services, client 103 enters the terms of the sale into client computer 36 and provides this data via network 12 to facilitator network 20.
  • the sale data is entered into the database stored in storage device 26, used by trade facilitator 116.
  • the trade facilitator's system links one or more different transactions for the purpose of generating the cost spread. If the average cost spread for trade facilitator 116 is five percent, trade facilitator 116 has to generate transactions in the amount of $500 million to retire all CSUs over the predetermined period of the CSO contract.
  • a client can convert its capacity to sell goods or services into a marketable and saleable asset regardless of any value recovery process (i.e., even if the client doesn't have any inventory or real estate with diminished value).
  • a client can grant to a trade facilitator a CSO contract that guarantees a supply of goods or services for a specified period of time according to prevailing market terms and conditions.
  • a trade facilitator retires after each sale a specified amount of CSUs, which are an indicator of the price differential applied to the prices of the traded goods or services.
  • a trade facilitator exercises the CPO contracts (right to sell to a client) and the CSO contracts (right to buy from a client) and provides the goods and services to different clients.
  • Client 102 (or 103) derives an important advantage from the CPO (or CSO) contract by avoiding a write-off when disposing a deficient asset.
  • the CPO (or CSO) contract provides immediately to client 102 (or 103) $15 million in cash which is equal to the book value of the obsolete inventory.
  • client 102 (or 103) grants a CPO contract (or CSO contract) that includes purchase or sale terms tied to the client's usual and ordinary course of business.
  • client 102 (or 103) does not need to realize any loss, according to GAAP in the U.S., the International Accounting Standards, or counterpart accounting principles used in other countries. (A standard "put” or "call” contract instead of the present CPO or CSO contract would cause the valuation imbalance likely requiring the write-off.)
  • client 102 immediately received $15 million in exchange for both building 105 (having the book value of $15 million) and a CPO contract. Since the CPO contract included purchase terms according to the client's ordinary course of business, client 102 did not grant in the transaction any valuable asset, under GAAP or the International Accounting Standards. Thus, client 102 does not need to record any loss equal to the value of the CPO contract.
  • client 103 again received $15 million in exchange for both his obsolete inventory (having the book value of $15 million) and a CSO contract. Furthermore, the CSO contract also include trade credits given to trade facilitator 116.
  • the CSO contract also includes terms defining a relative amount of product credits to cash such that the cash portion is equal or higher than the cost of production (or the cost of sale), client 103 did not grant in the transaction any valuable asset, under GAAP or the International Accounting Standards. Thus, client 103 does not need to record any loss from the transaction. Therefore, client 102 or 103 can derive an important advantage from these CPO or CSO contracts, respectively.
  • the above-described transactions are used to create various saleable assets. If there is no sale of an obsolete inventory, or another asset having a diminished value, the above-described transactions can generate extra cash for client 102 or 103.
  • a client 104 wants to finance export (international trade) transactions.
  • Client 104 is selling tractors for $10 million to an emerging market country 140, but the foreign buyer does not have up-front cash or is not creditworthy.
  • Trade facilitator 116 and client 104 enter into a CPO contract pursuant to which trade facilitator 116 gives to client 104 $10 million in cash (transfer 106) and, in return, receives a CPO contract (transfer 112) valued at 30 million CPUs.
  • client 104 agrees to provide to trade facilitator 116 with "supplier access" (also indicated by arrow 112), as described below.
  • client 104 assigns to trade facilitator 116 the payment of $10 million from foreign buyer 140 for the delivered tractors.
  • Foreign buyer 140 can send the payment of $10 million (indicated as transfer 142) to trade facilitator 116 immediately upon delivery of the tractors (indicated as a transfer 141) or over a predetermined period, depending on the agreement.
  • Trade facilitator 116 receives $10 million (transfer 142) for the delivered tractors from the foreign buyer. Furthermore, trade facilitator 116 receives from client 104 the existing supplier access (transfer 112). That is, client 104 will arrange for trade facilitator 116 meetings with existing suppliers 150 and will help trade facilitator 116 to obtain goods and services under similar terms. If client 104 is a large manufacturer purchasing goods or services in large volumes, client 104 may get preferred rates from suppliers 150. Thus, trade facilitator 116 may have trading opportunities to obtain goods and services at significant savings. For example, client 104, who is a tractor and truck manufacturer, may have existing agreements (156 and 158) with suppliers 150 to buy steel, paint or tires at significant discounts due to a high volume of purchase orders. Trade facilitator 116 may be able to utilize the same discount.
  • Suppliers 150 can increase their market share and gain access to the trade facilitator's database of goods and services (shown as transfers 152 and 154).
  • transfers 152 and 154 the supplier access granted to trade facilitator 116 by client 104 is a valuable business instrument for creating the cost spread.
  • trade facilitator 116 conducts numerous transactions with his trading partners 136 (indicated as transfers 128 and 130) in order to sell goods or services to client 104. Based on an order from trade facilitator 116, a trading partner (136) provides goods or services to client 104 (indicated as transfer 134), and client 104 pays to the received goods or services (transfer 132). The feasibility of these transactions depends on the cost spread which is sent to trade facilitator 116 (transfer 130). As described above, the CPO contract, granted to trade facilitator 116 by client 104, may be structured as a right of first refusal to client 104 with the goods or services as needed in the ordinary course of business. If trade
  • ISA/EP facilitator 116 can supply the needed goods or services to client 104, he has the right to do so under the CPO contract 110. After each transaction is completed, trade facilitator 116 "retires" a certain amount of the CPUs. Trade facilitator 116 received a cash flow (transfer 130) that corresponds to the spread between the purchase price paid by trade facilitator 116 and the sale price to client 104 (and other transactional costs to trade facilitator 116).
  • the entire trading process and the process of retiring the CPUs may be computerized, for example, using the network of Fig. 1.
  • Client 104 enters via computer 30 the description of goods and services as needed in their ordinary course of business. This description is transmitted via network 12 to trade facilitator network 20.
  • Trade facilitator 116 uses computer network 20 to determine if the client's requirements can be met; that is, whether he can generate a sufficient cost spread for the transaction. If trade facilitator 116 can generate a sufficient spread, the transaction is automatically confirmed over network 12 and is executed. After executing the transaction, trade facilitator 116 automatically "retires" the corresponding amount of the CPUs.
  • client 104 can also finance export transactions by granting a CSO contract to trade facilitator 116 as described in connection with Fig. 3. Specifically, trade facilitator 116 enters into an agreement with client 104 pursuant to which trade facilitator 116 gives to client 104 $10 million in cash and, in return, receives a CSO contract valued at 30 million CSUs. In each of the above-described examples, client 104 can receive up to 100% cash payment and recognize an unconditional sale under GAAP or the International Accounting Standards. According to another example, the client wants to finance export
  • EXIM Bank An Export Credit Agency (ECA), such as the U.S. EXIM Bank, makes funds available to promote commerce.
  • EXIM Bank can guarantee only a portion of the funding up to 85% of a given transaction.
  • CPO contract or a CSO contract
  • the trade facilitator provides the 15% cash portion.
  • the client can generate the needed cash in a situation, where commercial banks will not participate because they do not want the foreign loan exposure.
  • the client wants to sponsor a not-for- profit organization, but does not have the cash to provide funding.
  • the client issues a CPO or CSO contract to a trade facilitator, and the trade facilitator provides in return an asset (e.g., cash payment, goods or services) to the not-for-profit organization.
  • asset e.g., cash payment, goods or services
  • the client turned his ability to buy or sell goods or services, into a new asset (e.g., cash) donated to the not-for-profit organization without incurring a cost or liability.
  • the client wants to create a reserve to fund potential exposure to warranty claims.
  • the client issues a CPO or CSO contract to a trade facilitator, and the trade facilitator provides in return cash to fund a warranty reserve.
  • the client wants to finance mergers and acquisitions.
  • a seller i.e., a party to be acquired
  • the client issues a CPO or CSO contract to a trade facilitator, and the trade facilitator provides in return cash to fund the acquisition.
  • the trade facilitator carries the risk of the CPO or CSO contract.
  • the client may be a governmental organization.
  • the governmental organization may need initial cash for an infrastructure project and thus can grant a CPO contract for purchase of goods or services needed in the infrastructure project.
  • the trade facilitator e.g., a grantee
  • the trade facilitator provides the initial cash in return for the CPO contract. If the initial cash is a large amount not available to a trade facilitator, the trade facilitator sells to a financial institution the trade receivables, corresponding to a specified amount of CPUs, at a large discount. Thus here the financial institution carries the risk, but the governmental organization generates cash from the private sector (or another part of the public sector).
  • Fig. 5 illustrates the operation of a system for managing trade finance insurance.
  • a perspective client e.g., client 102, 103 or 104 submits to trade facilitator 116 an application in the form of a request for proposal.
  • the client discloses the asset, where he would like to achieve asset valuation recovery.
  • the client identifies any other form of saleable asset (marketable asset) to be generated.
  • step 165 the client describes his own purchasing and sale activities, and any other expenditures expected to occur within the next three years (or another predetermined period).
  • This client data is entered over client computer network 30 and provided to trade facilitator computer network 20. (In the embodiment where no network is used, the client may provide the above information in any other suitable form.)
  • Storage device 26 stores the provided client information, and any one of trade facilitator's computers (i.e., computer 25, 28A or 28B) processes the client data.
  • step 170 the trade facilitator's computer classifies the client data based on the selling or purchasing activities of the client and all relevant commercial terms associated therewith.
  • the system also identifies a potential CPO contract or a potential CSO contract.
  • the system also performs a GAAP expense classification such as operating expense, cost of goods or capital expenditures.
  • step 180 the system accesses an internal database of various goods or services available for purchase or sale.
  • This database of goods and services is created and frequently updated by receiving buyer data from buyer computer network 40 (step 190) describing goods or services needed by a buyer, and by receiving seller data from seller computer network 45 (step 200) describing goods or services offered for sale.
  • step 210 the system determines and reports various trade links by using the database.
  • the system searches for goods and services available for sale or needed to be purchased.
  • the system determines a future value of the client's purchasing and selling activities based on trade capabilities determined using a number of factors.
  • the trade capabilities depend on (a) investments in time-sensitive products and excess capabilities (or other capabilities); (b) marketing alliances; (c) purchasing alliances; and (d) trade positions and other information stored by trade facilitator 116 in a database. These trade capabilities also include options to acquire and options to sell positions.
  • step 210 the system also takes into account the trade capabilities obtained from prior investments and the trade capabilities based on marketing or purchasing alliances.
  • the system also classifies the individual clients and compares them to lists of existing alliance partner customers. In this process, the system evaluates the client's request for a proposal and determines possible direct links (direct transactions in step 220), or indirect links (indirect transactions in step 230) if there are no direct links or the indirect links generate a larger spread. In step 240, the system displays the direct links found in step 220.
  • step 250 the system displays various alternative trade route "maps" that show the required trades to supply goods or services to a client under a CPO contract, or to purchase goods or services from a client under a CSO contract.
  • One aim of the system is to determine the value of a potential CPO contract by evaluating the cost spreads for the individual transactions.
  • Another purpose of the system is to determine the value of a potential CSO contract again by determining the value of the cost spreads for the individual transactions for the corresponding trade route.
  • steps 260 and 265 the system evaluates demand for trade capabilities and the demand on trade positions held. As the result, the system determines the necessary CPUs or CSUs associated with the proposed CPO or CSO contracts (step 270).
  • the difference between an acquisition price and the sale price for linked goods or services forms the cost spread.
  • the total cost spread (the total cost difference) must be at least equal to the total number of CPUs or the total number of CSUs.
  • Trade facilitator 116 may want to achieve (or project) a multiple of the calculated CPUs or CSUs to reduce their risk. In such a case, the multiple is also taken into account by multiplying the CPUs or CSUs in step 270.
  • the system calculates a total number of CPUs or CSUs associated with a potential CPO or CSO contract and provides it to trade facilitator 116.
  • the system may also include contract compliance criteria stored as a checklist 310.
  • the system formulates CPU or CSU consumption procedure specific to the client information (step 300).
  • the system can automatically approve a proposed CPO or CSO contract.
  • a person working for trade facilitator 116 approves the proposed CPO or CSO contract.
  • the automatic or "manual" approval may depend on the projected cost spread.
  • the above transactions utilize the above-described CPO contract (or CSO contract), a Cash Flow Assignment, a Consent Agreement, and a Countertrade Consumption Procedure. These agreements may be linked together by conditions precedent or conditions subsequent.
  • the Cash Flow Assignment is used if the transaction also includes a financial institution.
  • a trade facilitator assigns a portion of the cash flow, arising from the CPUs, to the financial institution. This portion of the cash flow corresponds to the profit the trade facilitator is expected to make by supplying a client with the goods or services.
  • a client acknowledges and consents to the Assignment from a trade facilitator to a financial institution, transferring all trade facilitator's rights to receive the purchased portion of the cash flow.
  • the client also acknowledges the trade facilitator's right, title and interest in and to the CPO contract as it relates to the assigned cash flows.
  • a client agrees, in the Consent Agreement, to adhere to the CPO contract, and to follow the Countertrade Consumption Procedures when acquiring goods or services.
  • the client also agrees that financial institution shall have the right to enforce all rights in accordance with the terms of the CPO contract.
  • the Consent Agreement may include additional clauses as follows: (a) the financial institution is entitled to receive first any partial payment in case of a bona fide dispute between the client and the trade facilitator, (b) the client agrees to give up any rights for obtaining any return or refund of the assigned portions of the cash flow transferred to the financial institution, or (c) indemnification clauses for the benefit of the financial institution.
  • the Consent Agreement may also include several representations and warranties by a client related to its ability to remain in good financial condition, but does not need to include any representations and warranties by the trade facilitator. Alternatively, the trade facilitator may provide several representations and warranties related to its ability to remain in good financial condition or perform under the CPO contract.
  • a client agrees to acquire specific goods or services from a trade facilitator, by following Countertrade Consumption Procedures, and may agree to assist the trade facilitator in finding finance for the cash transferred initially as described above.
  • a client agrees to sell specific goods or services to a trade facilitator, by following the Countertrade Consumption Procedures.
  • the Countertrade Consumption Procedure is a written procedure describing expenditure policies and guidelines intended to enable a trade facilitator to consume the CPUs.
  • the created saleable asset can be classified as a current asset that can be immediately sold for cash. Furthermore, the present system and method can avoid a financial liability associated with the sale of an underperforming asset by a client, under GAAP or the International Accounting Standards.

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Strategic Management (AREA)
  • Marketing (AREA)
  • Economics (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Development Economics (AREA)
  • Theoretical Computer Science (AREA)
  • Technology Law (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

Un système informatique conçu pour communiquer avec plusieurs interfaces d'utilisateur, permet à une entité de créer un actif circulant basé sur les activités commerciales prévues d'une entité. Au moyen d'une interface d'utilisateur, l'entité octroie à un bénéficiaire un contrat à option d'achat croisé et, au moyen d'une interface de bénéficiaire, le bénéficiaire fournit à l'entité une contrepartie ayant une valeur déterminée comme ayant une relation spécifique avec la valeur du contrat à option d'achat croisé. Selon les termes et conditions du contrat à option d'achat croisé, l'entité n'est pas tenue, selon les règles de comptabilité applicables, d'enregistrer un passif à partir de l'octroi du contrat à option. Autrement, en utilisant une interface d'utilisateur, l'entité octroie à un bénéficiaire un contrat à option de vente croisée et, au moyen d'une interface de bénéficiaire, le bénéficiaire fournit à l'entité une contrepartie ayant une valeur déterminée comme ayant une relation spécifique avec la valeur du contrat à option de vente croisée. Selon les termes et conditions du contrat à option de vente croisée, l'entité n'est pas tenue, selon les règles de comptabilité applicables, d'enregistrer un passif à partir de l'octroi du contrat à option.
PCT/US2000/010858 1999-04-21 2000-04-21 Procede, articles et procede de commerce dans lesquels des transactions contractuelles a option sont utilisees WO2000063795A2 (fr)

Priority Applications (3)

Application Number Priority Date Filing Date Title
CA002376252A CA2376252A1 (fr) 1999-04-21 2000-04-21 Procede, articles et procede de commerce dans lesquels des transactions contractuelles a option sont utilisees
AU46558/00A AU4655800A (en) 1999-04-21 2000-04-21 Commerce system, method and articles utilizing option contract transactions
EP00928300A EP1277129A2 (fr) 1999-04-21 2000-04-21 Procede, articles et procede de commerce dans lesquels des transactions contractuelles a option sont utilisees

Applications Claiming Priority (4)

Application Number Priority Date Filing Date Title
US13058199P 1999-04-21 1999-04-21
US60/130,581 1999-04-21
US13086299P 1999-04-22 1999-04-22
US60/130,862 1999-04-22

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WO2000063795A2 WO2000063795A2 (fr) 2000-10-26
WO2000063795A9 true WO2000063795A9 (fr) 2001-03-15
WO2000063795A8 WO2000063795A8 (fr) 2002-11-07

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PCT/US2000/010859 WO2000063815A2 (fr) 1999-04-21 2000-04-21 Systeme, procede et articles destines a faciliter des credits commerciaux
PCT/US2000/010858 WO2000063795A2 (fr) 1999-04-21 2000-04-21 Procede, articles et procede de commerce dans lesquels des transactions contractuelles a option sont utilisees
PCT/US2000/010865 WO2000063816A2 (fr) 1999-04-21 2000-04-21 Systeme, procede et articles pour faciliter des contrats a option garantis

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AU (3) AU4482900A (fr)
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Publication number Priority date Publication date Assignee Title
EP1288805A1 (fr) * 2001-08-24 2003-03-05 Accenture Global Services GmbH Estimation des risques du commerce électronique
AUPR969501A0 (en) 2001-12-20 2002-01-24 Global Trade Finance Network Pte Ltd Forfaiting transactions
NZ534130A (en) * 2001-12-20 2005-01-28 Global Trade Finance Network P Forfaiting transactions exchange system
US11080790B2 (en) 2009-09-24 2021-08-03 Guidewire Software, Inc. Method and apparatus for managing revisions and tracking of insurance policy elements

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WO2000063795A8 (fr) 2002-11-07
EP1208496A2 (fr) 2002-05-29
WO2000063816A2 (fr) 2000-10-26
CA2377708A1 (fr) 2000-10-26
WO2000063795A2 (fr) 2000-10-26
WO2000063815A8 (fr) 2001-11-29
EP1200909A2 (fr) 2002-05-02
CA2376252A1 (fr) 2000-10-26
AU4655800A (en) 2000-11-02
EP1277129A2 (fr) 2003-01-22
AU4482900A (en) 2000-11-02
WO2000063816A8 (fr) 2001-11-01
CA2376257A1 (fr) 2000-10-26
AU4482600A (en) 2000-11-02
WO2000063815A2 (fr) 2000-10-26

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