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This paper discusses a decision support tool that has been developed to provide detailed analysis of the predicted long-term costs of supporting functional product contracts.
Gill Greenwell, a lawyer who has worked in the financial services industry drawing up product contracts, said: "The terms and conditions are written for the lender, not the consumer.
The ability to accurately predict the costs of supporting functional product contracts is crucial to the provider in correctly pricing those contracts and for the development and implementation of an efficient service support system.
Forced arbitration clauses tend to be the most complex part of financial product contracts, the least readable, and they are written at a higher grade level than the rest of the agreements.
According to an accidentally leaked email, and reported by the Wall Street Journal ("Chevron's Email 'Oops' Reveals Energy Giants Sway Over Markets" 07.17.11) less than a week ago Chevron traders held oil and product contracts of 27 million barrels of oil in the physical and derivatives markets - an amount exceeding the total daily consumption of oil in the United States by some 8 million barrels.
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Manufacturing, which accounts for the bulk of industrial production and contributes about 15 percent to overall gross domestic product, contracted 0.2 percent in July from the level of a year earlier, compared with a contraction of 3.1 percent a month ago.
The National Institute of Economic and Social Research estimated that gross domestic product contracted by 0.2% in July.
Gross domestic product contracted 2.4percentt in the second quarter from a year ago.
For the year, gross domestic product contracted 4 percent in the euro zone and 4.1 percent in the European Union.
Spain's gross domestic product contracted 0.3 percent in the third quarter from the second quarter, the National Statistics Institute reported from Madrid.
Estonia, which enjoyed double-digit growth in recent years, is likely to see its gross domestic product contract in 2009.
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