Function of Family Court in Bangladesh: Functions and Jurisdiction of the Family Court in Bangladesh
The primary goal of the Family Court is to facilitate the timely and successful resolution of family law issues. However, as with any other system, certain difficulties arise that cause concern about how these courts operate.
However, the Family Court Ordinance of 1985 established family courts with the goal of resolving some family disputes in a timely, effective, and peaceful manner. The goal is once again clear in providing a method for trial of cases in camera if necessary to ensure secrecy and confidentiality and to effectively dispose of some intricate and complicated matters that may not be practicable under the moral law of the land.
The Family Court Ordinance of 1985 attempts to resolve legal conflicts including marriage breakup, reinstatement of conjugal relations, dower, maintenance, guardianship, and custody of children. This Ordinance was issued in 1985. The contents chosen for consideration in the Ordinance are based on Muslim law, Hindu law, the Civil Procedure Code, the Evidence Act, the Dissolution of Muslim Marriage Act, and the Muslim Family Law Ordinance. According to this law, all munsif courts will be Family courts, with munsifs serving as Family court judges. Essentially, family courts have exclusive authority to hear, try, and decide cases involving marriage, conjugal relations, dower, maintenance, guardianship, and child custody.
Dissolution of Marriage (talak)
Sections 307 and 308 of Muslim law outline how marriages are dissolved. Under Muslim law, the marriage contract can be dissolved in one of three ways: (i) by the husband at his own will, without the intervention of the court; (ii) by mutual consent of the husband and wife, without the intervention of the court; or (iii) by a judicial decree at the husband’s or wife’s request. The wife cannot divorce herself from her husband without his approval unless this privilege is granted to her in the Nikahnama. This style of talak is called as talak-e-toufiz. When a divorce is finalized by mutual consent, it is known as khula or mubara’at, depending on the terms of the contract between the parties.
Talak refers to the husband’s unilateral dissolution of the marriage contract without the intervention of the court. Talak can be spoken or written. To talak verbally, a sound-minded husband pronounces a few phrases that are spoken or well understood as signifying divorce, and then acts accordingly. Talak in writing, or talaknama, is a written record of spoken talak. The deed may be completed in the presence of the kazi, the wife’s father, or other witnesses. However, the deed must be in usual form, correctly superscripted, and addressed to reveal the identity of the writer and the person addressed. In Muslim law, the wife has a limited right to divorce her husband judicially. A wife can dissolve the contract of marriage with the intervention of the court on the grounds: (i) the husband’s whereabouts are unknown for a period of four years; (ii) the husband’s failure to provide for the wife’s maintenance for a period of two years; (iii) a sentence of imprisonment on husband for a period of seven years or more; (iv) failure without reasonable cause to perform marital obligations; (v) impotence of husband; (vi) insanity of husband or his This divorce is known as talak-e-taufiz.
Restitution of conjugal relations
If the wife ceases to cohabit with her husband without valid cause, the husband has the right to seek for restitution of conjugal life. This suit is only valid against a legally married wife. However, if the marriage contract is dissolved, the husband is unable to file such an action.
Dower (Mahr)
It is the amount of money or other property that the wife is entitled to receive from the husband in exchange for the marriage. Muslim law made it mandatory (farz) for all Muslim husbands to settle the amount of dower in marriage and record it in the marriage contract, also known as Kabinnama or Nikahnama. The amount of dower is determined based on the bride’s social rank, personal characteristics, and beauty. The husband may settle any sum he wishes as dower on his wife, but it must not be less than ten dirham or its equivalent. Husband is obligated to pay the full amount of dower settlement, even if it exceeds his means. It is the husband’s debt to his wife, and unless otherwise mentioned in the marriage contract, he must pay the full sum on demand. Realization of dower is a wife’s right, and even a widow can maintain her husband’s properties in possession while filing a claim for her dower until the full sum is paid.
Maintenance
Maintenance (nafafa) is the monetary support that a wife, children, parents, and grandchildren can legally demand from their husband, parents, son, and grandfather to support their livelihoods. It covers food, clothes, shelter, and medical care for adults, as well as other expenses for mental and physical well-being based on their social position. The grounds for imposing the obligation on a person are, in order of gravity, marriage, kinship, and inheritance. A parent is required to support his boys until they reach puberty, and his daughters until they marry.
Fathers must also provide for their widowed or divorced daughters. If the father is destitute and incapable of supporting himself, the mother will take on the duty. If the father is impoverished and infirm, and the mother is likewise poor, the grandfather is responsible for the children, assuming he is in good financial standing. Wife is the first and primary claimant of maintenance, and she has every right to realize the claim even if she is financially better off than her husband or if the husband has the resources to fulfill the claim. After divorce, the wife is entitled to maintenance for up to the iddat period, which can be extended to three months. Other religions also include measures for maintenance. An able man should support grandparents and other relatives in addition to his wife, children, and parents, subject to his abilities.
Guardianship or custody of children.
In all circumstances, the father has natural guardianship over his minor child’s person and property. In the absence of the father, the responsibility shifts to the mother, and if the mother is absent or unable to care for the minor, the grandpa or the parents’ closest relative becomes guardian of the minor’s person and property. In difficult circumstances, the government may even act as the minor’s guardian of person and property. Prior to the Family Court Ordinance 1985, district judges were designated guardians of a minor’s person and property, a role that is currently held by the concerned Assistant Judge of the Family Court. All applications for the appointment of a guardian of a minor’s person or property, or both, must be made under the Guardians and Wards Act of 1890. However, a prospective guardian may begin operating as a guardian of the minor under Muslim law before receiving a court verdict.
Court proceeding
When the defended files a written statement in court following the filing of the plaint, the court will set a date for the pre-trial hearing within 30 days. On such date, the Court will endeavor to reach a settlement or reconciliation between the parties, if practicable. When compromise or reconciliation fails, the court will hear evidence from both parties and make a decision.
Family courts manage issues that arise as a result of the aforementioned situations. A person may elect to present a complaint to a Family Court. The judge may issue a judgment and decree against which an appeal petition may be filed with the district judge’s court, provided that the judgment does not relate to (a) article 2(8) of the Dissolution of Muslim Marriage Act, 1939 or (b) for dower not exceeding five thousand taka.
An appeal against a Family Court decision, decree, or order must be filed within thirty days of its issuance, minus the time required to collect true copies. The High Court Division may, on the application of any party or on its own initiative, transfer any litigation under this Ordinance from the Family Court to another court within its local jurisdiction. In cases of guardianship and custody of children, a Family Court is recognized to be a District Court.
What is the punishment for abortion? How does one seek sanctuary in the law?
A victim of an unlawful abortion or unique crime has two options for filing a case. Such cases can be filed in either the courtroom or the police station.
If the victim wishes to file a case in court, she must see a lawyer. After showing all relevant documents and evidence connected to the incident to a lawyer, the victim must be informed of the cost of the lawsuit. Following the appointment of a lawyer, the victim may file a case to seek protection and compensation. To file the lawsuit, a lawyer must analyze all documents and evidence presented by the victim and file a complaint.
The matter may also be filed as a CR or petition in the court of the nearest Chief Judicial Magistrate or Chief Metropolitan Magistrate Court. After taking cognizance of the case, the magistrate would issue a summons or arrest warrant immediately to the accused based on his statement, in accordance with Section 200 of the Code of Criminal Procedure, 1898. However, in some situations, the magistrate may ask the police to investigate the case, and if the investigation report is deemed to be accurate, the court will issue a summons and arrest warrant directly.
Victim of Unlawful Abortion
The victim of an unlawful abortion must register a case and provide a statement at the nearest police station. If the case is accepted by the police, a duty officer will select an investigating officer who has the authority to arrest the accused and bring him before the court.
Furthermore, a victim can seek reparation under the Domestic Violence (Prevention and Protection) Act of 2010. This statute requires the victim to make an application for both protection and compensation with the nearest magistrate court. Based on the hearing, the court will mandate family protection and compensation. If the accused breaches the court’s order, the victim may file an appeal with the court independently under Section 30 of the aforementioned statute. After the evidence is presented against the violators of the protection order, the court may impose a six-month prison sentence, a taka 10,000 fine, or both.
The question of whether abortion should be legalized is still hotly debated around the world. It sits at the intersection of religion, politics, and law. The ongoing conflict between pro-life and pro-choice advocates undermines a woman’s right to her body.
In poor nations such as Bangladesh, there are numerous sociocultural problems that can influence a woman’s decision to give child. Bangladesh has among the highest rates of child marriage. Early marriage causes early pregnancy. Unicef Bangladesh discovered that one-third of young girls aged 15 to 19 are mothers or are already pregnant.
The reasons:
According to the Bangladesh Fertility Survey (BFS), 80% of married women under 50 agreed to abortion for pregnancy caused by rape or premarital sex, 53% accepted when the mother’s life was in danger, and only 17% wanted abortion for economic reasons. As a result, it is apparent that Bangladeshi women have many different reasons and are in agreement.
What exactly does the law say?
In Bangladesh, only the Penal Code 1860 addresses abortion and miscarriage. Sections 312-316 specify the sentence for causing miscarriage. Section 312 specifies that anyone who miscarries a pregnant woman shall be imprisoned for three years, fined, or both, and if the fetus is completely formed, the sentence may be extended to seven years. Women who perform abortions on themselves face the penalties listed above.
Since induced abortions are illegal, black market clinics take advantage of this chance. Despite the availability of facilities, women resort to performing illegal abortions under the guidance of unqualified individuals.
To avoid an unplanned pregnancy, these ladies subject themselves to dangerous situations. According to the Guttmacher Institute, an estimated 1,194,000 induced abortions occurred in Bangladesh in 2014, with many of these likely conducted in dangerous conditions or by unskilled clinicians.
Bangladeshi legislation allows women to regulate their menstrual cycles for up to 12 weeks of pregnancy, using vacuum aspiration if they miss their period. This was implemented as part of the government’s family planning program and is not regarded an abortive measure. It may be interpreted as a euphemism for early pregnancy termination.
According to the UN, repealing anti-abortion laws would save approximately 50,000 women’s lives each year around the world. Women who seek abortion services, whether to carry out the termination or to seek medical care after a miscarriage, may face prosecution and imprisonment in nations where it is illegal.
Withdrawal of Civil and Criminal cases in Bangladesh
Can a lawsuit or case be withdrawn after it has been filed? (Civil and Criminal)
Criminal cases:
Criminal cases are often classified into two types:
I) CR and
II) GR.
GR cases are normally reported to the police. The CR case must be filed in the criminal court.
In the GR case, the state chooses lawyers for the plaintiffs, known as public prosecutors (PP). And in CR situations, the complainant must personally hire a lawyer to handle the case.
The decision to withdraw a case may be made owing to a lack of sufficient evidence in the case or a compromise between the parties involved. The criminal procedure contains two sorts of provisions for the withdrawal of cases.
In circumstances where the state is a party to the GR case, the public prosecutor may ask to withdraw it under Section 494 of the Criminal Procedure Code.
In a CR case, the complainant or a counsel hired on his behalf may ask to have the case withdrawn under Section 247 of the Criminal Procedure Code.
The public prosecutor withdrawing the case:
According to Section 494 of the Code of Criminal Procedure, a state prosecutor or public prosecutor may withdraw from prosecuting a person in any one or more of the offenses for which he is now being tried, with the permission of the court. The government, as plaintiff, will persuade the court that it has a valid basis to withdraw from handling the case. The court will not grant authorization based solely on the government’s order to withdraw from the lawsuit.
A number of points were raised when the lawsuit was withdrawn under section 494, and the court was urged to address them.
Withdrawal of complaint (CR) case
According to Section 247 of the Criminal Procedure Code, if the plaintiff can convince the magistrate that there is sufficient grounds to allow him to withdraw the complaint before the case’s final order, the magistrate will allow him to do so while acquitting the accused.
This clause applies only to throwaway cases, as defined in clause 345 of the Criminal Procedure Code. The complainant can withdraw the complaint under this section. For example, only the public prosecutor may apply to withdraw the case. The case cannot be withdrawn based on the petitioner’s or the accused’s motion, or any government action.
Second, the prosecutor must explain to the court the rationale for abandoning the case. The court will not order that the case be withdrawn only on the basis of the government’s decision.
The decision by the court to withdraw the lawsuit is final. Thus, if the court is dissatisfied with the basis for withdrawing the case, it will order the case to proceed without permitting the withdrawal.
If the victim, plaintiff, or plaintiff in the case believes that the state abandoned their case unnecessarily, they may submit a revision with the Sessions Judge Court or the High Court Division.
Withdrawal of civil lawsuit
According to Rule 1 of Rule 23 of the Civil Procedure Code, the plaintiff may withdraw the civil complaint against all or any of the defendants at any time after it has been filed, or give up a portion of the claim. In circumstances when the court determines that the lawsuit is doomed to fail owing to a procedural error and there is sufficient reason to allow the plaintiff to sue again for the substance of the lawsuit or a portion of a claim, the court withdraws the plaintiff’s action on appropriate terms or in part. You may provide authorization to dismiss the claim and re-litigation based on the content of the case or a similar partial claim.
In circumstances where the plaintiff withdraws the lawsuit or abandons the partial claim without the court’s approval, the plaintiff will be accountable for the lawsuit’s expenses as determined by the court and will be barred from filing a new lawsuit on that content or partial claim.
This rule prohibits a court from allowing one of the few plaintiffs to withdraw the complaint without the permission of the other plaintiffs.
Following withdrawal, the identical matter can no longer be sued.
If a case is withdrawn in accordance with the prescribed procedure, it cannot be re-filed. Such cases are forbidden under the ‘Race Judicata’ or Dobara policy in civil trials, and the ‘Double Geopardy’ or Dobara penalty policy in criminal cases. If the court is satisfied by submitting a revision in a higher court, it may order reconsideration or re-investigation in the interest of justice.
Client’s obligations
A conflict of interest may occur while representing two defendants.
If this happens, it is necessary to withdraw from at least one client. Continuing to act would constitute a violation of the SRA Code on Conflicts of Interest.
If continuing to work for the remaining client would violate your duty of confidentiality to your former client, you must resign from both clients in accordance with the SRA’s confidentiality and disclosure policy.
Judicial obligations
If a client modifies instructions in such a way that continuing would result in you misleading the court, you must withdraw from the matter, according to paragraph 1.4 of the SRA Code of Conduct.
When the civil lawsuit is being withdrawn:
According to Rule 1 of Rule 23 of the Civil Procedure Code, the plaintiff may withdraw the civil complaint against all or any of the defendants at any time after it has been filed, or give up a portion of the claim.
When the court determines that the lawsuit is doomed to fail owing to a procedural error and that there is sufficient justification to allow the plaintiff to sue again for the lawsuit’s substance or a portion of a claim, the court withdraws the plaintiff’s suit on reasonable conditions or in whole.
One may grant permission to dismiss the claim and re-litigate the contents of the case or a similar partial claim.
If the plaintiff withdraws the case or abandons the partial claim without the court’s approval, the plaintiff is responsible for the lawsuit’s expenses as established by the court and loses the opportunity to bring a new lawsuit on that content or partial claim.
According to this rule, a court may not allow one of the few plaintiffs to withdraw the complaint without the other plaintiffs consent.
The same case cannot be sued again following the withdrawal.
If a matter is withdrawn in line with the established procedure, it cannot be re-filed. In civil courts, such cases are forbidden under the ‘Res Judicata’ or Dobara policy, while in criminal cases, the ‘Double Geopardy’ or Dobara penalty policy. If the court is satisfied after filing a revision with a higher court, it may order reconsideration or re-investigation in the interest of justice.
Res Judicata
‘A’ sued ‘B’ for not paying rent. ‘B’ requested that the rent be decreased because the land area was less than what was stipulated in the lease. The Court found that the area was larger than stated in the lease. The area was enormous, hence res judicata rules would not be used.
In one example, ‘A’ new lawsuit was brought, and the defendants asked the court to dismiss it with a plea of res judicata.
He was unable to launch a res judicata claim since his earlier suit had been dismissed for fraud. The Court stated that the res judicata defense must be demonstrated with evidence.
The notion of Res Judicata
The notion of res judicata attempts to ensure fair administration of justice and honesty while also preventing legal abuse.
When a litigant wants to bring a subsequent lawsuit on the same subject after receiving a decision in a previous case involving the same parties, the principle of res judicata applies.
This applies not only to the precise claims filed in the first case, but also to claims that could have been made in many other jurisdictions during the same time frame.
The High Court Division has the inherent power to make such an order.
Impact on the Justice System
While withdrawals can speed up the legal procedure and minimize the strain on the judiciary, there are worries regarding potential abuse of this tool. Critics contend that affluent persons or those with political influence frequently use the withdrawal system to avoid justice for crimes committed. Misuse frequently erodes public trust and undermines the credibility of the legal system.
The Functions of Compromise and Alternative Dispute Resolution
The withdrawal of cases indicates the presence of room for compromise and other conflict resolution processes. These strategies can be helpful for fostering unity and ensuring prompt resolution, but they must be used wisely. Encouraging parties to reach a mutually agreeable settlement is critical for reducing litigation backlog and providing a sense of closure.
Enhancing Transparency and Accountability
Concerns regarding misuse must be addressed by implementing procedures that enhance openness and accountability. This may need rigorous monitoring of the withdrawal process to ensure that withdrawals are not impacted by undue pressure or manipulation. To keep the judicial system functioning properly, authorities must also investigate charges of coercion or bribes. Balancing Public Interest with Private Settlements Efforts should be made to find a balance between advancing the public interest and protecting an individual’s freedom to withdraw cases. Individuals should have the right to seek private settlements, but it should not jeopardize justice, especially in cases involving major crimes or violence. Stricter controls may be required to prevent the withdrawal of cases threatening public safety.
Implications of Case Withdrawal.
The withdrawal of cases in Bangladesh has serious consequences for the legal system and society as a whole. It fosters a culture of impunity in which criminals avoid accountability, undermining public trust in the legal system. It also violates the notion of equality before the law, as powerful persons are given preferential treatment while marginalized and vulnerable groups pay the repercussions. Case withdrawals hamper trial progress and strain the court system, resulting in severe delays in justice delivery.
Solutions for Addressing the Issue
To address the issue of case withdrawal, a multifaceted strategy is required. First, judicial changes are required to improve openness, minimize corruption, and reinforce the judiciary’s independence. This involves improving the appointment process for judges and holding them accountable. Second, strict enforcement of the law against individuals who influence or pressure victims to withdraw their cases is critical. This will act as a deterrence and convey a strong message that justice will prevail. Third, awareness programs should be undertaken to educate citizens about their rights and the necessity of seeking legal remedies.
Shark Tank in Bangladesh is a television show that need no introduction. We’ve all witnessed the business negotiations between the Sharks and their pitchers. These negotiations are simple to understand for someone with a commerce background or who has studied how businesses are built and run, but for someone who does not have a degree in commerce or accounting and is a layman in the business world, the concepts and terminologies used in the show can be difficult to understand most of the time, which is where this article comes in. It is my endeavor to break down the show’s nits and bits so that even the average viewer can grasp them.
History and background of Shark Tank Bangladesh
Let us begin by discussing the show’s history and context. “Shark Tank” debuted in the United States in 2009 and rapidly became a hit show. This show is originally based on an international show called “Dragon’s Den,” which aired in 2005 in Britain, and is again based on a Japanese show launched in 2001, “The Tigers of Money.” When it comes to “Shark Tank,” the format has been successfully adopted in numerous nations, including Canada, the United Kingdom, Australia, and even Bangladesh.
Concept of Shark Tank in Bangladesh
This show’s popularity stems primarily from its theme. It’s a reality TV show in which aspiring entrepreneurs, known as “pitchers,” take risks to gain money by inventing something new or providing a service that others demand. They are frequently portrayed as people who generate new ideas and take risks to make those ideas a reality, as opposed to businessmen, who are typically more concerned with managing existing firms and optimising old systems. In the show, they offer their company ideas or goods to a panel of affluent investors, known as “sharks.”
The show has five sharks who are accomplished businesspeople. These entrepreneurs are looking for investments in exchange for a share of their company’s equity. The show offers an opportunity for ambitious entrepreneurs to seek investment capital and experience to help them expand their enterprises.
Pitchers typically have 2-3 minutes to present their ideas or business models to the sharks, and it is only during this pitching time that they must tell the sharks how much money/investment they are looking to raise from them and what equity stakes they are willing to give the sharks in exchange for that investment. This provides sharks an indication of the company’s valuation.
Let’s understand the different terminologies used in the previous text.
• Equity refers to the ownership stake in a corporation. • Equity stake refers to the percentage of ownership granted to an investor. • Valuation is the estimated worth of a firm.
Let’s use an example to better grasp this.
Mr. X appears on the television and gives a fantastic pitch about his firm, ABC, which creates breathable fabric shoes. Mr. X tells the sharks that he wants to raise BDT 50,00,000/- for a 20% equity investment in his company.
If we consider that Mr. X has 100% equity in his company, which means he owns 100% of the company’s shares or stocks, he is asking the sharks to invest fifty lakh BDT in his company, and in exchange for that investment, he will give them a 20% equity stake, which means the shark who invests fifty lakh BDT in ABC will become a 20% shareholder in the company. As a result, once the transaction is completed, Mr. X will lose 20% of his ownership yet retain 80% of the shares or stocks. If the value of giving 20% shares of Mr. X’s firm is 50 lakh, then by basic multiplication, the value of 100% shares of ABC’s company is 2.5 crore, which is the company’s current valuation.
When the pitcher finishes pitching, sharks begin asking questions of the pitchers, and the significance of these inquiries cannot be stressed. These questions assist sharks in determining the risks and potential benefits of an investment. Sharks invest their hard-earned money, therefore it is critical to make informed selections.
Questions that you might expect from Sharks in Bangladesh –
These questions appear like this:
What is your sales and profit margin?
Sharks frequently inquire about the financial performance of the business. They inquire about current sales numbers and profit margins to assess the company’s revenue and profitability.
What are your plans for growing the firm with this investment?
When entrepreneurs seek finance, sharks want to know how the money will be used to expand the business. They inquire about the precise strategies and projects that will be sponsored with their investment. Tell me about your background.
Sharks frequently inquire about the entrepreneur’s expertise and qualifications, as well as their personal relationship to the business idea.
Sharks pay close attention to the pitcher’s background because they want to know who they will be working with. It is not always just about the business; it can also be about the entrepreneur who runs it. They want to make sure the pitcher is dedicated and competent of pushing the business to the next level.
Many times we have seen on the show that the sharks were not moved by the pitch; they were not interested in the business either, but then they asked about the background of the entrepreneur and got so impressed by the qualifications, the life history of the entrepreneur, or the future and vision of the entrepreneur that they got convinced of the fact that although the pitcher’s business is not profitable now, it is not big enough, but the pitcher has the potential.
Similarly, we’ve seen numerous situations where the pitcher produced a wonderful pitch, but when the sharks began interrogating him, he was unable to provide a suitable explanation, and as a result, he was unable to close the deal. There is a phrase that goes, “Unless there is a skilled rider on the back of the horse, even the fastest horse cannot win the race,” and these lines are appropriate for this presentation.
Finalising a deal on Shark Tank.
After listening to the pitch, the sharks grill the pitcher until they are pleased. They extend an offer to the pitcher. This offer could be the same as what the pitcher requested, or it could be something else. Let us comprehend this by an example: In response to the invitation to offer, Mr. X is asking 50 lakh BDT for a 20% ownership in his company ABC.
• A shark can agree to Mr. X’s requirements and offer 50 lakh BDT for a 20% ownership, keeping the firm valuation at 2.5 crore. • A shark can present Mr. X with three different offers:
It could have a lower value. The pitcher has the choice of declining the offer or counter-offering the shark. It is now up to the shark to accept the counteroffer, decline it and stick with their initial offer, or make a new offer with a different valuation. Mr. X invited Sharks to invest 50 lakh BDT in his firm ABC for a 20% equity stake, valuing it at 2.5 crore BDT. After the pitch, the sharks asked several questions and discovered that revenues and scalability did not match the firm valuation; thus, the company was overvalued. Sharks say, “Okay, I’ll give you 50 lakh BDT for 33% of the equity stake.”
This bid lowers the company’s valuation because the Sharks’ offer values the company at 1.51 crore. Following this, the pitcher may remark that 33% is a lot to give, so how about 50 lakh at 25% stake? With this counter offer, the pitcher attempts to negotiate at a higher valuation of 2 crore, and this is how negotiations take place in the program, and once the negotiations are completed, a deal may or may not occur.
2. Sharks can offer both stock and credit. Shark offered 30 lakh taka for a 20% stake and gave the remaining 20 lakh as credit for 5 years at 10% interest per annum, which means that not only is the company now undervalued by Shark at 1.5 crore, but Mr. X also has to return 20 lakh after 5 years along with the interest amount, so he must return 30 lakh taka. This type of offer can now take many different forms and combinations. Again, the pitcher must decide whether to accept or counteroffer this make.
3. The shark can agree to the pitcher’s valuation or undervalue it with his offer, while also charging a royalty fee. Shark offers to invest 50 lakh for a 20% interest in ABC, but imposes a BDT. 20 royalty fee on each shoe sale. This means that whenever ABC sells a shoe, the shark will get 20 bdt from the sale. This royalty charge can be in perpetuity, or until ABC sells shoes. BDT. 20 will be credited to Shark on each sale, or it can be for a set period of time, such as five years, which means ABC will not be obligated to pay a royalty fee to the shark after five years, or it might be until a particular agreed-upon amount is recovered. Let’s assume Shark proposes a royalty of BDT. 20 on each pair of shoe sales until I receive 20 lakh bdt. ABC will no longer be obligated to pay the shark any royalties after the sum of 20 lakh BDT has been paid. There can be numerous permutations and combinations of this. Again, the pitcher has the option of accepting the offer or countering.
The show focuses on how successfully you can negotiate a contract. On the one hand, sharks see a scalable business and want as many stakes as they can in it because the more stakes they have, the more profit they will make, whereas pitchers look for big investments and the sharks’ expertise but do not want to lose too many stakes in their company, so in a way, this show teaches us a lot about negotiations and their power.
Patents, trademarks, copyrights, and trade secrets are examples of intellectual property (IP) legal rights that protect creative works.
A non-disclosure agreement (NDA) is a legal contract that describes the secret information that parties intend to disclose with one another for specific purposes but not with other parties.
Liability refers to the legal accountability for one’s conduct or debts.
Corporate governance is the set of rules, policies, and processes that direct and regulate a firm, and it frequently involves the interaction of a company’s management, board of directors, shareholders, and other stakeholders.
Arbitration is a way of resolving disputes outside of the judicial system in which a neutral third party issues a binding ruling.
A lawsuit is a legal action brought by a plaintiff against a defendant based on a complaint or petition.
Tort is a civil wrong that causes suffering or loss for which the aggrieved party may seek compensation.
Indemnity is the legal responsibility to compensate another party for certain losses or damages.
Force Majeure: A contract clause that excuses a party from carrying out its contractual duties owing to unanticipated occurrences beyond its control.
Regulatory Compliance: Adherence to laws, rules, and regulations established by government authorities that apply to a particular industry.
Antitrust laws govern and prohibit anticompetitive behavior in the marketplace.
Due diligence is the process of thoroughly studying and verifying the specifics of a commercial deal or investment.
Corporate veil: A legal concept that distinguishes a corporation’s acts and liabilities from those of its shareholders, thereby protecting personal assets.
A power of attorney is a legal document that empowers one person to act on behalf of another in legal problems.
A preliminary injunction is a court order that restricts specific actions or activities until a legal dispute is resolved.
Bankruptcy is a legal position that occurs when a person or business is unable to repay their debts, prompting a court-supervised process.
The statute of limitations is a legally determined time limit within which legal procedures must be launched.
Regulatory Compliance: Adherence to laws, rules, and regulations established by government authorities that apply to a particular industry.
A handshake deal is not a deal.
As we all know, a handshake transaction is not a deal unless it is formalized with paperwork specifying the parties’ rights and duties. The same is true for this show. Following the handshake agreement, the Sharks must complete paperwork, which requires them to conduct due diligence on the pitcher’s company. Before the presentation starts, the sharks have no idea who will pitch them or what the business will be about.
It is during the pitch that only sharks get to know about the company and their business, and it is upon the beautifully presented pitch and after looking at the numbers of sales and scalability that sharks decide to invest in the business. However, there is a possibility that the pitcher might have lied or disclosed some facts that can harm the business, so sharks need to perform due diligence to check if all the facts that were told by the pitcher align perfectly.
This show’s popularity stems primarily from its theme. It’s a reality TV show in which aspiring entrepreneurs, known as “pitchers,” take risks to gain money by inventing something new or providing a service that others demand. They are frequently viewed as individuals who generate new ideas and take risks to make those ideas a reality, as opposed to a businessman, who is typically more concerned with managing existing firms and optimizing established processes. In the show, they offer their company ideas or goods to a panel of affluent investors, known as “sharks.” The show has five sharks who are accomplished businesspeople. These entrepreneurs are looking for investments in exchange for a share of their company’s equity. The show offers an opportunity for ambitious entrepreneurs to seek investment capital and experience to help them expand their enterprises.
Pitchers typically have 2-3 minutes to present their ideas or business models to the sharks, and it is only during this pitching time that the pitchers must tell them how much money/investment they are looking to raise from the sharks, as well as what equity stake they will offer the sharks in exchange for the investment. This provides sharks an indication of the company’s valuation.
Let us comprehend this by an example:
Mr. X provided the valuation of his company as BDT. 2.5 crore. When Shark inquired about last year’s and current year’s sales, they discovered that the company had been presented as overvalued and asked the same question to the pitcher If the sales numbers did not align with the valuation, why have you presented your company in the overvalued figure to this Mr. X says that he has received an order to manufacture 1 lakh shoes from DMart as they want to sell my shoes in their store, and this order can take the valuation of ABC to the figure Based on this information, one of the sharks closed the transaction via handshake, but during due diligence, it was discovered that the order for manufacture was only for 25,000 shoes. Now, this fact, and others like it, can have a significant impact on the shark and pitcher’s future collaboration, thus due diligence is undertaken, and the deal is closed or not.
Common words used on Shark Tank and their meaning
Some popular terms used in the program and their definitions are:
• Gross margin is the gap between revenue and cost of goods sold. • Patent provides legal protection for an invention. • Crowdfunding involves raising funds from a big number of people. • Angel investors are wealthy individuals who invest in companies. • Venture capitalists are professional investors who handle pooled cash from others. • Royalty: Payment for using a product or idea. • Dilution: A decrease in ownership proportion owing to new investments. • B2B = Business-to-Business. • B2C: Business-to-Consumer. • D2C means direct-to-consumer.
The purpose of Shark Tank show
“Shark Tank” benefits both investors (the “sharks”) and entrepreneurs in numerous ways. Benefits for Investors (Sharks) Various investing alternatives.
The show introduces investors to a variety of company concepts and industries they may not have explored before, which frequently leads to profitable investments.
Brand visibility
Being a shark on the show can help raise an investor’s public visibility and personal brand. It can result in improved visibility, speaking engagements, and networking possibilities. Before Shark Tank Bangladesh, few people were familiar with Anupam Mittal (Shadi.com), Aman Gupta (Boat), and Ashneer Grover (BharatPe), but after the show, these successful businessmen appeared on numerous talk shows and podcasts, and they went viral all over the internet via YouTube shorts or Instagram reels.
Access to fresh ideas.
Investors gain access to novel products and concepts, which may be enticing to individuals trying to stay ahead in their businesses or diversify their investment portfolios. We’ve seen this happen many times: all of the other sharks decline the offer, but one shark believes in the product or idea and invests.
Expertise and mentoring
Sharks may help entrepreneurs grow and flourish by investing in their enterprises and providing them with their knowledge and advise. This mentorship role can be both personally enjoyable and financially lucrative.
Benefits for Entrepreneurs
Access to Capital
Entrepreneurs frequently require funds to establish or grow their enterprises, and “Shark Tank” provides a forum for obtaining investment cash from seasoned investors.
Exposure and Marketing
Appearing on the show can provide entrepreneurs with valuable exposure to a big audience, resulting in improved sales, brand recognition, and marketing opportunities.
Expertise and mentoring
In addition to the funding, entrepreneurs can benefit from the sharks’ business acumen and industry experience. This mentorship can help people make better decisions and overcome obstacles. This is why pitchers may accept a lower price from the shark, because the shark is delivering not only an investment but also his experience.
Validation
Getting an investment from one or more sharks can help validate an entrepreneur’s business idea, making it more appealing to other possible investors and partners.
Negotiation practice
The show’s negotiation process can be a beneficial learning experience for entrepreneurs, allowing them to hone their negotiation abilities for future business deals.
Entertainment and Publicity
Even if entrepreneurs do not land a transaction, their involvement on “Shark Tank” might pique the curiosity of the general public and other investors, resulting in prospective prospects outside of the show. We observed numerous situations where a product or idea did not excite the sharks to invest in it, but after the program, the product or idea got quite popular and finally evolved into a profitable business.
Finally, “Shark Tank” is a well-known platform that entertains while also providing genuine opportunities for businesses to gain critical funding. For entrepreneurs, it is a one-of-a-kind opportunity to learn, acquire funding, and gain exposure. Investors benefit from a varied choice of investment opportunities as well as mentoring. “Shark Tank” is a platform where dreams come true, emphasizing that with the right concept and effort, anyone can enter the business sector and be successful.
The mobilization phase is a brief period between the completion of construction documents and the start of construction. During mobilization, the primary attention is on two areas:
Finalizing General Contract award and contract issuance (small project); Finalizing GMP (large project)
Securing full Building Permit ‐ all projects
During the Mobilization phase, bids are solicited after the drawings and RFP are issued at the end of the construction papers. The General Contract or GMP is then negotiated. Although projects are fully funded, the Provost and CFO consider a contractor or GMP recommendation, as well as an updated budget projection, before approving the contract issue or GMP modification orders.
The permit drawings will have been submitted during the Construction Documents phase, thus the building permit will be issued at the same time or shortly after the construction contract is awarded. For modest projects, the permit cannot be obtained until the General Contractor has been chosen, as they must submit forms to finalize the construction permit.
Once the contract or GMP is granted, the Contractor/CM mobilizes to the site, arranges temporary utility service, and makes arrangements to preserve accessible channels of travel within the refurbished building or around the construction site’s perimeter.
Temporary utility services to project site established if required
Mechanical
N/A
Building Automation
N/A
Electrical
N/A
Fire Protection
N/A
Plumbing
N/A
Commissioning
N/A
Operations and Maintenance
Building Envelope
N/A
Interior Finishes
N/A
Elevators
N/A
Technology
IT Services
N/A
Security
N/A
Key Deliverables
OPR
N/A
Design Documents
N/A
Budget
N/A
Presentations
N/A
Contracts/Vendors
General Contractor contract issued (small projects), GMP agreement for large projects
Mobilisation checklist
Mobilisation checklist are the process of ensuring that everything is in order and ready to go for the duration of the project. This includes creating deadlines, budgets, and other essential components. Mobilization checklists help you complete tasks faster, on budget, and with less risk by ensuring that no steps are overlooked or neglected.
What is mobilization?
Mobilization is the process of getting a project ready for implementation. This includes bringing the project team on board, getting them to start working together, and ensuring they’re prepared to tackle the responsibilities ahead of them.
The first stage in mobilizing a project is to identify all of the activities that must be completed before it can begin. Once you know what needs to be done, this list will help you assign responsibility for each task and set deadlines/milestones as needed.
Once these main activities have been determined, it is time to organize your resources, which includes ensuring that all equipment and tools are ready for use, gathering all assets required for the project, scheduling pickups and deliveries from suppliers, and so on.
Steps for Mobilizing a Project
There are five steps in the project mobilizer checklist:
Step 1: Define the project. Step 2: Assess your resources. Step 3: Define the scope of work (SOW). Step 4: Define the project management plan (PMP). Step 5: Define the timetable and budget.
When should you use a project mobilization checklist?
What is a mobilization plan?
What are the steps in creating an effective checklist?
Why do project mobilizers require a checklist?
When should a checklist be used to mobilize team members in the workplace?
Why Do You Need a Mobilization Plan?
A detailed plan is required to ensure that the project remains on track, is successful, and is completed to the satisfaction of the client. This is your mobilization plan. A strong mobilization strategy will save you time, money, and resources by assisting you
Ensure project delivery on schedule and under budget. Ensure all stakeholders are aligned with tasks at each phase. Avoid missed deadlines and cost overruns by ensuring everyone understands expectations at each stage.
Project Mobilization Checklist Template:
This template is used to plan, organize, and carry out the project mobilization process. It outlines all of the tasks that must be completed in order for the project to be successful. It also contains a section where you may record the actual hours spent on each work as well as any issues found along the road, ensuring that they do not occur again when utilizing this template in future projects.
