Abortion Essays (930 words) - Abortion In The United States, Law

Abortion Abortion, Is It Wrong or Right? Amy was scared. No, she was absolutely terrified. She had gone to one little party and done something dumb. It all started when she and her friends started drinking. She met this really cool guy and knew his name but not much else. Because Amy was drunk he had convinced her to have sex with him. Within a couple of days She then found out that she was pregnant pregnant at age sixteen. So many thoughts and questions overwhelmed her. Should I tell the boy that got me pregnant? Should I tell my parents? What would my friends and everyone else think of me? Was there some way to just make it all disappear? An abortion, that would take care of it, she thought. But then again that was like taking the easy way out. Maybe she should have the baby, and put it up for adoption. She couldnt take care of a baby right now. She has plans for college and job. Amy wrestled with her problem but she could not yet come to grips with the fact that she was really pregnant. She knew that the Pro-life groups and the Pro-choice groups would have totally different opinions and struggled to decide which was right for her. Many girls these days have had to make this decision, and most that go through with an abortion do not even realize what it is. There are many different opinions to this procedure that I will discuss but first, what is an abortion? The dictionary defines abortion as the termination of a pregnancy after, accompanied by, resulting in, or closely followed by the death of the embryo or fetus. The abortion process starts by making an appointment and taking a pregnancy test. If you are definitely pregnant then you will come back in two weeks for the abortion. When you return the next two weeks a nurse will take you to an examining room where you will lie down on the exam table covered by a white paper cloth and your feet in metal stirrups. As the procedure begins a long metal tool is inserted into the vagina and opens it to hold the vaginal walls apart. A painkiller is used to numb the cervix. The opening of the cervix widens about half an inch or about the width of a pen. A small tube attached to a vacuum aspirator machine, which is like what the dentist uses to remove saliva from your mouth, is inserted. The machine sucks up the contents of the uterus with a curette- a spoon-shaped instrument- to make sure everythi ng has been removed. The whole process takes only ten minutes. Afterwards you have some cramps, those similar to severe menstrual cramps, for about an hour. The doctor will give you a prescription for an antibiotic and a twenty-four hour emergency number. Then in two weeks you would come back for a check up to make sure the process was complete. This procedure that I described is the most common type or method of abortion. About ninety percent of abortions are preformed this way. There are about 1.6 million women who have legal abortions each year in the United States. Of those 1.6 million, about one in four are teenagers. This is the main reason it is such a controversial procedure. Whether you side with those teens that think girls should have the right to abortion or those who think girls should not, you can always find support for your point of view. One group is called Pro-life or Right-to-Life. They believe that a fetus right to live comes first, before the right of the pregnant woman. In a religious perspective they believe it is immoral. The New Testament strictly says it is wrong. The pro-life movement has pursued this debate of immorality for twenty years. They say that interests and personhood exist in the fetus from its origin, and rights flow from societys recognition of these interests. Just as society recognizes the interests of future generations, it should recognize the interests and rights of the unborn fetus. American culture places high value on human life and should sanctify it in all its forms. On the

The Factors Affecting Inflation

The Factors Affecting Inflation Free Online Research Papers By inflation one generally means rise in prices. To be more correct inflation is persistent rise in the general price level rather than a once-for-all rise in it, while deflation is persistent falling price. These days economies of all countries whether underdeveloped, developing as well developed suffers from inflation. Inflation or persistent rising prices are major problem today in world. Because of many reasons, first, the rate of inflation these years are much high than experienced earlier periods. Second, Inflation in these years coexists with high rate of unemployment, which is a new phenomenon and made it difficult to control inflation. Depending upon the reason of inflation, it can be divided in many types as (1.) Demand-Pull inflation, (2.) Cost-Push inflation, (3) Structural inflation. Inflation is very unpopular happening in an economy. Opinion survey conducted in India, USA and many other countries reveal that inflation is the most important concern of the people as it badly affects their standard of living. So why it is called Inflation is enemy number one. As India is also facing same problem so under my studies I want to find out the causes of inflation and the measure which the RBI using to curb it as rising CRR, repo rate, reverse repo rate etc will do as planned by RBI or need to use some other tools. And to compare it with context of other economies problem. The data for analysis will be collected from different surveys done by RBI and economic surveys and other surveys and also from the survey reports of other countries to compare it globally. Then I analyze the data collected for India and global context. Then finding and discussion limitation and scope for further researches. INTRODUCTION By inflation mean a process of rising prices. A situation is described as inflationary when either the prices or the supply of money are rising, but in practice both will rise together. In the Keynesian sense True inflation begins when the elasticity of supply of output in response to increase in money supply has fallen to zero or when output is unresponsive to changes in money supply. If there is full employment then condition will of clearly inflationary, if there is increase in the Money Supply. Inflation can take many form as: Deflation: is the opposite of inflation when fall in prices occurs. Reflation: is moderate degree of controlled inflation. Disinflation: is process of brining down prices moderately from their high level. Stagflation: is state where there is stagnation as well as inflation both side by side as prevailed in India in 1974-75 and 1979-80. Depending upon the reason of inflation, it can be divided in many types as (1.) Demand-Pull inflation: This represents a situation where there is increase in Aggregate Demand for resources either from the government or the entrepreneurs or the households. Result of this is that the pressure of Demand can’t be met by the Currently available Aggregate Supply which result in Aggregate Demand > Aggregate Supply which is bound to generate inflationary pressure in the economy. (2.) Cost-Push inflation: This represent the condition where even though there is no increase in Aggregate Demand, prices may still rise. This may happen if the costs of especially wage cost rise. (3.) Structural inflation: This type of inflation occurs because of change in structure of economies as happened in India from Agricultural Structure i.e. Green Revolution to Industrialization. Thus because of change in Economic Structure gives rise to increase in prices thus generate inflationary pressure. Inflation is very unpopular happening in an economy. Opinion survey conducted in India, USA and many other countries reveal that inflation is the most important concern of the people as it badly affects their standard of living. So why it is called Inflation is enemy number one. India is facing the problem of inflationary pressure because of the increase in Aggregate Demand while Aggregate Supply is respectively constant. The inflationary pressure faced by Indian Economy is due to Demand-Pull inflation i.e. Aggregate Demand > Aggregate Supply. Thus to curb inflation need to fill the gap between Aggregate Demand and Aggregate Supply. For this either need to increase AS or decrease AD that can hamper economic development. Thus to increase AS is the best tool which can be used. To increase AS either need to increase production capacity of all current production unit of to built new production plants. But as quoted in an survey done by RBI that all the production plants are running at their full production capacity thus all resources all-full employed the other way is to built new plant but to do this will take at least 18months to 2years. Thus meanwhile need to decrease Money Supply, which is opted by RBI. As in short run it’s not possible to meet the gap between AD and AS thus RBI is planning to decrease liquidity by reducing Money Supply from the market. For this it has been planned that by decreasing CRR, repo rate and reverse repo rate Liquidity from the market will be drained. CRR i.e. Cash Reserve Ratio is the percentage of deposit that a commercial bank need to keep with RBI by which RBI control liquidity in the market and create Money Supply. Currently CRR is 6.5% in the Indian Context. Repo Rate: is the rate at which RBI lends money to other commercial Banks. RBI planned that Liquidity from the market can be drained by decreasing money supply and to do so it is increasing CRR, repo rate, reverse repo rate and taking other measure like that. But interest is that whether hike to crr and other factors will curb inflation and what are the other factors, which are influencing inflation. My purpose of study is that every country faces the problem of inflation whether developed, underdeveloped or developing. Here I want to concentrate whether the Indian Government and RBI taking the measures to curb inflation are correct or not? Will it actually bring down the prices? Because this is not only of our government or of a particular country but globally faced and the principles on which economy works are same for all the economies. By this research, it will be beneficial not only for Indian context but for all countries as on this my whole emphasis is on the causes of inflation and measures to control it and whether the measure taken by RBI are effective or not? OBJECTIVE India is facing the problem of inflationary pressure because of the increase in Aggregate Demand while Aggregate Supply is respectively constant. The inflationary pressure faced by Indian Economy is due to Demand-Pull inflation i.e. Aggregate Demand > Aggregate Supply. Thus to curb inflation need to fill the gap between Aggregate Demand and Aggregate Supply. For this either need to increase AS or decrease AD that can hamper economic development. Inflation is very unpopular happening in an economy. Opinion survey conducted in India, USA and many other countries reveal that inflation is the most important concern of the people as it badly affects their standard of living. So why it is called Inflation is enemy number one. RBI planned that Liquidity from the market can be drained by decreasing money supply and to do so it is increasing CRR, repo rate, reverse repo rate and taking other measure like that. But interest is that whether hike to crr and other factors will curb inflation and what are the other factors, which are influencing inflation. My purpose of study is that every country faces the problem of inflation whether developed, underdeveloped or developing. Here I want to concentrate whether the Indian Government and RBI taking the measures to curb inflation are correct or not? Will it actually bring down the prices? Because this is not only of our government or of a particular country but globally faced and the principles on which economy works are same for all the economies. By this research, it will be beneficial not only for Indian context but for all countries as on this my whole emphasis is on the causes of inflation and measures to control it and whether the measure taken by RBI are effective or not? LITERATURE REVIEW Books Journals: ? Modern Economic Theory by K. K. DEWETT. ? Macro Economics By H. L. Ahuja. ? Principles of Economics By Marshall A. ? Clayton, G., Gilbert, J. C., Sedgwick, R.: Monetary Theory and Monetary Policy in 1970’s. ? Madan B. K., Role of Monetary Policy in Economic Development. Websites: ? wikipedia.com/ ? http://moneycontrol.com/researchproject/fn RESEARCH QUESTION ? Will hike to CRR i.e. Cash Reserve Ratio curb inflation? ? What are the factors, which are affecting inflation? ? Whether rise to inflation is due to increase in Money Supply or due to gap between AD and AS? ? Whether tool used to drain liquidity from the market will curb inflation through decreasing money supply? ? Does the situation which is faced by the Indian Economy is comparable to World Economy? RESEARCH MODEL INFLATION is a function of Aggregate Demand, Aggregate Supply, and Money Supply i.e. I = f (AD, AS, MS) Where AD = Aggregate Demand, AS = Aggregate Supply, MS = Money Supply. HYPOTHESIS HYPOTHESIS 1 Null Hypothesis: whether prices are rising due to increase in money supply or due to increase in Aggregate Demand. Alternative Hypothesis: Prices are rising due to increase in AS not due to increase in Money Supply. HYPOTHESIS 2 Null Hypothesis: whether hike to CRR will help to curb inflation via decreasing money supply? Alternative Hypothesis: hike to CRR will not curb inflation though may drain liquidity from the market. HYPOTHESIS 3 Null Hypothesis: whether hike to Repo rates; reverse repo rate will help to curb inflation via decreasing money supply? Alternative Hypothesis: hike to Repo rate, reverse repo rate will not curb inflation though may drain liquidity from the market. HYPOTHESIS 4 Null Hypothesis: whether the problem of inflation faced by a developing country India is same as those of other country and developed countries and under developed countries. Alternative Hypothesis: The problem of inflation differ from countries to other countries whether it for two developing country. RESEARCH DESIGN Sample and Data Description: The sample would be the data with respect to Indian Economy ? The data of CRR and inflation of last 50years of Indian economy. ? The data of Repo rate, reverse repo rate and inflation of last 50years of Indian Economy. ? The Aggregate Demand and Aggregate Supply Data of last 50 years and respective inflation data. ? The Money Supply Data of last 50 years and respective inflation data. The same data will be collected in context of ? Other Developing companies like China, Pakistan etc. ? Developed Counties like USA, UK etc. ? Underdeveloped Counties like Bangladesh etc. Data collection Technique The whole project report is based on secondary data and data will be collected from ? RBI websites ? Economic Surveys ? Finance Journals ? Official Gazettes. ? Newspapers. ? Same respective data will also be collected for other countries from their respective source. Data Analysis Technique The following statistical techniques can be used while analyzing data for different perspective: ? Percentage relationship ? Ki-Square ? Correlation. LIMITATION OF STUDIES ? Time Constraint: Because of Shortage of time research work can’t be completed properly though I had worked hard to select the area, which is of my interest, and need research on that as no research had been done on that context. But due to lag of time I would not be able to cover all aspects but will try my level best. ? Resources Constraint: Because of unavailability of proper resources not possible to collect all data required for complete study of the effect of different factors on inflation. ? Data Reliability: As topic of project is such that it can only be completed on secondary data. As secondary data will be used so reliability of data is tough but it is too tough to get the primary data almost impossible at that level. ? Knowledge Constraint: AS because of one major constraint that is knowledge many topics remained untouched. There remain many more topics which had not been covered under this topic though relate to it is because of so many other constraining. SCOPE FOR FURTHER STUDIES As because of some constraint some topic remained untouched and working of economy always changes depending upon conditions prevailing in own country and also relative to world economy so there are always have scope for further research. Also a research had some limitation may be because of time, Resources, knowledge etc which gives rise to scope for further findings. Here under my studies I had not covered many other factors of price rise expect mismatch in AD and AS and rise in Money Supply, which gives rooms for further researches. Also I will compare it only with the result of other countries in context of India but same fluctuation can be correlated with the working of world economy or other countries. Thus t also gives rise to further researches. BIBLIOGRAPHY Books Journals: ? Modern Economic Theory by K. K. DEWETT. ? Macro Economics By H. L. Ahuja. ? Principles of Economics By Marshall A. Websites: ? wikipedia.com/ Research Papers on The Factors Affecting InflationPETSTEL analysis of IndiaThe Effects of Illegal ImmigrationDefinition of Export QuotasResearch Process Part OneBionic Assembly System: A New Concept of SelfRiordan Manufacturing Production PlanInfluences of Socio-Economic Status of Married MalesIncorporating Risk and Uncertainty Factor in CapitalThe Relationship Between Delinquency and Drug UseGenetic Engineering

Business Communications Essay Example | Topics and Well Written Essays - 500 words

Business Communications - Essay Example Nonverbally, smiles, head nods, focused eye contact, and facial expressiveness work well (Knapp and Vangelisti 2004). It is possible to say that nonverbal communication is more important to American audience because of cultural and social diversity. All cultures and nations have different behavior patterns and communication patterns which influence their perception of the information and interpretation of the environment. Non-verbal communication can be interpreted differently by different cultural and religious groups (Gesteland, 1999). First, the vast majority of nonverbal behaviors is intuitive and is based on normative rules. Except for behaviors such as good manners or etiquette, little formal training is provided for nonverbal communication. For instance, eye contact may indicate a liking for the other person. It also serves as simultaneous communication because eye contact allows people to send and receive messages at the same time (Knapp and Vangelisti 2004). According to cultural traditions, Muslim women avoid direct eye contact while Europeans interpret this behavior as impolite and suspi cious. In Japan and China, status and power are shown by eye contact. In meetings, organizational members with the most power will be looked at more often.

Advanced IT Research Paper Example | Topics and Well Written Essays - 750 words

Advanced IT - Research Paper Example In addition, biometric enrolment in most cases is carried out in-person under environments that are controlled making the process reliable in case of any succeeding application. The system however faces a number of challenges mostly non-trivial when it comes to security cases following its inherent biometric data features. Such features make biometric matching probabilistic thus samples from a given individual can never be exactly the same. This is a violation of security measures as two encrypted samples have to undergo decryption before any matching takes place. Biometric systems are unable to rely on one-ways systems performing user input harsh functions. The management is also challenged to ensure that there exists decryption and vulnerability representation in biometric processes (Abhilasha, 2007). Biometrics are almost impossible to change or revoke in cases where data has been compromised. This is because its template is in a digital data form and is mostly kept in a token or a database. Such templates come in specific vendors thus their interoperable use in a system that is disturbed becomes difficult. Biometric authentication systems represent a location that is unsupervised presenting the high risks of attacks from sensor spoofing. This makes the output credibility of the process of biometric matching to depend completely on the integrity of the given sample and whether the sample provided is a true one from the biometric characteristic owner. Security problems also come up during the execution of biometric templates either at the client or at the server. Other privacy and security risks are witnessed in the process of keeping biometric information together with identifiable information that are personal (Abhilasha, 2007). Biometric authentication systems play a crucial role in the identification process. It is more preferable compared to other non-biometric methods. Despite this age over the other methods, biometric systems face a number of

Polygon of Forces and Condition of Equilibrium

Polygon of Forces and Condition of Equilibrium Introduction The polygon of forces represent lot of forces leading in a simultaneously to one point so all this forces acting will make a figure or they are call Vector such as force, that has magnitude and direction and can be resolved into components that are odd functions of the coordinates. A vector is a directed at an angle to the horizontal (or the vertical) can be thought of as having two parts (or components). That is, any vector directed in two dimensions can be thought of as having two components. For example, if a chain pulls upward at an angle on the collar of a dog, then there is a tension force directed in two dimensions. This tension force has two components: an upward component and a rightward component. As another example, consider an airplane, which is displaced northwest from OHare International Airport (in Chicago) to a destination in Canada. The displacement vector of the plane is in two dimensions (northwest). Thus, this displacement vector has two components: a northward component and a westward component. http://www.physics247.com/physics-homework-help/dynamics8.jpg Newton law variety of ways by which motion can be describedwords, graphs, diagrams, in this unit Newtons Laws of Motion the ways in which motion can be explained will be discussed. Isaac Newton a 17th century scientist put forth a variety of laws, which explain why move objects or dont move as they do. These three laws have become known as Newtons three laws of motion. The focus of Lesson 1 is Newtons first law of motion. http://www.physics247.com/physics-homework-help/dynamics8.jpg Method Attaching four lengths of strings to the pulley of fine cord and adjusting the weight of F1: 850g F2: 800g F3: 800g F4: 800g to the maximums to the string and them put a sheet of paper record all the line on the sheet of paper to help you to do all the calculation did this experiment. Results The values was in grams so this values as to be convert to Newtown so to convert kilogram to Newtown you multiply by the value in kilogram by 9.81 My value are F1: 850g = 0.85kg  ´ 9.81 = 8.34N F2: 800g=0.80kg ´ 9.81 =7.85N F3: 800g=0.80kg ´ 9.81 =7.85N F4: 800g=0.80kg ´ 9.81 =7.85N X axes Y axes F1= 8.34N cos 42 °= 6.20N F1= 8.34N sin 42 °= 5.58N F2= 7.85N cos 136 °= -5.65N F2= 7.85N sin 136 °= 5.45N F3= 7.85N cos 224 °=-5.65N F3=7.85N sin 224 °= -5.45N F4= 7.85N cos 313 °=5.35N F4=7.84N sin 313 °= -5.74N SFx= 0.25N SFy= -0.16N R = 0.192N angle q =20 ° Discussion This results are equilibrium but they was same human error thats why the results are not equal to zero but it ok so the percentage error of are 0.41%. These lines of action produce a closed polygon thats why a drawing of polygon of forces as been draw from head to tail to prove that the result of this equation and the drawing as a result angle of 20 °. The analytic of forces show that these forces are equilibrium but the result shows that there is an error in the calculation this error is duo to loose of fiction, this can happen by the loop move or human error. The possibility of losses friction experiment are the pulleys when it running can cause losses of friction, the cable was use in this experiment could be one of problem is well and another possibility is that the person ho transfer the line in to the sheet of paper did not mark the follow the line. Looking to this experiment the difference between static friction and kinetic friction is that static friction when it applied force is less than the limiting friction, the body remains at rest It is the friction experienced by a body, when it is at rest, or when the car is at full stop or not moving. Kinetic friction When it applied force exceeds the limiting friction the body starts moving over the other body and the Friction of resistance experienced by the body while moving and if you are running for you to stop kinetic friction will apply. FRICTION Frictions can benefits to our life because friction it happen to Olmos every think we do in our daily life, exp: when pushing a baby pushchair these friction there, when we slip friction is there, when we shaking hands friction is there to and it important uses in some situations, friction is very important and beneficial. There are many things that you could not do without the force of friction. Friction and weight are common experiences and taken for granted, but were not always understood. Aristotle believed that objects that contained earth fell because in Earth was at the center of the universe, and that was the natural order of things. We know that weight, which is the force of gravity between objects, not only makes apples fall from trees, but keeps the Moon circling the Earth, and the Earth circling the sun. Aristotle also believed (and some students still believe) that the natural state of an object is to be at rest. That is, without a force pushing it, an object will slow d own to a stop. This view overlooks friction, which is the force that causes most objects we see to come to rest. Now we know that there is nothing pushing planets along their orbit, and that without gravity to hold them in orbit, they would continue to move in a straight line until interfered with Friction. The disadvantage of friction is that you could not walk without the friction between your shoes and the ground as you try to step forward; you push your foot backward Friction holds your shoe to the ground, allowing you to walk Consider how difficult it is to walk on slippery ice, where there is little friction when you playing a football match it makes friction and friction also cause as to use lot of energy so we are playing a big object on friction Writing with a pencil requires friction You could not hold a pencil in your hand without friction It would slip out when you tried to hold it to write The graphite pencil led would not make a mark on the paper without friction. A pencil eraser uses friction to rub off mistakes written in pencil lead Rubbing the eraser on the lead wears out the eraser due to friction, while the particles worn off gather up the pencil lead from the paper. The means of reducing friction when moving a large object is that if two people move the object with the same forces they will be less friction and you need to reduce friction between the box and the tile floor so that you can move the box easy, you can increase friction on your shoes to help you move the box. Static friction Static friction is friction between two solid objects that are not moving relative to each other. For example, static friction can prevent an object from sliding down a sloped surface. The coefficient of static friction, typically denoted as ÃŽ ¼s, is usually higher than the coefficient of kinetic friction. Kinetic friction Kinetic friction occurs when two objects are moving relative to each other and rubs together (like a sled on the ground). The coefficient of kinetic friction is typically denoted as ÃŽ ¼k, and is usually less than the coefficient of static friction for the same materials. In fact, Richard Feynman reports, with dry metals it is very hard to show any difference. Finally, new models are beginning to show how kinetic friction can be greater than static friction.A surface can always supply a normal force, perpendicular to the surface. However, a surface quite often also supplies a fiction force parallel to the plane. Friction forces always oppose the motion or prevent the motion. Conclusions Friction is necessary in many ways to prevent slipping or sliding but also, it can be a nuisance because it can affect many thinks in our life by in reality friction is very important, in this report the very important key is that the experiment went well as according to plan the calculation was correct but the was a small error in the all project that we count prove that this equation was equilibrium but the error did came from many ways exp: human error and many thinks. References http://www.physics247.com/physics-homework-help/dynamics8.jpg http://en.wikipedia.org/wiki/Static_friction

Violent Tv Programs

violent tv programs have been blamed for causing crime rates to rise in many countries. but many people dont agree that violence is related to TV viewing. Discuss the possible reasons for both opinions. give your opinion as to wether or not violent programs should be taken off the air. It has long been asserted that watching crime on television or playing violent video games contributes to violent behavior. In other words, it is what a person watches that allegedly influences and desensitizes him. Thus he becomes violent. Consider the absurdity of such a thesis! . People who are fascinated and excited by violence and other crimes gravitate to particular types of programs and games and immerse themselves in them, some for hours each day. Their absorption with violence reflects their personality. 2. Millions of people view violence in television programming†¦ It is entertainment or news. That's it! The viewers do not consider for a moment enacting what they see. The same is true w ith playing video games. They are solely for recreation. 3. There is such a thing as a â€Å"copycat† crime.A person watches a crime enacted in detail on television and then does the same thing. His decision to do so reflects a mind that has long been fascinated and excited by crime and violence. For every person who might fantasize about, then replicate the crime, millions of people who saw the very same thing reject it, are repulsed by it, and never would be tempted to enact what they watched. Related Articles Massacre for the Media One-Way Trip to Davy Jones' Locker Porn For Pedophiles: ‘Sexy Children' On Parade â€Å"Forced† to Kill You FirstCasey Anthony Is Found Not Guilty Of Killing Her Daughter Find a Therapist Search for a mental health professional near you. Critical is not what is on the screen or in the game but what already resides in the mind of the viewer, reader, game player, or listener. A â€Å"not guilty by reason of television† defense failed many years ago in a Florida courtroom. Violent tendencies reside within the personality, whether or not the person watches programming depicting violence. The television program, the movie, or the videogame do not turn him into something alien to his basic personality.

Edocs, Inc. †Case questions

3. The most important terms for edocs founder Kevin Laracey to further discuss in future negotiations will be the following: †¢ The valuation proposed by the Venture Capital investors, a number that could easily be inflated by shopping the deal around as the venture capital market is booming. †¢ The Board of Directors provision, as Mr. Laracey wants to make sure that in the first years of the Company he will remain CEO, and that the co-founders of edocs will be part of it as well. †¢ The share vesting schedule, which Mr. Laracey feels represents a lack of faith by the Venture Capital Investors in them. †¢ The Anti-dilution and Right of First Refusal which in essence binds edocs to future and larger equity participations from CRV. †¢ The warrants issue subject to the availability of other VC investors. This clause is troublemsome for the CEO of edocs because it will cause further dilution of his his colleagues stakes in the Company. 4. As for Charles River Ven tures, Mr. Guerster has essentially two main things in mind regarding the term sheet: †¢ The board composition, because he feels that Mr. Canekeratne is not suitable to be a board member as he will bring no added value to the company, and a large board of directors is not feasible. †¢ The warrants issue that Mr. Guerster feels is an appropriate penalty for edocs if they cannot find other investors to do the deal with. 5. edocs is searching for venture capital financing in 1998, a vibrant year for the market. Furthermore, the term sheet that was presented to them was quite investor friendly, with some strict provisions that unnecessarily burden the entrepreneurs. In short, edocs can and should negotiate some of the terms presented to them by CRV. First of all edocs is aware that if it shopped the deal around it could get a higher valuation and the provision to include the employee share option pool in the valuation seems too onerous. An acceptable compromise between committing to CRV and to dilute their stake so much in the beginning would be to exclude the option pool from the valuation. This would change the VC’s stake from 38% to 33%. May not seem like a respectable sum at first, but it may be relevant to encourage future financiers. The lower the A round investor’s stake, the better. Another provision that should be altered is the board composition. As it was mentioned before, this is bound to be one of the most contentious issues between the entrepreneur and the VC. The founders argue that all 3 of them should be on the steering wheel after the investment, while CRV insists on having a small board of directors with as many board representatives as the founders (2 and 2). It is likely that the founders will have to cave in on this issue because it’s not likely that they would get better terms elsewhere. Even if it is unreasonable to put the 3 founders of the company on the board, as the VC will not want it to have a founder majority, at least Mr. Laracey should be granted a place as a CEO for a fixed amount of time. In a very early stage it is important for the Company to have the guidance of someone who founded and knows the business by heart. Perhaps more importantly we have the warrants provision. There is a rational economic reasoning behind this provision. If CRV cannot find another party to invest in the Company thi s will mean two things: investors are not willing to bet on the success of edocs which sends a negative signal to CRV, and it will result in an undiversification of its portfolio and consquently more risk. CRV will consequently want a compensation for this extra risk and the warrants are apparently the answer. We have to take edocs’ position into account though. As we will see later they have negogiating leverage and as such are in a position to change the provision. On the other hand, the clause at the least creates some perverse incentives for CRV. If CRV is or turns out to be confident about the future success of edocs it will not try to look for additional investors and will just cash in the cheap warrants. As such, and to make the term sheet a little more Company favorable we believe that the side letter should not be included in it. In conclusion in a time where a large inflow of capital to VC funds is pushing valuations up, edocs has an opportunity to use that leverage to, while not explicitly shopping around the deal, eliminate the provisions that dilute their shareholdings excessively and to have some control of the Company during its first years. From the preceding discussion we can conclude that the term sheet is more investor friendly –i. e. CRV friendly- than company friendly –i. e. favorable for edocs. Therefore, in the negotiation process the venture capitalists have more to lose when the terms of the deals after negotiation, giving edocs more power in turn. Also, from Exhibit 18-8 we can tell that the commitments of venture capitalists have been increasing exponentially over the past years. From this we can conclude that there are many potential VCs out there who might very well be willing to finance edocs at more favorable terms, giving the latter again more bargaining power in the negotiation process. Laracey, Moran, and Canekeratne have done an extensive study on the competitive landscape in the electronic payment and bill presentment services market. They identified several (potential) competitors such as IBM, MSFDC, Checkfree, International Billing Services, and document services. Compared to edocs these firms are more established and are active in the market for a longer period of time, nonetheless they are all largely competing for the same clientele. In order to outperform these parties edocs builds on many different key elements. First of all it offers advantages to the billing entity in the sense that it allows them to differentiate from their competitors’ â€Å"print only† offerings. From a cost perspective, edocs allows for significant savings in terms of document delivery, processing, remittance, and printing costs. Also, the service will be beneficial for the customer who receives the bills. They can push the documents to the preferred e-mail package, and bill payment will be easier and not as time-consuming. Especially, the technological and strategic partnership with CyberCash will allow for â€Å"one-click† bill payment. The main point at which edocs differs from its competitors is that edocs is offered as a software product, whereas the competitors mainly offer Internet document production and delivery as a service. The founders figured that competitors had a hard time gaining acceptance for these service-only offerings, since customers are concerned about third parties standing in between the biller and the customer. Also, the fact that Laracey, Moran, and Canekeratne had access to cheap software development personnel in Sri Lanka allowed them to differentiate themselves from their competitors, because edocs software was now developed both more quickly and cheaper than competitors could develop the software. Edocs can also be compared to similar firms from a financial point of view. Exhibit 18-6 gives an overview of financial data of comparable firms. However, it must be noted that it is questionable to what extent these firms are all really comparable to edocs. More specifically, IBM and Xerox are much more established, mature firms. Documentum and Document Sciences are, like edocs, both young firms, because they only reveal sales data as of 1995. Checkfree is the only start-up in this context that is not making profit so when wanting to do a relative valuation, using multiples that include net income does not make much sense. Hence, in order to come up with an implied valuation for edocs, we propose to do a multiple valuation, including the average market value-to-sales multiple of comparable start-up firms as a relevant measure to compute the value of edocs. Appendix A gives an overview as to how we came up with this number. As said before, we disregarded the data from IBM and Xerox because these firms are in a much more mature phase than edocs. Subsequently, we computed the average MV-to-sales multiple for Documentum, Document Sciences and Checkfree over the period of 1994 to 1997. Next, this number was multiplied with each of the sales forecasts under the â€Å"target performance scenario†(retrieved from Exhibit 18-4). Averaging the value of the period between 1998 and 2002 leaves us then with an implied value of $268. 3 million.